AI In Virtual Reality And Augmented Reality Market
“””The Business Research Company recently released a comprehensive report on the Global AI In Virtual Reality And Augmented Reality Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The AI in virtual reality and augmented reality market size has grown exponentially in recent years. It will grow from $39.2 billion in 2023 to $57.37 billion in 2024 at a compound annual growth rate (CAGR) of 46.3%. The growth in the historic period can be attributed to advancements in computer vision, machine learning algorithms, improvements in natural language processing (NLP), growth of cloud computing, rise of edge computing.
The AI in virtual reality and augmented reality market size is expected to see exponential growth in the next few years. It will grow to $264.7 billion in 2028 at a compound annual growth rate (CAGR) of 46.5%. The growth in the forecast period can be attributed to AI-powered social interactions, personalized content recommendations, enhanced gesture and voice recognition, AI-generated realistic environments, healthcare and therapeutic applications. Major trends in the forecast period include AI-driven virtual assistants in VR or AR, virtual try-on experiences enhanced by AI, AI-enhanced object recognition and interaction, integration of ai with AR smart glasses, ai-powered immersive storytelling.
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Market Drivers and Trends:
The increasing number of IoT (Internet of Things) devices is expected to propel the growth of AI in the virtual reality and augmented reality market going forward. IoT devices refer to physical devices embedded with sensors, software, and connectivity features that enable them to collect and exchange data with other devices or systems over the Internet, forming the Internet of Things (IoT) ecosystem. IoT devices are driven by interconnected networks, enabling seamless communication and data exchange between devices and systems. AI in virtual reality and augmented reality can enhance the capabilities of IoT devices by providing a more immersive and intuitive user experience, improving data analysis, enabling predictive maintenance, facilitating context-aware interactions, enabling remote monitoring and control, and enhancing training and simulation capabilities. For instance, in March 2023, according to the GSM Association, a UK-based non-profit organization, the number of IoT connections is set to more than double between 2021 and 2030, reaching a total of 37.4 billion. Therefore, the increasing number of IoT devices is driving AI’s growth in the virtual and augmented reality market.
Major companies operating in the AI in virtual and augmented reality markets are developing innovative assisted reality glasses to advance the offering to their consumers. Assisted reality or smart glasses are wearable devices that overlay digital information, graphics, or visuals onto the wearer’s field of view, enhancing their perception of the physical world. For instance, in February 2024, Oppo, a China-based consumer electronics company, unveiled the OPPO Air Glass 3. It is designed to provide real-time information through a full-color display within the lenses of the glass. This innovative product is a pair of assisted reality glasses with a voice assistant powered by Oppo’s large language model (LLM) called AndesGPT. The glasses are designed to be worn daily, allowing users to view digital content superimposed over the real world, such as messages or navigational maps. The Air Glass 3 requires a connection to an Oppo smartphone for functionality and can be controlled using touch sensors located on the frame’s side.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Sony Corporation, Lenovo Group Limited, Intel Corporation, Qualcomm Incorporated, NVIDIA Corporation, Dassault Systemes SE, PTC Inc., Sixense Enterprises Inc., Magic Leap Inc., HTC Corporation, EON Reality Inc., Daqri LLC, Zappar Ltd., Scope AR, Vuzix Corporation, Upskill, Avegant Corporation, Atheer Inc., Cognixion, Marxent Labs LLC
AI In Virtual Reality And Augmented Reality Market 2024 Key Insights:
• The AI in virtual reality and augmented reality market size is expected to see exponential growth in the next few years. It will grow to $264.7 billion in 2028 at a compound annual growth rate (CAGR) of 46.5%.
• Surging Number Of IoT Devices Fuels Growth In The AI In Virtual Reality And Augmented Reality Market
• Innovative Assisted Reality Glasses
• North America was the largest region in the AI in virtual reality and augmented reality market in 2023
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