The market for immersive technology, including virtual reality (VR) and augmented reality (AR) continues its growth pattern, and a new report by MarketsandMarkets is forecasting that the market for AR will grow from $11 Billion (USD) in 2018 to a whopping $60 Billion by 2023.
The report, titled Augmented Reality and Virtual Reality Market – Global Forecast to 2023 predicts that demand for AR software and devices in healthcare, retail and e-commerce will continue to drive growth and investment in the AR market.
The report also says investments in VR, advancements in technology and the availability of affordable VR headsets will all contribute towards the rising penetration of VR into the gaming and entertainment sectors, which will be a factor towards the predicted rise in growth in VR from $7.9 Billion in 2018 to $34 Billion by 2023.
Research conducted by MarketsandMarkets showed that AR ‘heads-up displays’ are presently in use in automotive, defence and aerospace industries, most popularly being used for navigation in cars, military vehicles and airplanes. The report predicts that these systems, which for the most part are currently in testing, will soon see commercialisation, further driving AR market growth.
Consumer demands for AR products has mostly been driven through AR apps, including software in the videogame, sports and entertainment sectors, with AR gaming apps such as Pokemon Go seeing widespread adoption. The report forecasts that this trend is likely to continue, along with further input from AR healthcare and automotive areas.
Another trends forecast by the report is the continued emergence of the Asia Pacific or APAC region into the VR and AR market. Considering that the majority of display panel manufacturers are located in this region, and the rising investment in this technology, the report forecasts a number of new technologies and advancements will come from this region.