US Augmented and Virtual Reality Market Size to Hit USD 134.76 Billion by 2030
Key factors that drive the market growth includes rise in investment in AR market and surge in penetration of smartphones & mobile gaming.
PORTLAND, PORTLAND, OR, UNITED STATES, October 28, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the U.S. augmented and virtual reality market generated $4.39 billion in 2020, and is estimated to generate $134.76 billion by 2030, witnessing a CAGR of 41.6% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, value chain, top segments, regional scenarios, key investment pockets, and competitive landscape.
Rise in investments in the AR market, surge in penetration of smartphones, and cost-efficient benefits of augmented and virtual reality-based solutions drive the growth of the U.S. augmented and virtual reality market. However, security and privacy issues associated with AR hinder the market growth. On the other hand, rise in usage of VR headsets in amusement and theme parks, commercial applications, and others creates new opportunities in the coming years.
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The report offers detailed segmentation of the U.S. augmented and virtual reality market based on component, application, and industry vertical.
Based on component, the solution segment accounted for the highest share in 2020, contributing to more than three-fourths of the total share, and is expected to maintain its lead position during the forecast period. However, the service segment is estimated to witness the highest CAGR of 45.5% from 2021 to 2030.
Based on application, the consumer segment contributed to the largest market share in 2020, accounting for nearly three-fifths of the U.S. augmented and virtual reality market, and is estimated to maintain its lead position throughout the forecast period. However, the enterprise segment is expected to register the fastest CAGR of 43.2% from 2021 to 2030.
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Based on industry vertical, the gaming segment held the highest share in 2020, accounting for around one-third of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, the healthcare segment is expected to manifest the largest CAGR of 46.1% during the forecast period.
Leading players of the U.S. augmented and virtual reality market analyzed in the research include Apple Inc., Facebook Technologies, LLC (Oculus), Cyberglove Systems, Inc., Intel Corporation, Google, Inc., Microsoft Corporation, Magic Leap, Inc., PTC, Niantic, Inc., and Sixense Enterprises, Inc.
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Impact of Covid-19 Pandemic on Augmented and Virtual Reality Market in United States-
• Rise in need among businesses to cater to customer requirements and increase their revenue opportunities resulted in increased demand for AR and VR solutions in the U.S during the pandemic.
• Moreover, surge in investment in AI from various private sectors such as medical research, healthcare, and others to fight against the pandemic led to the growth of the U.S. augmented and virtual reality market.
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