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AR and VR in Entertainment is Expected to Reach US$45.20 Billion by 2027 – Analytics Insight

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AR and VR in entertainment and media were worth US$5.12 billion by 2019 and are projected to reach a CAGR of 31.8% by 2027 to US$45.20 billion. The entertainment industry consists of various subsets such as the film industry, the live events industry, sports, gaming, theme parks/ amusement parks. Each of these subsets could find different ways to integrate augmented and virtual reality. For example, in the live events industry, people in Delhi could view a concert taking place in Hyderabad. Perhaps, they could download a replay and view it at their own time. It doesn’t have to be a concert, it could be a play, an opera or even a comedy show.
The technology is currently being applied to allow users to immerse themselves in various games and sporting events. It has also been a staple in the news, especially the weather where graphics are displayed on television to indicate the climate.
VR forms a predominant part of the media entertainment industry that is focused on enhancing and producing video-based immersive media like movies, TV shows, and other forms of video content. Beyond this, VR is also being implemented in museums and art galleries to make the tour interactive with a contextual background and to provide a rich user experience. On the same lines, virtual rides are being developed for theme parks which are usually difficult to simulate in reality.
Virtual reality in entertainment is undergoing rapid changes, especially with the launch of 5G on the horizon. Major technological developments have made it possible for VR to go beyond the realm of merely creating an environment around the user. With VR technology creating more immersive experiences wherein the viewer will be able to watch the sports from any angle they wish to, and even be part of the action on-field while being able to retrieve player information at will, VR technology is touching science fiction.
 

 
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