“Compound annual growth rate” of 38.5% for Augmented Reality and Virtual Reality up to 2030

Acumen Research and Consulting has published a report which indicates an analysis of the industry from 2022 to 2030. According to the report, the size of the VR and AR market already reached $22.6 billion in 2021 and is predicted to grow to a prospering $451.5 billion by 2030, with a CAGR (compound annual growth rate) of 38.5%. The crucial market drivers for Augmented and Virtual Reality are the increasing use of the internet and the growing video game industry. Other global market drivers are the medical, real estate, entertainment, aerospace and military, and education sectors. It is also mentioned that the fastest-growing market for AR and VR technologies is Asia Pacific (especially Japan, South Korea, and China).