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Business Impacts of COVID-19 on AR and VR Market Strategies of Major Industry Competitors

The global augmented reality (AR) and virtual reality (VR) market generated a revenue of $37.0 billion in 2019 and it is predicted to progress at a CAGR of 42.9% between 2020 and 2030. Furthermore, the market will reach a value of $1,274.4 billion by 2030. The increasing adoption of the AR and VR technologies in the healthcare, entertainment, education, gaming, and tourism sectors is one of the major factors fueling the advancement of the market across the globe.

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Besides the aforementioned factor, the growing usage of smartphones and tablet computers is also propelling the expansion of the AR and VR industry across the world. According to various reports, the total number of smartphone users all over the world is predicted to rise to 3.5 billion by 2020, registering a growth rate of 9.3% from 2019. As smartphones are suitable hardware interfaces for AR and VR applications, their growing penetration is fueling the market expansion around the world.

Geographically, the AR and VR market will demonstrate the fastest growth in the Asia-Pacific (APAC) region in the coming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the rapid economic growth of the regional countries and the growing adoption of the VR and AR technologies in the region. Moreover, the region is home to several hardware and display panel manufacturing companies.

Hence, it is safe to say that the market will register huge expansion all over the world in the coming years, primarily because of the ballooning adoption of the VR and AR technologies in the gaming and entertainment industries and the increasing usage of smartphones around the world.



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