VR and AR are expected to witness massive Net Growth
The technological era brought a lot of interesting and brand new inventions to the world. Things that we used to see in the movies fifteen or twenty years ago and considered them to be just a part of the producers’ imagination are now as real as it gets.
Technological development has opened wide doors for many sectors and caused a lot of sectors to develop at rapid speed. The industries have been growing and the new inventions are introduced to society almost monthly. The novel gadgets are designed to make our lives easier and more comfortable.
We live in the global world, and we are in touch with multiple sectors on a daily basis. Even while simply recalling your ordinary daily routine, you manage to get in touch with many different sectors. This can be transportation, the healthcare, media or entertainment sectors. Thus, in order to come into agreement with all of them, you need simple methods for communications.
Modern technologies aim at creating simple gadgets and software, which will make life more accessible and comfortable. Examples of such inventions could be Virtual Reality (VR) and Augmented Reality (AR). Both of them have their own hardware as well as software products, which have been extremely appealing to society for the past several years.
There are several sectors that have been already actively using the opportunities offered by VR and AR products. Among the number of industries, there is the gambling industry, which also happened to be one of the largest industries in the world. The gambling industry is constantly evolving. Once the new tendencies appear, the gambling industry is the first to adopt them. Once the new technologies are introduced, the gambling industry is the first to implement them.
VR and AR products are also very actively used in the gambling industry, especially in the online casino industry. Many online casinos have introduced a lot of new games to the customers, which are extremely attractive with very real feelings and experiences. The number of real money casinos offers VR or AR opportunities for visitors. Many games are available in the market and the number of players is increasing day by day.
Another important sector, which also contributes a lot to the development of VR and Ar products is the media and entertainment, as well as healthcare. Most of them will soon transfer to the automated mode or will undergo the digitization process, which will increase the demand for the VR and AR software primarily.
The hardware for VR and AR are also expected to increase in demand, mostly for gaming purposes. The gaming industry is increasing and the number of professional gamers, as well as eSports enthusiasts, is increasing with the rapid speed. Consequently, more and more types of equipment, as well as products, will be needed soon.
The biggest contributor to the VR and AR market is still North America. The demand both for the software as well as the hardware products is increasing drastically in the countries. It should not be a surprise to hear that China is another big contributor to the development of the industry.
On the other hand, Europe and the Middle East are more for the VR and AR software products rather than the hardware. Countries from those regions are slowly moving to the digitization process and creating more reliable and helpful applications for different spheres, such as healthcare, transportation and many more.
The current VR and AR market stands at $16 Million, though it is expected to experience a huge net growth within the next seven years. The industry is expected to hit its maximum revenue by 2027, by increasing more than 86% and reaching over $2 billion.