With the surging penetration of the internet and the growing usage of tablet computers and smartphones, the demand for virtual reality (VR) and augmented reality (AR) technologies is rising sharply across the world. This is because these devices are good hardware interfaces for VR and AR applications. For example, the total number of smartphone users across the globe is predicted to rise to 3.5 billion by 2020, representing an increment of 9.3% from 2019 to 2020.
Besides the aforementioned factor, the growing popularity of these technologies is also fueling the expansion of the global augmented reality (AR) and virtual reality (VR) market. These technologies are increasingly being adopted in enterprises across the world. Many leading app developers, solution providers, and device manufacturers are increasingly adopting these technologies. Moreover, several Fortune 500 companies have began experimenting with the VR and AR technologies and some of them have even launched pilot projects.
For example, The Boeing Company significantly reduced its wiring production time by as much as 25% and mitigated the chances of error considerably by incorporating the use of smart glass displays. The other major factor fueling the demand for VR and AR technologies is their growing usage in the tourism, healthcare, gaming, education, and entertainment sectors. Due to these reasons, the popularity of these technologies is soaring, which is, in turn, fueling the boom of the AR and VR market.
Depending on type, the market is classified into VR and AR. Between these, the AR category is predicted to exhibit faster growth in the market in the coming years. This will be because of the various possibilities and benefits offered by the AR technology and the rapid technological advancements being made in the wireless technology, that allows the easier integration of the AR technology with home appliances and mobile devices, thereby offering a connected experience to the users.
Geographically, the AR and VR market recorded the highest growth in North America in the past years and it is predicted to demonstrate rapid advancement in this region in the future years as well. In this region, the demand for these technologies is currently booming in the U.S., because of the existence of several AR and VR solutions providing companies in the country. Additionally, the usage of VR and AR technologies is surging in the healthcare and e-commerce sectors.
This is further boosting the demand for these technologies in this region. According to the estimates of P&S Intelligence, a market research company based in India, the demand for AR and VR technologies will rise rapidly in the Asia-Pacific (APAC) region in the coming years. This will be because of the rapid technological advancements and innovations, the presence of a large population of young people and the growing popularity of VR and AR-enabled gaming in this region.
Hence, it is quite clear that the demand for AR and VR technologies will rise tremendously all over the world in the forthcoming years, mainly because of their growing requirement in the healthcare, media and entertainment, and gaming industries.
