The Global Augmented Reality (AR) Markets Projected to Exceed $198 Billion by 2025

 Financialnewsmedia.com News Commentary 

PALM BEACH, Florida, Jan. 22, 2020 /PRNewswire/ -- Every new report on the augmented and virtual reality markets just seem to keep leapfrogging over previous forecasts. A recent report from MarketsAndMarkets has the AR market estimated to grow from USD 10.7 billion in 2019 and projects it to reach $72.7 billion by 2024 with an expected CAGR of 46.6% from 2019 to 2024. A report from Statista on AR/VR markets sees revenues for both markets to grow to around $160 billion by 2023. However, another report from Statista that looks farther ahead in time, trumps the other reports with an estimate that says that the AR market size alone, is estimated to increase by over $195 billion U.S. dollars, increasing from roughly $3.5 billion in 2017 to over $198 billion U.S. dollars in 2025. Growing consumer acceptance of the various AR/VR enhanced consumer devices available which are being introduced into everyday life at a rapid pace, is a major factor in the growth of these markets. Active companies in the markets this week include Hawkeye Systems, Inc. (OTCQB: HWKE), Sony Corporation (NYSE: SNE), NVIDIA Corporation (NASDAQ: NVDA), Intel Corporation (NASDAQ: INTC), Lumentum Holdings Inc. (NASDAQ: LITE).

It's not just in entertainment or safety sectors but AR has played a more important role in the healthcare sector too. The healthcare sector has witnessed rapid technological advancements over the years, and various kinds of advanced imaging equipment have been introduced in the healthcare sector. The healthcare sector has one of the most important and practical applications of AR in the current market scenario. AR can be used to provide a virtual view of a patient, in which a surgeon can see the condition of the patient's body parts. This can help the surgeon to conduct minimally invasive surgeries. The use of AR modeling and 3D visualization is expected to be of great help to the healthcare sector. The use of AR for improving fitness, teaching complex subjects to medical students, training doctors, managing pharmacy, and caring and supporting patients after they leave the hospital is driving the growth of the AR market in this sector.