Investment in AR/VR technology worldwide in 2024, by use case

The commercial use cases for augmented and virtual reality (AR/VR) that are expected to receive the largest investment in 2024 are training and industrial maintenance with *** billion U.S. dollars forecast to be invested in both fields. VR gaming, VR video/feature viewing, and AR gaming make up the three largest consumer use cases for augmented and virtual reality (AR/VR), with **** billion U.S. dollars expected to be spent in 2024.

Metaverse

Regarded as the next iteration of the internet, the metaverse is where the physical and digital worlds come together. As an evolution of social technologies, the metaverse allows digital representations of people, avatars, to interact with each other in a variety of settings. Whether it be at work, in an office, going to concerts or sports events, or even trying on clothes, the metaverse provides a space for endless, interconnected virtual communities using VR headsets, AR glasses, smartphone apps, or other devices.

AR/VR in business

The use of VR in an enterprise setting can often be seen through its use within training exercises. Examples of this include scenarios where new employees are being trained on important, technical machines and equipment - taking these out of service for training purposes would be an expensive and disruptive process for a business, with VR stepping in to alleviate this issue. AR can also be used to help improve efficiencies in a company, particularly with ‘see what I see’ capabilities for remote assistance, as well as the overlaying of data on the physical world image. On-site assembly, safety, in addition to industrial maintenance, are all use cases of AR that are expected to see strong growth in the coming years.