Wednesday, 17 February 2021 22:20

Global augmented and virtual reality market expected to reach US $661.40 billion by 2025

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Frost & Sullivan unveils its newest report, the "Future of User Interfaces Shaping New Consumer Experiences", which "finds that user interface (UI) technologies have moved beyond the concept of simply representing machines to their users to enabling sophisticated and personalised interaction."

As Frost & Sullivan notes, the COVID-19 pandemic has accelerated the use of VR and AR headsets in "healthcare, manufacturing, education, retail, and banking to simplify interactivity and improve engagement."

The analyst firm claims the global augmented/virtual reality (AR/VR) market is expected to reach US $661.40 billion by 2025, at a compound annual growth rate (CAGR) of 86.3% from 2019 to 2025, driven by contactless commerce.

Beyond 2030, we're told that "AR and VR will merge, allowing users access to the total reality-virtuality continuum. Meanwhile, the global biometrics market revenue is forecast to reach US $54.97 billion in 2025, with next-generation identification, palm vein and behavioural biometrics experiencing significant demand.

Murali Krishnan, the Visionary Innovation Group Senior Industry Analyst at Frost & Sullivan said: “The need for adoption of new user interface (UI) technologies to alleviate challenges posed by the global pandemic is immediate but constrained by infrastructure issues such as a lack of 5G networks and capable devices.

“For futuristic UIs to become ubiquitous, security and privacy will be critical. Organisations must prioritise cybersecurity, business continuity plans, and risk assessments. Further, the transition to the fifth generation of wireless technology will be critical to the success of UI devices. Its ability to connect 1 million devices for every square kilometre will make 5G the backbone for UI devices and overall connected ecosystems.”

Krishnan added: “UI technologies will be an important component in the shift from the office to a virtual workplace that is mobile and more flexible, while interactive interfaces have expanded the scope of businesses to engage with their customers and build deep relationships. Technological advances in mixed reality, holographic displays, computer vision and wearables will create new application opportunities.”

New technologies will drive growth opportunities in the short term as the adoption rate for user interfaces rises and organisations realise the productivity gains created by UI technologies:

  • Biometric technologies: With vendors integrating biometric technologies with AI and machine learning, there is a strong market for high-end biometric interfaces in the public and commercial sectors. A combination of iris, vein, fingerprint, facial recognition and voiceprint interfaces for verification will offer additional security without compromising the user experience.
  • Digital twins: An estimated four out of five IoT platforms will employ digital twins over the next five years, propelling the global digital twin market to expand at a strong CAGR of 47.0% between 2019 and 2025. Retail, automotive, healthcare, manufacturing, energy and smart cities will benefit. Successful implementations will require high-speed communication networks and no service disruptions.
  • Brain-machine interface: Neural interfaces could have a significant impact on the restoration of vision and hearing, treatment of mental health disorders, and alleviating pain through electrical stimuli by focusing on the appropriate areas of the brain. In addition, the gaming community is pioneering new gaming control mechanisms based on brain signals utilising electroencephalography (EEG) headsets.
  • AR/VR: By 2025, China is expected to lead the VR market, with investments pouring into patents, standards and products. AR, VR and robotics will merge to develop VR robots, which will have a huge impact on manufacturing, retail, security, healthcare and defence. In particular, AR/VR market revenue for manufacturing, robotics and the engineering supply chain is expected to reach $161.29 billion by 2025.

As you'd expect, the "Future of User Interfaces Shaping New Consumer Experiences" is the latest addition to Frost & Sullivan’s Visionary Innovation Group research and analyses available through the Frost & Sullivan Leadership Council, which "helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future", and is no doubt on sale to relevant parties at relevant prices.

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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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