Growth Trajectory in AR and VR
The Augmented Reality (AR) and Virtual Reality (VR) industries are expected to see substantial growth, with ABI Research projecting increases of 60% and 44% respectively from 2024 to 2030. These technologies are becoming pivotal in several key industries, including healthcare, manufacturing, and consumer sectors, with projected revenues reaching billions in each area.
Enhancements Driving Adoption
Recent advancements in AR and VR technologies have significantly improved their effectiveness and efficiency. For instance, the integration of Artificial Intelligence (AI) with AR and VR has been a game changer, enhancing the capabilities of immersive applications. These technologies are now being used to speed up training processes and provide real-time, immersive learning experiences. This not only cuts costs but also scales up operations efficiently. Matilda Beinat, an analyst at ABI Research, emphasized that ongoing hardware improvements are making these devices more user-friendly, further boosting market growth.
Impact on Industries
In the manufacturing sector, AR and VR are revolutionizing training and data visualization. Companies like Aveva and Strivr are using these technologies for simulations and training, significantly improving knowledge retention compared to traditional methods. In healthcare, firms like Medivis are utilizing AR and VR for training professionals and aiding in surgical procedures, enhancing the precision and effectiveness of medical interventions. The consumer sector is not far behind, with companies such as XREAL expanding their presence in the market through innovative smart glasses and spatial computing solutions.
Beyond the Hype
According to Beinat, AR and VR should not be viewed merely as hype. These technologies are proving their worth by enhancing productivity, fostering innovation, and creating new opportunities in both business and consumer applications. Their rapid adoption across various sectors is a testament to their potential and the tangible benefits they offer.
ABI Research Insights
The findings presented stem from ABI Research’s detailed reports on the state of the AR and VR markets, which are part of the firm’s comprehensive research portfolio covering these innovative technologies.
About ABI Research
ABI Research provides global technology intelligence and market guidance. Positioned at the critical juncture where technology providers meet end-market users, the firm offers valuable insights and strategies to both sides of the technology equation, facilitating effective technology implementations and robust customer retention strategies.
