Global Industry Trends

 In 2023, the augmented reality (AR) and virtual reality (VR) industry generated a substantial revenue of USD 47.6 billion. This market is expected to grow at a remarkable compound annual growth rate (CAGR) of 23.7% over the forecast period, reaching USD 210.4 billion by the decade's end. The rapid adoption of AR and VR technologies across sectors such as gaming, entertainment, education, tourism, retail, and healthcare is driving this growth. Wearable AR and VR devices, such as smart glasses , head-up displays (HUDs), and head-mounted displays (HMDs), offer users the convenience of mobility, allowing them to carry out daily activities seamlessly. For instance, AR displays can be used anywhere without obstructing real-world views, while mobile VR headsets can enhance experiences by limiting movement within virtual environments (VEs). The designs of these devices continue to evolve, making them compatible with smartphones and tablets. This has led to the widespread integration of A