The augmented reality (AR) and virtual reality (VR) technologies are reaching to the masses through various platforms, mostly through smartphones and tablet computers. With the rapid surge in smartphone ownership across the globe, these electronic products are being considered a potential hardware interface for these technologies.
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Thus, the increasing penetration of these electronic devices is expected to accelerate the AR and VR market at a CAGR of 4.2% during 2020–2030. According to P&S Intelligence, the market size will increase from $37.0 billion in 2019 to $1,274.4 billion by 2030. Moreover, the availability of these technologies at a reduced price has led to their popularity. Besides, technological developments in terms of hardware and software are expected to curtail the prices of AR and VR devices in future.
Further, developments in the optics field are expected to assist the development of compact, flexible, and affordable displays for headsets and smart glasses. Industry players are offering software development kit (SDK) to application developers at affordable price. Due to this, the application base of these technologies will increase in coming years, thereby, reducing the price of the products, which, in turn, will boost the AR and VR market growth.
Of the two technologies, the demand for AR technology is projected to increase during the forecast period, due to the endless benefits offered by it, especially when combined with the new-age wireless technology. This enables the incorporation of AR technology with wireless technology in home devices and home appliances to offer a connected experience to users. Moreover, the ability of this technology to integrate digital information with the physical environment in real-time has led to its increased application.
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