In 2021, the number of augmented reality (AR) and virtual reality (VR) devices shipped worldwide reached 9.86 million units, with forecasts suggesting that this is set to rise to 14.19 million units in 2022.

AR/VR market

AR, VR, and mixed reality (MR) are the cornerstones of the extended reality (XR) field. XR technologies extend the reality we experience by either merging the virtual and the “real” worlds, or by creating a fully immersive experience. AR/VR headset vendors include Oculus, Sony, and HTC who offer VR devices, while Microsoft, Magic Leap, and Vuzix offer AR headsets and glasses.

Metaverse

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. The potential metaverse market opportunity ranges from 3.75 trillion U.S. dollars to 12.46 trillion U.S. dollars, depending on the share of the digital economy that shifts to the metaverse and market expansion. Regarded as the next iteration of the internet, the metaverse is where the physical and digital worlds come together.