Top 5 Fastest Growing Industries in the Next 5 Years: Predictions

4. Augmented Reality

Compound annual growth rate (CAGR): 39.8%

An interactive experience that blends computer-generated material with the actual world is called augmented reality. Grand View Research projects that the worldwide augmented reality industry, valued at USD 57.26 billion in 2023, would boom to a whopping $597.54 billion by 2030, with a CAGR of 39.8% between 2023 and 2030. Leading industry participants like Google LLC, Microsoft Corporation, Apple, Inc., and others are showing a great deal of interest in using augmented reality (AR) in a variety of applications, which is opening up new prospects. The market for media and entertainment is also expanding. One example is the growing usage of augmented reality in the gaming industry, which provides users with a view that is extremely effective in terms of video, graphics, and sound. Hence, the latter is expected to be a significant growth element.

Apple Inc. announced the release date of the much-anticipated Vision Pro headset in January 2024, and on February 2nd in the United States, it became available for purchase. The sophisticated R1 chip in this state-of-the-art gadget is intended to speed up the information processing from its sensors.