Did You Know the Virtual Reality Market is Poised for Growth?

The global augmented and virtual reality size is estimated to grow by $442.9 billion from 2024-2028, according to technology research firm Technavio. Growing demand for the technology is driving market growth, with a trend toward growing funding in startup AR and VR companies from investors, according to Technavio.

Augmented Reality (AR) and Virtual Reality (VR) are technologies that merge digital 3D models and environments with the physical world. AR technology overlays digital information onto real-world environments using cameras; AR applications include information search, gaming and industrial automation; and VR technology immerses users in fully digital 3D environments, revolutionizing industries like aerospace and defense, architecture, engineering, healthcare and manufacturing.

AR and VR markets are experiencing significant growth, driven by trends in 3D environments and models, 5G networks and advanced technologies like AI and gesture-tracking devices, the report states. AR technology is gaining traction in commercial industries, including architecture, engineering and manufacturing, with applications in consumer electronics, e-commerce and entertainment. VR technology is revolutionizing gaming, training simulations and mental illness treatments.