The Global Augmented reality and virtual reality market in the current year (2022), is expected to have a market size of USD 37.0 billion and can reach up to USD 114.5 billion by 2027, the end of 5 year forecast period at a market growth of 25.3% rate.

Innovatively put, the AR market & VR market's growth is propelled by a host of driving forces such as the expanding healthcare applications of augmented reality, the surging use of augmented reality and virtual reality in retail and e-commerce, generous government funding aimed at facilitating the growth of the AR and VR industry, strategic partnerships between augmented reality device manufacturers and diverse service industries, the phenomenal rise in the demand for virtual reality in e-learning and medical training, and the mounting need for virtual reality in manufacturing divisions.

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Opportunity: Opportunities in enterprise applications of AR Market

The opportunities in enterprise applications are huge. Huge investments from enterprises for smart manufacturing will be a major driver for the enterprise industry growth in the AR market. The companies having factories at different locations can use AR and employ a small number of engineers to manage a large setup. Remote collaboration using the AR technology to manage machines and other setups remotely would help manage enterprises effectively. Other important applications in the enterprise AR are with regard to the instructional use for technicians and other workers in enterprises. The use of head-up displays and smart helmets to understand blueprints and instructions to provide real-time data will help workers work efficiently.

Challenge: Provision of augmented reality industry in high-end devices

The major challenge faced by customers is the availability of these technologies in high end desktops, compputers, laptops and mobile phones, which makes it less accessible for a basic mediocre user and makes them deprived and unaware of the newer technological experiences. This lesser reach of these augmented reality technologies can be a challenge in the growth of the market, which needs to be addressed to focus on the growth of the market. Although the applications can be used on medium range devices as well, still the hardware and most of the augmented reality software applications are enabled on high-end devices. This can be a challenge for the AR market.