In recent times, the uptake of tablet computers and smartphones has increased massively, primarily because of the rapid digitization of various business operations and the large-scale penetration of the internet. This has played a major role in propelling the worldwide demand for augmented reality (AR)/virtual reality (VR) solutions.
According to the World Bank, around 49% of the global population had access to the internet in 2017. With the extensive usage of these consumer electronic devices, the development of mobile applications has increased massively. For instance, the total number of smartphone users all over the world rose to around 3.5 billion by the end of 2020, registering a growth of nearly 9.3% from 2019.
Apart from the aforementioned factor, the growing requirement for advanced technologies among enterprises operating in various verticals is also pushing up the demand for AR and VR solutions. These solutions are helping many businesses improve their productivity and augment their revenue.
Because of these reasons, the global AR and VR market is exhibiting huge expansion. According to the estimates of the market research company, P&S Intelligence, the market revenue will rise from $37.0 billion in 2019 to $1,274.4 billion by 2030, while the market will advance at a CAGR of 42.9% from 2020 to 2030 (forecast period).
For instance, The Boeing Company reduced the error rate in its production processes and curtailed the wiring production time by as much as 25% by employing the use of smart glass displays. Moreover, many major solution providers, device manufacturing companies, and application developers are targeting enterprises, owing to the large application pool being offered by them.
According to the World Bank, around 49% of the global population had access to the internet in 2017. With the extensive usage of these consumer electronic devices, the development of mobile applications has increased massively. For instance, the total number of smartphone users all over the world rose to around 3.5 billion by the end of 2020, registering a growth of nearly 9.3% from 2019.
AR and VR Market Business Analysis, Growth and Forecast Report
Because of these reasons, the global AR and VR market is exhibiting huge expansion. According to the estimates of the market research company, P&S Intelligence, the market revenue will rise from $37.0 billion in 2019 to $1,274.4 billion by 2030, while the market will advance at a CAGR of 42.9% from 2020 to 2030 (forecast period).
For instance, The Boeing Company reduced the error rate in its production processes and curtailed the wiring production time by as much as 25% by employing the use of smart glass displays. Moreover, many major solution providers, device manufacturing companies, and application developers are targeting enterprises, owing to the large application pool being offered by them.
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