Valued in 2021 at 27,6 million dollars, the augmented and virtual reality market grew mainly within the entertainment sector. With big brands betting on the spatialization of the internet, companies with the biggest investments in the area believe that the industry can adopt metaverse methods for production.
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No report, it is pointed out that “the growth of the mobile gaming industry and increasing internet connectivity act as the main drivers of the global augmented and virtual reality market. Furthermore, the increase in the use of consumer electronic devices is expected to drive the growth of the global market.”
Despite the predicted growth of the AR and VR scenario, Research and Markets indicates that the difficulty in popularizing the metaverse is due to the lack of accessibility of equipment.
“Lack of effective user experience design and slow adoption of augmented and virtual reality solutions among underdeveloped economies are the main factors hindering market growth. On the other hand, technological advancements and increase in application areas across various industry verticals are expected to provide lucrative opportunities for market growth,” narrates
Companies that dominate the market
Regarding market dominance by large corporations, the document highlights companies that are at the forefront of research and commercialization of virtual reality: “Google Inc., Sony, Magic Leap, Inc., HTC Corporation, Microsoft Corporation, Osterhout Design Group, Meta, DAQRI, Samsung Electronics Co., Ltd. and Wikitude.”
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The ranking of the sectors most impacted by AR and VR currently includes:
- Games
- entertainment and media
- Aerospace and Defense
- Health care
- Education
- Manufacturing
- Retail
- Other
