Augmented Reality and Virtual Reality (AR & VR) Market Size is Expected to Reach USD 571.42 Billion by 2025 | Valuates Reports

BANGALORE, India, Feb. 13, 2020 /PRNewswire/ -- The global market for AR and VR is segmented, based on application, organization size, industry vertical, and region to provide an in-depth analysis of the market.

In 2017, the global augmented reality and virtual reality market size stood at USD 11.35 Billion, and the industry is forecasted to reach USD 571.42 Billion by 2025, rising at a CAGR of 63.3 percent between 2018 and 2025.

AR and VR technologies are used to provide a digital immersive user experience that can be used across various industry verticals for entertainment and business applications. Virtual reality is a comprehensive term for a multi-sensory computer-generated experience that allows users to explore a virtual world and interact with it. On the contrary, augmented reality uses digitally generated visual overlays to improve the real world.

Owing to the growing penetration of smart devices, the global augmented, and virtual reality market is expected to experience significant growth during the forecast period. However, the lack of effective user experience design and the slow adoption among underdeveloped economies are the major factors that impede the market growth.

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TRENDS INFLUENCING THE AR AND VR MARKET SIZE

• The animation and video game industry's progress, increase in internet connectivity, and the mobile gaming industry's growth serves as the key drivers of the global augmented and virtual reality market. Furthermore, the rise in the use of consumer electronic devices is expected to drive market growth. 
• Augmented and virtual reality provides a cost-effective and efficient solution in training and skill development, as it replicates the actual scenarios by using technologies. For example, it is more costly to use an actual aircraft to train a pilot in civil aviation or in military applications. Similarly, human participation in the training of students or nurses or other medical professionals is unethical and could be harmful in healthcare. Augmented and virtual reality-based solutions thus offer legitimate resources for educating medical professionals. This property of AR & VR is expected to create market growth opportunity 
• Technological advances and the rise in application areas among various industry verticals are expected to provide lucrative market expansion opportunities. 

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