AR/VR use case spending CAGR worldwide 2018-2023

During the forecast period, AR/VR spending for onsite assembly and safety purposes is projected to grow with a compound annual growth rate (CAGR) of 177.4 percent, whilst spending on augmented reality games is set to grow at a CAGR of 175.9 percent.

Extended Reality (XR)

Extended reality (XR) is an emerging term for all immersive technologies, including augmented reality (AR), virtual reality (VR), and mixed reality (MR), plus those that are yet to be created. Immersive, or XR, technologies, extend the reality we experience by either merging the virtual and “real” worlds or by creating a fully immersive experience. The market for XR technology is growing, with projections for 2023 valuing it at over 18 billion U.S. dollars. VR creates an artificial environment, whereas AR makes use of the existing environment by overlaying new information on top of it. In both VR and AR, the information or imagery is made available to the user through the use of headsets. By 2023, global XR headset shipments are anticipated to reach over 68 million units, with major companies like Microsoft and Intel investing in XR technology.

XR Consumption

The number of mobile AR users globally is expected to reach 2.4 billion by 2023, fueled in part by a growing desire for AR technology to enhance consumer experiences in media and entertainment. Music concerts and sports events are just two examples where AR technology is being used more commonly in order to help enrich the fan experience. The consumer virtual reality market is expected to be worth over 16 billion U.S. dollars by 2023, with significant VR investment going into VR gaming, as well as industrial training and maintenance.

Compound annual growth rate (CAGR) of augmented and virtual reality (AR/VR) use case spending worldwide from 2018 to 2023

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Source

Release date

March 2020

Region

Worldwide

Survey time period

2018 to 2019

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Statistics on "Virtual reality (VR)"

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