See full analysis Learn more Virtual Reality [New] In comparison, the three consumer use cases for AR/VR (VR gaming, VR video / feature viewing, and AR gaming) are expected to see combined spending of $17.6 billion in 2024. [New] China's VR industry is expected to be worth 54.45 billion yuan ($8 billion) next year, with an annual growth rate of about 95.2%. Worldwide spending on augmented reality and virtual reality will surge to $72.8 billion in 2024, compared to $12 billion in 2020. The global market of digital health VR is expected to grow to $2.4 billion by 2026, due to its potential to eliminate the need for certain medications or surgeries. The global augmented reality and virtual reality market is projected to account for a revenue of $1,274.4 billion in 2030, rising from $37.0 billion in 2019, progressing at a robust CAGR of 42.9% during the forecast period (2020-2030). The virtual reality market is forecast to reach 18.8 billion U.S. dollars in 2020, representing a 78% increase in spending from last year. The consumer gaming industry will reach a value of $198 billion by 2024, not including sales from hardware and devices, augmented reality, virtual reality and advertising. VR gaming, VR video / feature viewing, and AR gaming make up the three largest consumer use cases for augmented and virtual reality, with 20.8 billion U.S. dollars expected to be spent in 2023. Virtual reality and augmented reality have the potential to deliver a £1.4 trillion boost to the global economy by 2030. The market for virtual reality and AR in the healthcare sector was estimated to be around $2.14 billion in 2018 and is projected to reach $11.14 billion by 2025. The AR healthcare market is expected to generate approximately US$ 10 billion in revenues with the VR Healthcare market reaching US$ 1.2 billion in 2024. By 2024, the market size of AR/VR products will reach 165 billion US dollars, or over one trillion yuan (CNY), and grow at high speed of 80%. Today, 171 million people are using VR technology; The combined market of AR/VR is expected to reach $16.8 billion in 2019; VR gaming revenue is forecast to touch $22.9 billion by 2020. The global AR and VR market in healthcare is projected to hit 10.82 billion U.S. dollars by 2025. The market size of consumer virtual reality hardware and software is set to spike from 6.2 billion US dollars to more than 16 billion U.S. dollars by 2022. Virtual reality within businesses is set to reach greater heights, as its revenue is projected to grow from $829 million in 2018 to $4.26 billion in 2023. While the world is approaching 2021, augmented reality and virtual reality will continue to have an optimal impact on industries. The global spending on Augmented Reality and Virtual Reality will see a 78.5% growth and will rise to as much as 18.8 billion dollars. The augmented reality and virtual reality market is poised to grow by $125.19 billion during 2020-2024, progressing at a CAGR of over 35% during the forecast period. Worldwide spending on commercial virtual reality solutions inclusive of hardware, software, and services will grow to $7.1 billion in 2020, up from $4.5 billion in 2019. The global market for augmented reality and virtual reality is estimated to offer an incremental growth opportunity of about US$ 115 billion (€96 billion) during the mentioned forecast period. The global augmented reality and virtual reality (VR) market in healthcare is expected to reach $10.82 B by 2025. Last updated: 17 January 2021 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No