Projected size of the augmented and virtual reality market 2016-2023

The augmented and virtual reality (AR/VR) market amounted to a forecast of 18.8 billion U.S. dollars in 2020 and is expected to expand drastically in the coming years. Consumer spending made up the single largest portion of the AR/VR market worldwide, followed by the discrete manufacturing segment, both of which accounted for billions of U.S. dollars in sales.

What is augmented/virtual reality technology?

AR/VR technology makes use of sensory devices to either virtually modify a user’s environment or completely immerse them in a simulated environment. Specially designed headsets and glasses can be used for visual immersion, while handhelds and wearables offer tactile immersion. Optical devices such as Facebook’s Oculus Rift and Sony’s PlayStation Virtual Reality have shipped millions of units as consumers look to explore the possibilities offered by virtual environments.

VR/AR patent holders

Although the adoption rate for AR/VR devices is relatively low when compared to other consumer electronics, many of the world’s biggest tech companies see the promise of AR/VR technology and have begun to allocate significant R&D budgets to develop it. Microsoft is particularly well-invested in the technology, with the company owning over ten thousand AR/VR patents across thousands of patent families. Intel and Sony are among other tech giants that stand at the technological forefront of augmented and virtual reality.

Forecast augmented (AR) and virtual reality (VR) market size worldwide from 2016 to 2023

Market size in billion U.S. dollars
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Source

Release date

November 2019

Region

Worldwide

Survey time period

2016 to 2019

Supplementary notes

*Estimate
**Forecast

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Statistics on "Augmented Reality (AR)"

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