Augmented Reality Market Size (AR) and Virtual Reality (VR)
To kick it all, let's look at the market size of this sector.
The latest virtual reality statistics show that the size of the Global AR and VR markets is estimated to reach $ 18.8 billion in 2020 (Statista, 2019). This is more than three times the new $ 6.1 billion market size recently as 2016.
Estimates for 2020 are also a 79 percent year-on-year increase, which shows how popular technology has developed in recent years.
Although AR and VR devices are still not on other electronic demand such as smartphones or smartwatches, the growing market size is a clear indication of its potential. Many technology companies such as Microsoft, Intel, and Sony have invested a large amount of money to develop and advance VR.
As we will see in the next statistics, VR's increasing popularity is likely to continue at least for several more years.
2. Virtual reality growth
Virtual reality growth
In the future, all signs point to the surge in the virtual reality market.
Between 2020 and 2027, the annual growth rate of market compounds is expected to reach 21.6 percent (Grand View Research, 2020). In other words, in the period seven years, the VR sector is expected to grow by an average of 21.6 percent every year.
Merging VR for Commerce has been very popular among businesses and organizations.
One of these examples includes the IKEA "kitchen experience" initiative, which allows customers to visit stores through the VR headset, do without the need to go and attend physically.
The company architect around the world also began to adopt VR for the presentation of ideas. It offers an interesting level of practicality through technology, they can provide a scale 1: 1 model from their design to clients for a more profound and visual experience.
3. Increase demand for AR and VR devices
Increasing demand for AR and VR devices
Given the potential and benefits of virtual reality technology, it should not be surprising that demand for AR headsets and VR are set to get further traction in the near future.
As it stands, 26 million of these devices are currently owned by private consumers. According to the latest estimates, as many as 5.5 million units are established for further sent to customers worldwide by 2020 (Statista, 2020).
It's not all: this number is expected to multiply to 11 million only one year later, and further soared to 43.5 million in 2025. This would mean an impressive increase in almost eight times from 2020 to 2025.
Analysts credited part of the Boom AR and VR in 2020 to the Pandemic Coronavirus, which sent the world into locking and interpreting the office to close and employees to work from home.
Because contacts are cut off from all over the world, many companies adopt virtual reality technology for long-distance training, meetings, and even to provide customer service.
4. Fact Virtual Reality: Improved popularity
Fact Virtual Reality: Improved popularity
The US market is no exception to sweep the growth of this virtual reality throughout the world.
Most users are also happy with that experience, with 55 percent of them saying they are very satisfied.
Because content encourages recurring use, which is one of the biggest success factors, this is good news for the VR market.
However, not all are fine and Dandy. The obstacles for VR use are still very troublesome to overcome. Consumers who do not use technology say they are not interested in trying or finding them, which will prove to be a challenge for VR developers.
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