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As per the IDC report, the global projected value of AR/VR technology by 2024 is maximum in AR tethered HMD, AR standalone HMD, and AR screenless viewer.
The worldwide shipment of commercial VR headsets is 16 million and consumer headsets are 15.49 million headsets.
As per Technavio, the market of immersive technology is expected to grow by 125.19 billion USD in 2024. The key players in AR/VR technology are Alphabet Inc., Facebook Inc., and HP Inc.
Another major rise is due to the pandemic situation. Even though the COVID-19 has hit the economical market a hard way. Many SMEs or startups are uncertain about their future. Even laying off or unemployment rises.
But the market saw a rising demand for the adoption of immersive technologies in their businesses due to the remote work opportunity.
As per the Forbes report, the global purchasing of AR/VR headsets, software, and services with the purchases from the consumers has been up by 50% compared to 2019. The market size was recorded as $12 billion.
The big organization found a better tool solution for the scattered and remote workers to work together in a team and the operations were closely monitored. Vital reasons due to lockdown gave the organizations or many companies to work actively with VR collaborations platforms.
In the retail industry, the market witnessed around 32% of consumers are in favor of AR technology. The market value is expected to reach $2,094.08 billion by 2027. The forecasted growth in the period of 2020 to 2027 is recorded to be 68.5%.
In the education industry also, VR/AR technology can be used to solve complex software solutions. It can be used for training such as hands-on simulation training programming such as “Basics of Soldering.”
As per the Forbes report, global lockdown generated a huge interest in AR mobile apps to solve complex problems. It boosted the confidence among the consumers and also the people in the industry to work with 3D models or virtual images or try to fit virtual clothes.
As per the IDC report, the four main sectors attracting investment in AR/VR technologies in billion USD are Education training, Industrial maintenance, Retail showcasing, and VR/AR video games.
As per Perkins Coie, the three major areas that attracted huge investment in 2019 are Gaming, Healthcare and medical devices, and Education.
As per Statista, the projected global market revenue for VR in 2022 are:-
The leading cities in Europe considered as the pioneers in immersive technologies in 2020 are:-
In my opinion, the pandemic situation played a key role in the rise of immersive technologies. As the companies or organizations were left with no choice in such a diehard situation, immersive technologies turned out to be acceptable among the remote teams to work on the same platform.
In retail markets, the rules and regulations for the lockdown situation were maintained properly. The situation of a pandemic is still uncertain and with the current war situation of Russia and Ukraine, the world will get to taste more of such Ar/VR technologies in their day-to-day work in an efficient way.
Source:- Statista.