San Antonio, United States – The virtual reality (VR) and augmented-mixed reality (AR-MR) market is at the heart of futuristic digital transformation, offering immersive and assisted experiences through a 3D virtual environment inlaid within or on top of observable reality.
Frost & Sullivan’s recent analysis, VR and AR-MR Market, finds that continued development and funding in the met averse space is attracting more interest and funding to VR/AR-MR projects. VR/AR-MR hardware and software technologies are the primary gateways to access the metaverse.
Frost & Sullivan expects the market to experience an 11-fold increase of [$160.14 billion (€157.03 billion)] by 2028 from [$14.55 billion (€14.27 billion)] in 2021, registering an exponential growth at a compound annual growth rate (CAGR) of 40.9% in terms of revenues.
“The wider availability of VR/AR-MR endpoints, the proliferation of mobile devices, continued improvement in connectivity, and the wider recognition of the metaverse as a social and cultural destination are expected to continue to act as main drivers for the VR/AR-MR market,” says Alaa Saayed, ICT research director & fellow. “Additionally, the increasing popularity of the gaming industry is further boosting the VR/AR-MR market. The gaming industry will continue to advance, with video game platforms and publishers continuously growing their VR/AR-MR content catalogs as ways to engage their audience and refresh their platforms.”
Saayed adds: “North America (NA) and Asia-Pacific (APAC) are the top two regions generating VR and AR-MR revenue. Advanced connectivity, high technology exposure, and high mobile device penetration are the main factors contributing to the market’s expansion in NA. Similarly, the presence of many display panel manufacturers, a growing number of VR participants, and personal and commercial AR-MR demand contribute to the sector’s growth in APAC.”
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