The United States has long been one of the countries most associated with innovation and digital transformation. Thanks to Silicone Valley, and plenty of available investment opportunities, the US is rarely far behind in any innovation.
According to the Ecorys report on Virtual Reality and the state of the technology in Europe (and around the world), the US has a leading position in the VR and AR market. Unsurprisingly, Research and Development for virtual and augmented reality hardware, software, and solutions are largely focused on Silicon Valley, with many IT giants like Facebook, Apple, and Google leading the way.
Although the major focus for AR and VR in the USA was the gaming and entertainment industry, to begin with, the region has recently taken new steps into the enterprise and corporate environments too. For the XR environment, the USA is a catalyst for growth.
How Virtual and Augmented Reality is Growing in the US
Ecorys notes that the USA offers fantastic conditions for VR and AR start-ups, and companies keen to get involved with this new technology. The country currently has one of the most active VR and AR environments for Venture Capital funds. It’s also the region most willing to invest in early-stage technology start-ups. This could be why commercial AR and VR companies appeared in the US before they sprouted elsewhere.
Experts predict that worldwide spending on AR and VR is likely to increase by around $125.19 billion between the years 2020 and 2024, and a significant portion of this activity will come from the United States. According to some studies, around 83.1 million consumers were set to use AR in the United States each month during 2020. The number of users continues to grow as more companies discover the accessibility of AR in smartphone apps and services.
Although it’s difficult to say for certain how much usage of AR and VR has increased during the last year, many specialists believe that the pandemic has accelerated the adoption of XR and immersive technology.
Unlimited Investment in New Opportunities
According to studies from AR Insider, around 1 in 5, or 19% of US consumers used VR in 2020. Increasingly, AR and VR technology solutions are becoming more accessible, driving greater growth and opportunities for pioneers in the US.
Alongside China, the US is one of the biggest investors in VR technology.
Thanks to a strong supply of AR and VR innovators like Google, Apple, and Facebook, the innovative environment of Silicone Valley, and an excellent range of funding opportunities, there are few places better for the XR market than the USA. Moreover, it’s worth noting that the US isn’t just investing in AR and VR, but in the solutions that could empower and augment those technologies too. For instance, investment in 5G and better smartphone screen technology could pave the way to greater solutions for AR and VR in the years to come.
