U.S. Augmented and Virtual Reality Market Size is Growing with a CAGR of 41.6% and to Garner $134.76 Billion by 2030

According to a recent report published by Allied Market Research, titled, "Augmented and Virtual Reality Market by Component, Application, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2021-2030,"

The U.S. augmented and virtual reality market size was valued at $4.39 billion in 2020, and is projected to reach $134.76 billion by 2030, registering a CAGR of 41.6% from 2021 to 2030.

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Augmented and virtual reality solutions are used to offer digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment. On the contrary, augmented reality enhances the real world using digitally produced perceptual overlays.

Furthermore, the key factor that drives the market growth includes rise in investment in AR market and surge in penetration of smartphones & mobile gaming boost the growth of the U.S. augmented and virtual reality market. In addition, increase in adoption of augmented & virtual reality solutions in education positively impacts the growth of the market. However, security and privacy issues associated with AR is expected to hamper the U.S. AR & VR market growth. On the contrary, surge in usage of VR headsets in amusement and theme parks, commercial applications, and other places is expected to offer remunerative opportunities for the expansion of the U.S. augmented and virtual reality market during the forecast period.

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Competitive Analysis:
The competitive environment of U.S. Augmented and Virtual Reality Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, U.S. Augmented and Virtual Reality Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Apple Inc.
Cyberglove Systems, Inc.
Facebook Technologies, LLC (Oculus)
Google, Inc.
Intel Corporation
Magic Leap, Inc.
Microsoft Corporation
Niantic, Inc.
PTC
Sixense Enterprises, Inc and Many More

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The outbreak of COVID-19 is anticipated to have a positive impact on growth of augmented and virtual reality market. In addition, the integration of advanced technologies such as artificial intelligence in augmented and virtual reality software help the providers to identify risks and fraud, boost the revenue, and add value to their customer. AI-based augmented and virtual reality software has increased the efficiency in risk identification in designing phase and helps in creating a better business insight. Moreover, with the rise in COVID-19 pandemic various travel and tourism industries are using AR & VR technology for providing virtual tourism for the general public which is enhancing the growth of the market in the pandemic situation.

For instance, Travel World VR a New Jersey-based company specializing in sales and marketing for travel agents, resorts, cruise lines and other tourist attractions is creating 360-degree videos for clients and is allowing mobile users to enjoy 50 immersive experiences with more being added each week. This is increasing the use of VR among the populations that are yet to try VR headsets.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.