Combined AR/VR Headset Market to be Worth $35 billion by 2024

In many ways, virtual reality (VR) and augmented reality (AR) technology is still in early days of development. With that in mind, there is great potential for change and is the combines AR/VR undergoing significant growth, as noted in a new report from Global Market Insights.

The report indicates that the market in both VR and AR headsets is expected to grow significantly, with most of the growth owing to the increasing use of VR and AR technologies in industrial and enterprise areas, such as retail, automotive, aerospace, defence and manufacturing. Another area where VR is seeing substantial growth is in education and training, with VR devices offering more realistic and immersive scenarios. One example noted in the report is retail giant Walmart installing Oculus Rift headsets for training purposes at 200 of is US training centres.

Another area where the potential is just beginning to be explored is marketing, where brands and companies are attempting to engage with customers by using immersive technologies as a new platform for advertising. The tourism industry is also engaging with VR technology, as a means to offer customers a glimpse of destinations and accommodations on offer.

One of the significant barriers currently expected to impact the growth of the AR/VR headset market is the current high cost of the technology. Devices capable of high-end VR and AR experiences are high-cost devices, with AR smartglasses often costing several thousand dollars, and tethered VR headsets running to several hundred dollars, a significant expense for consumers, and even small companies.

The report indicates that the highest growth rate will be among AR devices, due to their ability to allow users to see the real world with useful information overlaid on top, a capability that has potential for areas such as healthcare, automotive, quality control and technical support. As the technology advances as costs decline, adoption of this technology is expected to increase gradually as various industries realise the potential of the technology.

The full report can be found on the Global Market Insights website.

VRFocus will continue to report on developments in the VR and AR industries.