DUBLIN – (BUSINESS WIRE) – ResearchAndMarkets.com Adds “Augmented Reality and Virtual Reality Market by Organization Size, Application, Industry Vertical: Global Opportunity Analysis and Industry Forecasts, 2021″ to ResearchAndMarkets.com -2031 Report.
According to the report, the market size of augmented and virtual reality was estimated at 27.6 billion US dollars in 2021 and is expected to reach 856.2 billion US dollars by 2031 at a CAGR of 41.1% between 2022 and 2031. year.
Augmented reality and virtual reality solutions are used to provide digital immersive user experience that can be used in entertainment and business applications in various vertical industries. Virtual reality is a broad term for a multi-sensory computing experience that allows users to experience and interact with a simulated environment.
In contrast, augmented reality uses a digitally generated perceptual overlay to complement the real world. The global augmented reality and virtual reality market is expected to show significant growth during the forecast period driven by increased penetration of smart devices and connectivity solutions.
The growth of the mobile gaming industry and the expansion of Internet connectivity are the main drivers of the global augmented and virtual reality market. In addition, the increase in the use of consumer electronic devices is expected to contribute to the growth of the global market.
However, the lack of effective user experience design and the slow adoption of augmented and virtual reality solutions in less developed countries are the main factors holding back market growth. On the contrary, technological advances and expanding applications in various verticals are expected to provide profitable opportunities for market growth.
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com Business Hours EDT 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Business Hours + 353-1 -416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com Business Hours EDT 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Business Hours + 353-1 -416-8900
Post time: Jan-29-2023