Augmented Reality (AR) and Virtual Reality (VR) are technologies visualize virtual surroundings either by using a device or over a surface/platform. Augmented Reality is the implementation of digital information with the consumer’s environment in real-time. It is an enhanced version of the real physical world using sound, visual elements, or other sensory stimuli. Virtual Reality (VR) is an artificial environment that is designed with software and presented to the consumer in such a way that the consumer accepts it as a real environment. It is a computer-generated three-dimensional (3D) environment, which completely immerses end users in an artificial world without seeing the real-world. Virtual reality is mainly experienced through two sights and sounds. The simplest example of VR is 3D-movies using 3D glasses.
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Increasing in penetration of smartphones and connected devices in various application and technological development of the gaming industry are driving the augmented and virtual reality market growth globally. In addition, the growing demand for augmented reality and virtual reality in the retail and e-commerce industry is further fuelling market growth. Rising demand for augmented reality devices in healthcare for patient care management & medical training and education as well as in retail/e-commerce as trend of online shopping is growing is propelling the market growth. Increasing penetration of head-mount displays in the gaming and entertainment sector and increasing digitalization, and availability of affordable virtual reality devices are pushing the virtual reality market growth. Moreover, growing investment and funding in virtual reality and augmented reality by tech giants for the development of virtual reality and augmented reality solutions is further promoting the global market growth. Increasing trends of smart manufacturing, increasing demand of augmented reality in architecture, rising penetration of head mount in healthcare, gaming, and architecture application coupled with growing use of virtual reality in aerospace & defense for training and simulation purpose and integration of Artificial Intelligence (AI) & Machine Learning (ML) are expected to increase the growth of the during the forecast period. However, limited user interface, processing power, less storage of augmented reality devices, and health concern due to low resolution and security concerns are restraining the market growth.
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Based on the offering, the hardware segment is expected to capture the substantial market share in the global virtual reality and augmented reality market in 2018 owing to the increasing usage of virtual reality and augmented reality devices for training and development in education, aerospace & defense, and gaming & entertainment.
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Major players of the Augmented Reality (AR) and Virtual Reality (VR) market are focusing on expanding their customer base across the globe by leveraging on the strategic collaboration, joint venture, and partnership to grow their market share and their profitability. Various notable players in the Augmented Reality (AR) and Virtual Reality (VR) market include Google LLC, Microsoft Corporation, Oculus VR, Samsung Electronics, Sony Corporation, HTC Corporation, Magic Leap, Inc., Wikitude GmbH, PTC Inc., DAQRI, Apple Inc. among others.
Key questions answered in this research report:
- At what pace are the global augmented reality (AR) and virtual reality (VR) market growing? What will be a growing trend in the future?
- What are the key drivers and restraints in the global augmented reality (AR) and virtual teality (VR) market? What will be the impact of drivers and restraints in the future?
- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global augmented reality (AR) and virtual reality (VR) market?
- What are the various application areas of the global augmented reality (AR) and virtual reality (VR) market, and how they are poised to grow?
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