AR and VR Markets Set for Explosive Growth, Transforming Healthcare, Manufacturing and Consumer Industries

May 22, 2024 - Global technology intelligence firm ABI Research forecasts that the Augmented Reality (AR) and Virtual Reality (VR) markets will grow by 60% and 44% from 2024 to 2030. Verticals poised for the largest growth include healthcare, manufacturing and consumer industries, with revenues of US$4 billion, US$8 billion and US$6 billion, respectively.

“A combination of AR/VR hardware and software advancements along with Artificial Intelligence (AI) are enhancing the capabilities of immersive applications, making them more effective and efficient. These augmented and virtual reality technologies have accelerated training times, providing immersive, real-time learning experiences that are both cost-effective and scalable. Together with continual improvements in hardware, allowing for more user-friendly devices, these factors are the driving forces behind the market's rapid growth,” explained Matilda Beinat, Augmented and Virtual Reality research analyst at ABI Research.

AR and VR have proven to be highly impactful for manufacturing, especially regarding training and data visualization. Companies like Aveva and Strivr have been leveraging AR and VR for training, simulations and creative designs and have seen improvements to knowledge retention of up to two times more than traditional methods. Medivis has been utilizing AR and VR for educating healthcare professionals, as well as for surgical procedures. Not only have enterprises seen the real benefits of using AR and VR, but the consumer sector has been developing significantly. XREAL, a leader in the consumer smart glasses segment, is expanding its stake in the market and leaning in to spatial computing.

According to Beinat, “AR and VR are not a ‘hype’ technology. These technological advancements enhance productivity, drive innovation and open new opportunities for both business and consumer applications. The rapid expected growth in AR and VR markets is not accidental, with immersive technologies seeing adoption more readily across various industries.”

These findings are from ABI Research’s Augmented Reality State of the Market and Virtual Reality State of the Market reports. These reports are part of the company’s Augmented and Virtual Reality research, which includes research, data and ABI Insights.

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