Global AR and VR market to grow to US$209.2bn by 2022

Data for 2021 indicate that the global consumer virtual reality (both hardware and software) market size is projected to increase by more than US$1 billion compared to 2020.

The global augmented reality (AR) and VR market is poised to grow to US$209.2 billion by 2022 as hardware becomes more affordable, people enjoy faster internet speeds, and audiences are increasingly receptive to the devices.

AR refers to the addition of digital elements to a live view such as mobile game Pokemon Go, while VR implies a complete immersion into a simulated virtual world.

According to Statista, VR sales statistics show that the number of VR/AR devices shipped globally is expected to surge to 68.6 million units in 2023.

AR and VR headsets are forecasted to have sales of more than 30 million units annually by the end of 2023. Some 70% of consumers who own a VR headset such as HTC Vive have bought games for it.

There are predictions that China will have the most significant AR/VR spending at 36% by the same year, closely followed by the US and Western Europe.