High growth markets which contribute to 20% of your revenues today will contribute 80% in the next 5 years. Identify these new revenue sources at MarketsandMarkets’s Crystal Ball event’
The AR market is expected to grow to be a USD 77 billion market in 2025 driven by key use cases in healthcare, retail etc. Gaming and lifestyle are prominent AR apps that are being downloaded by numerous users. Gaming contributes to about 25% of the total AR app downloads, while lifestyle contributes ~20%.’
The VR market is expected to reach USD 21 billion by 2025 at a CAGR of ~28% from 2020 to 2025. Due to the increasing demand for hardware devices, the VR market has witnessed high growth. The VR content creation market is expected to witness growth driven by the inflow of content to fulfil the requirements of different applications using VR HMDs. This will be a massive boost to the growth of the VR market.’
This Crystal Ball event focuses on learning more about the most promising opportunities in the AR/VR ecosystem, as seen through the lens of eminent CXOs in this space.’
KEY HIGHLIGHTS
- Partnerships between’telecom players and AR manufacturers’to reduce latency to imperceptible levels
- Industrial & enterprise applications’increasingly leveraging AR technology for on-site advancements and digitization
- Increased demand for’VR HMDs’to accelerate the growth of virtual reality market
- Penetration of VR in aerospace and defence for’training and simulation
- The growing interest of large tech companies and their’huge investments
- Increase in’Mobile AR’and accelerated growth with’5G
- High adoption of’AR smart glasses’to improve work efficiency
CRYSTAL BALL: THROUGH THE SPEAKERS PERSPECTIVE
- With the current AR market dominated by software, how is the growth potential anticipated for the hardware e.g. HMDs, HUDs etc. in next 5-7 years. Which will be key verticals to focus?
- Although AR/VR is a popular topic of discussion among technology experts, quite a few consumers are still unaware of the benefits of the technology. So, how can the users’ concerns be addressed to accelerate the mainstream deployment of the technology?
- As the COVID-19 pandemic subsides, do we see continued growth in the AR/VR space especially in sectors such as hospitals & medical facilities, retail, entertainment or do we see any challenges in mass deployment?
