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28 Nov 2023

AR/VR market to grow by 333.45 billion Euros says report

AR/VR market to grow by 333.45 billion Euros says report
AR/VR market to grow by 333.45 billion Euros says report
The AR/VR market will balloon by 333.45 billion Euros according to a new report, progressing at a CAGR of almost 52.37% from 2022-2027.
 

The report, published by Technavio, highlights growing demand for augmented reality and virtual reality technologies as a key driver, which has significantly increased over the past decade. The growth has also been driven by customer adoption in both commercial and personal circles.

This rise in demand is expected to continue globally, with technological advancements such as Google’s Project Glass playing a crucial role in improving the practicality of AR in daily usage. The development of Android’s AR applications is also offering new applications, such as virtual fitting rooms in retail environments, as well as the widespread adoption of AR and VR across sectors such as education, healthcare and training which are set to drive further market growth.

The report highlights that increased investor funding in AR and VR startups, especially in display medium manufacturers and application developers, is boosting market growth beyond gaming to sectors like healthcare, enterprise and marketing.

 

Source: Inavate

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