ABI Research forecasts that the augmented reality (AR) and virtual reality (VR) markets will grow by 60% and 44% from 2024 to 2030. Verticals poised for the largest growth include healthcare, manufacturing, and consumer industries, with revenues of US$4 billion, US$8 billion, and US$6 billion, respectively.
Matilda Beinat, an augmented and virtual reality research analyst at ABI Research, says a combination of AR/VR hardware and software advancements along with Artificial Intelligence (AI) are enhancing the capabilities of immersive applications, making them more effective and efficient.
"These augmented and virtual reality technologies have accelerated training times, providing immersive, real-time learning experiences that are both cost-effective and scalable. Together with continual improvements in hardware, allowing for more user-friendly devices, these factors are the driving forces behind the market's rapid growth,” she adds.
According to Beinat, “AR and VR are not a ‘hype’ technology. These technological advancements enhance productivity, drive innovation, and open new opportunities for both business and consumer applications. The rapid expected growth in AR and VR markets is not accidental, with immersive technologies seeing adoption more readily across various industries.”
