Augmented Reality and Virtual Reality Markets Set to Grow Significantly by 2030
ABI Research Forecasts Rapid Growth in AR and VR Markets
23 May 2024
ABI Research, a leading market research firm, has released a forecast predicting significant growth in the Augmented Reality (AR) and Virtual Reality (VR) markets over the next six years. According to the report, the AR market is expected to grow by 60%, while the VR market is projected to grow by 44% from 2024 to 2030.
The report highlights that verticals such as healthcare, manufacturing, and consumer industries are poised for the largest growth in the AR and VR markets. This growth is attributed to advancements in AR/VR hardware and software, as well as the integration of Artificial Intelligence (AI) technologies.
Matilda Beinat, Augmented and Virtual Reality Research Analyst at ABI Research, stated, “A combination of AR/VR hardware and software advancements along with Artificial Intelligence (AI) are enhancing the capabilities of immersive applications, making them more effective and efficient. These augmented and virtual reality technologies have accelerated training times, providing immersive, real-time learning experiences that are both cost-effective and scalable.”
In the manufacturing sector, AR and VR technologies have proven to be highly impactful, particularly in training and data visualization. Companies like Aveva and Strivr have successfully leveraged AR and VR for training, simulations, and creative designs, resulting in improved knowledge retention compared to traditional methods.
Matilda emphasized, “AR and VR are not a ‘hype’ technology. These technological advancements enhance productivity, drive innovation, and open new opportunities for both business and consumer applications. The rapid expected growth in AR and VR markets is not accidental, with immersive technologies seeing adoption more readily across various industries.”
The findings from ABI Research’s Augmented Reality State of the Market and Virtual Reality State of the Market reports highlight the growing importance of AR and VR technologies in various industries. These reports are part of the company’s Augmented and Virtual Reality research, which provides valuable insights and data on the market trends.
For more information, please visit ABI Research’s website for the full reports on the Augmented Reality and Virtual Reality markets.
