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Forecast of Augmented Reality and Virtual Reality Market with COVID-19 Impact

Forecast of Augmented Reality and Virtual Reality Market with COVID-19 Impact

The virtual projection technology is projected to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2025; it's expected to grow at a CAGR of 27.9% from 2020 to 2025. the supply of affordable virtual projection devices, growing adoption of HMDs in several industries, advancement of technologies and growing digitization, penetration of HMDs in gaming and entertainment sectors after COVID-19, and high investments in virtual projection market are the key factors driving the virtual projection market growth. Security and privacy issues related to AR and virtual projection, and health issues related to excessive usage of AR and virtual projection are a number of the main restraints.

 

Consumer application is expected to maintain its market dominance during forecast period for augmented reality

The consumer application is predicted to carry the most important share of the AR market in 2020; it's also expected to dominate the market during the forecast period. Theconsumer sector includes gaming and entertainment applications, during which AR is employed in games for creating 3D visual objects within the world.

 

The high growth of the gaming and sports & entertainment sector boosts the expansion of the AR marketplace for the buyer application.

 

Enterprise application is expected to grow at the highest CAGR during forecast period in virtual reality

Virtual projection technology is employed within the industrial vertical mainly for the training of personnel, providing information about the economic facility, remodeling and redesigning, and industrial simulations. HMDs are utilized in industrial applications for designing, training, and simulation.

 virtual projection technology

Through HMDs, industrial users are often trained quickly and effectively, as they will learn real-life practices through the fully immersive and interactive virtual world. the utilization of HMDs is predicted to grow in several areas of the economic vertical within the coming years.

APAC is predicted to steer the market of AR & virtual projection technology by 2025 thanks to the high demand for AR & virtual projection devices within the region and therefore the emergence of local manufacturers in China providing these devices at a coffee cost. Market players based in APAC are likely to grow through the growing use of HMDs within the healthcare and enterprise sectors.

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