Augmented Reality and Virtual Reality Market - Technological Advancement Take Sector to New Peak


Market Segmentation 
by Device Type
  • AR Devices
    • Head Mounted Display (HMD)
    • Head Up Display (HUD)
  • VR Devices
    • Head Mounted Display (HMD)
    • Gesture Control Devices
    • Projection Based Devices
by Application
    • AR Applications
      • Commercial
      • Consumer
      • Aerospace and Defense
      • Healthcare
      • Enterprise
      • Others (Agriculture, Construction, Transportation & Logistics, Public Safety, and Telecom & IT)
    • VR Applications
      • Commercial
      • Consumer
      • Aerospace and Defense
      • Healthcare
      • Enterprise
      • Others (Automotive, Real-Estate and Geo-Spatial Mining)

Global augmented reality and virtual reality market is expected to reach $94.4 billion by 2023, increase in smartphone penetration, and advancement in internet connectivity and computer technology are the major factors driving the growth of the market, according to P&S Intelligence.

Insights into market segments
On the basis of device type, the augmented reality and virtual reality market is categorized into AR devices and VR devices. Of the two, VR devices recorded larger share in the market, with a contribution of more than 60% in 2017. However, during the forecast period, the market for AR devices is expected to grow faster, witnessing a CAGR of 73.8%. The higher growth of this market is mainly attributed to the growing demand of the technologies from the tourism industry; for instance, the National Museum of Singapore uses AR devices to provide reality-enhanced tour of the museum, which has redefined the conventional museum experience for travelers.
Rising Smartphone Penetration Is the Key Growth Driver
AR and VR technologies are reaching out to the masses through different devices and platforms. Increasing penetration of smartphones and tablet computers among the consumers is providing a stable platform for augmented reality and virtual reality products. Additionally, smartphones can also be used as input devices for controlling the VR environment, especially for the virtual reality gaming applications. Hence, the increasing penetration of smartphones and tablet computers is leading to the growth of the augmented reality and virtual reality market.

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Market Is Expected to Witness the Fastest Growth in Asia-pacific (APAC)
During the forecast period, the augmented reality and virtual reality market in APAC is expected to witness a CAGR of 69%. Increase in investment in commercial and defense activities is expected to drive market growth in the region. AR applications are being developed which will provide map overlays of prominent landmarks for improving geographic awareness and enabling rescue teams with better navigation into difficult terrains. Similarly, the healthcare industry in the region is expected to be one of the most promising users of VR technologies and devices because of surging usage of VR in surgical training, live streaming of surgeries, patient monitoring, pain management.
Augmented Reality and Virtual Reality Market Competitiveness
Technology giants are venturing into the augmented reality and virtual reality market through calculated strategic developments, such as the acquisition of Altspace VR, a social VR platform, by Microsoft; and Samsung electronics’ acquisition of VRB, a startup involved in VR app development. Samsung, through innovation with Oculus VR, has also produced virtual reality devices for use, along with its top leading smartphones.
Some of the key players in the augmented reality and virtual reality market are Samsung Electronics Corporation Limited, Qualcomm Technologies Inc., Intel Corporation, Microsoft Corporation, Himax Technologies Inc., Seiko Epson Corporation, Sony Corporation, Google LLC, PTC Inc., and Vuzix Corporation.

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