Potential Impact of COVID-19 on AR and VR Market Analysis on Current Trends and Growth

Depending on type, the market is classified into VR and AR. Between these, the AR category is predicted to exhibit faster growth in the market in the coming years. This will be because of the various possibilities and benefits offered by the AR technology and the rapid technological advancements being made in the wireless technology, that allows the easier integration of the AR technology with home appliances and mobile devices, thereby offering a connected experience to the users.

Geographically, the AR and VR industry recorded the highest growth in North America in the past years and it is predicted to demonstrate rapid advancement in this region in the future years as well. In this region, the demand for these technologies is currently booming in the U.S., because of the existence of several AR and VR solutions providing companies in the country. Additionally, the usage of VR and AR technologies is surging in the healthcare and e-commerce sectors.

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This is further boosting the demand for these technologies in this region. According to the estimates of P&S Intelligence, a market research company based in India, the demand for AR and VR technologies will rise rapidly in the Asia-Pacific (APAC) region in the coming years. This will be because of the rapid technological advancements and innovations, the presence of a large population of young people and the growing popularity of VR and AR-enabled gaming in this region.

Hence, it is quite clear that the demand for AR and VR technologies will rise tremendously all over the world in the forthcoming years, mainly because of their growing requirement in the healthcare, media and entertainment, and gaming industries.

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