Global AR, VR market to reach $94.6bn by 2023

By Jonathan Dyble
A new study from ReportsnReports has predicted that the global markets for augmented reality (AR) and virtual reality (VR) will reach a combined value o...

A new study from ReportsnReports has predicted that the global markets for augmented reality (AR) and virtual reality (VR) will reach a combined value of $94.63bn by 2023.

Broken down, the AR market is expected to both account for the majority of this value and grow the fastest, having been forecast to reach $60.55bn with a CAGR of 40.29% compared to the $34.08bn and 33.95% CAGR attributed to VR.

See also:

These figures reflect a similar prediction from the IDC, predicting that spending on these technologies will double throughout 2018 to $17.8bn.

The report cites a range of industries driving the growth of these markets through the wider application and use of AR and VR. This includes both traditionally associated sectors, such as the gaming and entertainment industries, having access to a wider availability of affordable devices, as well as new players investing more heavily in AR and VR.

In line with this, Metaari previously predicted that AR and VR will have a significant uptake in the global learning market during the same period, predicting that this will reach $9.9bn by 2023, double its current valuation.

Further, Arizton forecast that the market for AR/VR within healthcare would reach $3bn by 2023, further reflecting the increasingly diverse use of these technologies across a range of markets.

Share

Featured Articles

Qlik's Julie Kae: Leveraging Data to Improve Sustainability

In an exclusive interview with Qlik’s Julie Kae, she explores siloed data business challenges and how leveraging data can improve sustainability strategies

Study: More than Half of Companies Lack AI Innovation Skills

Research by SoftwareOne reveals a stark human skills gap in maximising AI and cloud potential, as 97% of companies prioritise upskilling workforces

Devoteam Expands into UK Market, Acquires Ubertas Consulting

Devoteam acquires cloud business and AWS consultancy, Ubertas Consulting, to deliver AWS services to a broader client base and expand into UK markets

NTT DATA: Outdated Tech Holding Back Global Organisations

Digital Transformation

CGG Rebrands to Viridien to Become an Advanced Tech Company

Cloud & Cybersecurity

Zoom Invests in UK Market with Immersive Experience Centre

Digital Transformation