The growing market size only goes to show just how popular the technology is expected to become over the next few years.Įven though AR and VR devices still aren’t quite as in-demand as other electronics like smartphones or smartwatches, the growing market size is a clear indication of their potential. This is set to more than double to $124.4 billion in 2023, before skyrocketing in 2024. This is nearly ten times the $30.7 billion market size registered as recently as 2021.Īs it is, the figure for 2022 was already a whopping 91.2 percent year-over-year increase. The latest virtual reality statistics show that the global market size of AR and VR is forecast to hit $296.9 billion in 2024 (Statista, 2021). To kick things off, let’s take a look at the sector’s market size. Augmented Reality (AR) and Virtual Reality (VR) Market Size Now let’s jump into how popular VR has become and some of the driving factors behind its growth. This is done with the use of special devices such as headsets, goggles, gloves, and more, which allows users to explore and interact with these virtual worlds and their elements. It places users in a simulation and allows them to immerse themselves in a different world. It is a digitally created, three-dimensional environment generated using advanced computer technology. Virtual reality is pretty much as its name suggests. Before we jump into the statistics, let’s very quickly cover what virtual reality is.
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