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Investment in AR/VR technology worldwide in 2024, by use case

The commercial use cases for augmented and virtual reality (AR/VR) that are expected to receive the largest investment in 2024 are training and industrial maintenance with 4.1 billion U.S. dollars forecast to be invested in both fields. VR gaming, VR video/feature viewing, and AR gaming make up the three largest consumer use cases for augmented and virtual reality (AR/VR), with 17.6 billion U.S. dollars expected to be spent in 2024.

COVID-19 and VR

Virtual reality (VR) is a simulated experience that can be similar to or completely different from the real world. The aim of VR is to create a sensory experience for the user sometimes including sight, touch, hearing, smell, or even taste. These effects involve the use of VR headsets, a device which does not allow light or images from the real world to interfere with the virtual one. VR headset suppliers include HTC, Oculus, PlayStation and Valve. Manufacturers have observed a surge in interest during the coronavirus (COVID-19) pandemic as mainstream users, particularly those quarantined at home, have looked for new things to do. However, supply shortages have arisen, notably for some of the most sought-after devices such as the Oculus Quest and the Valve Index. This has been compounded further by an increasingly strong demand for VR technology from businesses.

AR/VR in business

The use of VR in an enterprise setting can often be seen through its use within training exercises. Examples of this include scenarios where new employees are being trained on important, technical machines and equipment - taking these out of service for training purposes would be an expensive and disruptive process for a business, with VR stepping in to alleviate this issue. Augmented reality (AR) can also be used to help improve efficiencies in a company, particularly with ‘see what I see’ capabilities for remote assistance, as well as the overlaying of data on the physical world image. On-site assembly, safety, in addition to industrial maintenance, are all use cases of AR that are expected to see strong growth in the coming years.

Investment in augmented and virtual reality (AR/VR) technology worldwide in 2024, by use case

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Source

Release date

November 2020

Region

Worldwide

Survey time period

2020

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Statistics on "Oculus VR"

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