As the virtual reality (VR) and augmented reality (AR) markets continue to soar, with the new technology drawing increasing interest across the entertainment world, the combined value of the sector is set to smash through the USD 170 billion barrier. The growth is not only fuelled by entertainment, however, as uptake of the visualization tools takes off in a major way in the health, manufacturing, and retail segments in particular.
VR and AR have long been spoken of as the future of visual technology, with a number of increasingly optimistic forecasts anticipating a boom in sales and use over the coming years. The VR market burst through the USD 1 billion mark 2 years ago, thanks largely to a USD 300 million boom relating to video game sales in the innovative technology domain, while headset sales are predicted to approach 200 million units within the next 2 years. However, it would be wrong to think of the meteoric rise of VR and AR as solely resulting from demand in the entertainment sector. The manufacturing, healthcare, and retail sectors are some of the industrial environments in which the immersive technologies are being utilized in the name of training and education.
The global market size of the VR sector will likely surpass USD 17 billion by 2022. The rise from its level of USD 2 billion in 2016 constitutes a 44.5 percent CAGR boom. AR, which previously boasted a market size of USD 4 billion, is forecast to see an even higher growth trajectory on top of this. At a huge 85.4 percent CAGR, the AR market will reach a size of USD 161 billon in the next 4 years. With this in mind, demand among potential suitors looking to buy their way into the increasingly lucrative market is likely to go through the roof.