A new study from ReportsnReports has predicted that the global markets for augmented reality (AR) and virtual reality (VR) will reach a combined value of $94.63bn by 2023.
Broken down, the AR market is expected to both account for the majority of this value and grow the fastest, having been forecast to reach $60.55bn with a CAGR of 40.29% compared to the $34.08bn and 33.95% CAGR attributed to VR.
These figures reflect a similar prediction from the IDC, predicting that spending on these technologies will double throughout 2018 to $17.8bn.
The report cites a range of industries driving the growth of these markets through the wider application and use of AR and VR. This includes both traditionally associated sectors, such as the gaming and entertainment industries, having access to a wider availability of affordable devices, as well as new players investing more heavily in AR and VR.
In line with this, Metaari previously predicted that AR and VR will have a significant uptake in the global learning market during the same period, predicting that this will reach $9.9bn by 2023, double its current valuation.
Further, Arizton forecast that the market for AR/VR within healthcare would reach $3bn by 2023, further reflecting the increasingly diverse use of these technologies across a range of markets.