Due to the COVID-19 outbreak, there is an increasing demand for AR and VR Technology to increase market growth. According to the research by Technovia, the global augmented reality (AR) and virtual reality (VR) market is anticipated to grow by 125.19 billion US dollars from 2020 to 2024. It is also identified that there are a huge market impact and new opportunities, which are created due to the COVID-19 pandemic. They expect the impact to be momentous in the first quarter, and, however, gradually, it will lessen in subsequent quarters by impacting the full-year economic growth. It has been identified that many people adopt the AR and VR technologies in the current situation. Technological innovations will further drive the demand for AR and VR applications during the forecast period as these applications will enable users to use the technology in a more user-friendly manner. Wearable technology platforms are likely further to enhance the utility of AR in everyday life. The growing application area of AR and VR technology in different fields, such as education, medical, retail, and training, will increase the growth of the global AR and VR market.
Impact of Coronavirus
The global outburst of coronavirus is expected to have a positive impact on the AR and VR market globally during 2020-2024. With the rise in the number of online corporate meetings and events through web conferencing and online meeting tools, market players are introducing applications that are anticipated to enhance the experience. NexTech AR Solutions developed a technique to incorporate 3D photorealistic holograms of objects through ARitize App.
Increase of Augmented Reality (AR) and Virtual Reality (VR) Market
Key vendors in the market are acquiring companies that operate in the AR and VR market. Such acquisitions strengthen their R&D capabilities and market position. The adoption of such strategies also expands vendors’ business and enables technological advances in the field. Factors such as the new product launches, rising adoption of technologically advanced applications among consumers, and strong research activities to increase the application of AR and VR technologies will have a significant impact on the growth of the AR and VR market value during the forecast period.
The market is moderately fragmented, and the degree of fragmentation will accelerate during the forecast period. It has been identified that the COVID-19 impact has been positive on AR and VR markets.