The augmented reality, virtual reality and mixed reality market is predicted to be worth over $30 billion by 2030 according to new figures from IDTechEx Research.
The company’s analyst Dr Charlotte Coles looked at market research on AR, VR and MR areas, and compiled a report from historic data from nearly 100 companies and over 170 distinct products and forecasts from 2020-2030.
Coles’s report found AR companies have received high levels of investment over the past 10 years, with investors targeting the future potential of companies. For example, Magic Leap received over $500 million in funding in 2017, but only released its first product in 2019. Although the turnaround to reap the financial reward is potentially longer than VR products, the report said there is still a high level of interest in this field.
The report also found that there have been great advancements in resolution across the realities in the past decade, creating a more immersive experience for the user. “Although this experience is far from perfect, as some users still experience motion sickness, it shows that in the future this field will continue to grow as there is continued update of these devices in the future.” said the report.
The full report can be found at IDTechEx’s website.