Augmented and Virtual Reality Industry
Rise in investment in the AR market and surge in penetration of smartphones & mobile gaming boost the growth of the U.S. augmented and virtual reality market.
PORTLAND, OR, UNITED STATES, November 29, 2021 /EINPresswire.com/ — Augmented and virtual reality solutions are used to offer digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment. On the contrary, augmented reality enhances the real world using digitally produced perceptual overlays. Furthermore, the key factor that drives the market growth includes rise in investment in AR market and surge in penetration of smartphones & mobile gaming boost the growth of the U.S. Augmented and Virtual Reality Industry. In addition, increase in adoption of augmented & virtual reality solutions in education positively impacts the growth of the market. However, security and privacy issues associated with AR is expected to hamper the U.S. AR & VR market growth. On the contrary, surge in usage of VR headsets in amusement and theme parks, commercial applications, and other places is expected to offer remunerative opportunities for the expansion of the U.S. Augmented and Virtual Reality Industry during the forecast period.
According to a recent report published by Allied Market Research, titled, “Augmented and Virtual Reality Industry by Component, Application, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2021–2030,” the U.S. Augmented and Virtual Reality Industry size was valued at $4.39 billion in 2020, and is projected to reach $134.76 billion by 2030, registering a CAGR of 41.6% from 2021 to 2030.
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By industry vertical, the gaming segment garnered the largest augmented and virtual reality share and is expected to maintain its dominance in the upcoming years owing to increase in adoption of gaming technologies including virtual reality, augment reality, and 3D & 4D graphics. Furthermore, augmented and virtual reality amplifies video-graphic applications with real-time motion creation, environment & lighting capabilities, photo-realistic pack shots, noise reduction, and realistic graphics increase the demand among youth for high level gaming experience. However, the healthcare segment is expected to witness highest growth, owing to increase in need for various medical procedures such as ultrasound probe and visualization of patient’s internal parts. Furthermore, VR & AR Association’s digital health committee members noticed that hospitals are increasing budgets for clinical simulation centers to let them purchase VR/AR equipment. Therefore, all these factors are expected to boost the growth of …….