The augmented reality, virtual reality & mixed reality (AR/ VR/ XR) market is projected to witness stellar growth owing to the booming gaming industry, along with a rising need for head-mounted displays.
The new MRFR report suggests a whopping 73.3% CAGR in the augmented reality and virtual reality (ARVR) market between 2018 and 2025.
The AR and VR market is projected to gain traction mainly due to a massive wave of demand from multiple sectors. Healthcare, life & sciences, education, gaming, entertainment, e-commerce, and retail are fuelling significant demand for AR & VR technology.
The verticals of e-commerce and retail are expected to push the AR & VR market substantially due to rising competition among industry giants. E Commerce players are using AR & VR technology to revolutionize the online shopping landscape by providing a virtual reality shopping experience.
Also, a rapid rise in the demand for VR headsets is witnessed due to skyrocketing growth in the gaming industry
With developments witnessed by the 5G technology, integration of the same in the augmented and virtual reality technology is likely to push the market.
Many organizations are adopting augmented reality and virtual reality technology to enhance the consumer experience of their products and services.
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