Boost to GDP from AR/VR in the U.S. 2019-2030

It is forecast that augmented reality (AR) and virtual reality (VR) will boost gross domestic product (GDP) in the U.S. by 49 billion U.S. dollars in 2021, rising to 537 billion U.S. dollars by 2030. Alongside this, the number of jobs enhanced by AR/VR in the country will also grow, from 250 thousand in 2021 up to 2.3 million by 2023.

XR market

Extended reality (XR) is an encapsulating term for all immersive technologies, including the AR/VR market as well as mixed reality (MR). VR creates an artificial environment, whereas AR simply makes use of the existing environment by overlaying added information on top of it. MR is recognized as the merging of physical and digital worlds where objects co-exist and interact in real time within new environments. MR is sometimes referred to as hybrid reality or holographic computing.

XR devices

Typically, XR technologies are supported using AR and VR headsets, with firms such as Microsoft, Sony, Valve, and Facebook-owned Oculus developing such devices. AR headset sales grew during 2020, with the coronavirus pandemic causing a surge in demand for devices that could support remote collaboration and telemedicine services. VR headset sales will continue to record robust growth figures at times that coincide with the launch of a new device as consumers race to get their hands on the latest technology.