Global Augmented Reality and Virtual Reality Market Study
In the report, “Global Augmented Reality And Virtual Reality Market Research Report- Industry Analysis, Size, Share, Growth, Trends And Forecast” added by DecisionDatabases.com the market overview, market size, growth trends and future prospects are elaborately covered. The report incorporates the augmented reality and virtual reality market analysis on the basis of technology, type, component and verticals. The report offers details about the drivers, restraints and growing opportunity in the industry.
Augmented reality (AR) is a wearable display or device to provide information as audio or visual supplements that assist a worker to undertake a task more effectively. Mobile phones, tablets and PCs all are active platform for AR. On the other hand, virtual reality (VR) helps users to interact and enter in a mesmerizing digital world and finds application in niche learning and training program such as in training athletes & to analyzing games for some institutions. Many researchers have expected that smart glasses & their hands-free access to offer appropriate computing information optimized for staff engaged with the physical world in any enterprise will drive the next generation Augmented reality (AR ) market . VR faces difficulty in the high cost of development and prohibition for the deployment of the content. However, these technologies continue to gain enormous popularity with growing revenue at a global level. Growing adoption of HMDs (head-mounted displays) in entertainment & gaming sectors along with the affordable pricing of displays & other hardware components is anticipated to boost market demand over the coming years. In addition, growing preference for HMDs enabled AR & VR in commercial and medical verticals for various training purposes & in surgeries will further propel the market growth.
Growing application scope in retail, advertising and marketing is likely to augment market demand in the near future. Furthermore, rising consumer awareness about these advance technologies, massive adoption rate in numerous industry verticals, and integration of VR and AR to generate mixed realty for potential applications are expected to have positive impact on the market growth. However, energy consumption & display latency issues and low resolution and hazardous health impact are major challenges, which may hinder market growth in the forthcoming years.
The report has been segmented based on technology into augmented reality technology and virtual reality technology. The augmented reality and virtual reality market has been further segmented based on types into augmented reality displays and virtual reality. Furthermore, the market has been segmented based on component and vertical. The software component is anticipated to grow at the highest CAGR during the forecast period owing to the growing demand of software applications for entertainment, gaming and other applications globally.
Asia Pacific is the fastest-growing market and is projected to witness a double-digit growth under the study period due to the growing consumer market in countries like China, South Korea, Japan, and others region. Additionally, presence of large number of startups, increasing strategic partnerships and rising foreign investment will further aid in the market growth in the region.
The key industry players include Google Inc., Microsoft Corporation, Vuzix Corporation, Samsung Electronics Co., Ltd., Qualcomm Inc., Oculus VR, LLC, EON Reality, Inc., Infinity Augmented Reality Inc., Magic Leap, Inc., Blippar Inc., Daqri LLC, Osterhout Design Group (ODG), Metaio GmbH, Meta Company, and Cyberglove Systems LLC.
In Jan 2016, TVS (Tokyo VR Startup) launched a “virtual reality incubator program” jointly with Gumi Inc. for Japan-based VR startup companies.
In June 2016, Unity Technologies, a leading global development platform for developing 2D, 3D, AR and VR games and experiences, had announced the launch of three new subscription-based products to offer developers more choice, power and value.
In March 2016, Pokémon Corp. announced a collaboration project between the company, Niantic and Nintendo to brand a new AR powered experience “Pokémon GO”. This smartphone AR enabled app will be available to iOS and Android users.
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