The global virtual reality and augmented reality markets are projected to reach an $814.7 billion USD ($1.07 trillion CAD) valuation by 2025, according to a new report from Zion Market Research.
This would mark a significant year-over-year increase from the $26.7 billion USD ($35.2 billion CAD) valuation of these two markets that was reported in 2018. This is also far higher than the $209.2 billion USD ($275.6 billion CAD) valuation in 2022 that well-respected research firm Statista projected in 2016.
Zion notes that the two biggest markets for VR and AR are North America and Europe, with the former in particular holding the largest market share due to the rising demand in the media and entertainments sectors in both regions.
Meanwhile, Europe is expected to hold a substantial share due to early adoption by EU consumers and Asia Pacific will have the highest Compound Annual Growth Rate of any region in the future.
Altogether, Zion says some of the key participants in the global VR and AR space are Samsung, Google, Microsoft, HTC and Magic Leap.
The full report can be viewed here.