A number of factors such as the mounting focus of vendors on price reduction, surging penetration of tablet computers and smartphones, and increasing adoption of advanced technologies by enterprises will drive the augmented reality (AR) and virtual reality (VR) market at a CAGR of 42.9% during the forecast period (2020–2030).

According to P&S Intelligence, the market generated a revenue of $37.0 billion in 2019, and it is projected to reach $1,274.4 billion revenue by 2030. One of the key growth drivers for the market is the surging adoption of smartphones and tablet computers across the world. Consumer electronics, such as tablets, smartphones, laptops, and gaming consoles, have become potential hardware interfaces for the associated applications.

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For instance, the 2018 "Measuring the Information Society Report" published by the International Telecommunication Union (ITU) states that the global average mobile subscription rate is 107.0 per 100 inhabitants. As per the report, almost every individual in the world resides within the reach of a mobile-cellular signal. In recent years, the escalating investments being made by tech corporations and venture capitalists in AR and VR start-ups have become a prominent trend in the AR and VR market.

With these investments, start-ups and technology providing companies are focusing on introducing new and improved AR and VR products. For example, in 2019, Coursera, Guild Education, and BetterUp, which are some of the leading EdTech companies in the U.S., received $103 million from SEEK Group, $157 million from General Catalyst, and $103 million from Lightspeed Venture Partners, respectively.