The Global AR & VR Headset Market is valued at USD 29.38 billion in 2022 and is projected to reach a value of USD 451.21 billion in 2030 expanding at a CAGR of 40.7% over the forecast period of 2022-2030.
Games have become much more interactive as players can now immerse themselves in their characters completely. The developers have been using AR, and VR technologies in order to create realistic images along with sound and other sensory capabilities so as to provide a virtual setting that stimulates the user's physical experience. The AR lets gamers play in a multi-dimensional space that can be controlled by their body movement. VR also lets one to experience imaginary settings closer to the real world.
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The growth of the mobile gaming industry and the rising internet connectivity act as the key drivers of the global AR and VR market over the forecast period. Additionally, the rising use of consumer electronic devices is projected to fuel the of the global augmented and virtual reality market growth. AR and VR are also boosting deeper engagement between digital content and its viewers. Because of covid 19, the digital connections have taken precedence in personal, professional, and entertainment arenas over the forecast period.
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the proliferation of smartphones. Also, the increase in popularity of gaming, cost-efficient benefits of AR and virtual reality-based solutions, and surge in adoption of AR and VR technologies by the enterprises have boosted the market growth over the forecast period.
Another major factor that has fuelled the market growth over the forecast period is the increasing smartphone penetration. The increasing adoption of smartphones and technological advancements have allowed its users to view virtual images immersed in real contexts. Additionally, they are also able to connect with these images and objects to interact with them by simply using the camera on their smartphone devices and thus, are the major factors boosting the growth of the AR and VR market over the forecast period.
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