Augmented reality is the clear view of real world environment by various computer-generated sensory inputs like video, sound, graphics, and GPS data. Virtual reality or immersive multimedia is that stimulates physical presence in the real world. Both these advanced technologies are collaborated and applied for varied applications across the industries. Advancements in these technologies and rising demand are expected to be strongest drivers for the global augmented reality & virtual reality market. Technological advancements and rate of adoption are also attributed to be the factors for the impress growth of the industry. As a result, the industry is witnessing soaring investments, which is also creating strong opportunities for business expansions on global scale.
Drivers for Augmented & Virtual Reality Market
Both augmented and virtual reality technologies are experiencing heavy penetration across the markets like infotainment, training, and research. Widening spectrum of their applications also plays crucial role in the demand for this technology. As mentioned before, rise in demand and exclusive rate of adoption across the world are the strongest drivers for the global augmented reality & virtual reality market. Augmented reality was first used to elaborate the applications of virtual reality. However, increasing research activities have broadened their range of application. Although under progressive stage, the augmented reality market is expected to maintain impressive growth rate in near future.
Rise in the research and development activities across the fields like education, healthcare, enterprise, military and such other industries are building up the momentum for the global AR & VR market. The overall augmented reality & virtual reality market is segmented on the basis of the types of technologies, their applications, components, end-user industry verticals, and demand recorded across different geographic regions. For clear geographic scenario, researchers segment the market into North America, Asia, Europe, and rest of the world. Various technologies studied in the report include immersive and non-immersive VR, CAVE, marker-based and mark-less AR, etc.
Segmentation in the AR and VR market mainly revolves around the major verticals in the industry, which include applications, sensors, technologies, and geographic distribution. Careful analysis of all these factors provide details about the latest market trends, competitive outlook, trends, challenges, and opportunities for the global industry in the years to come. Due to the presence of all these strong drivers, the global augmented reality & virtual reality market is expected to grow at a projected CAGR of over 15% from year 2013 to reach $1.06 billion by the end of the year 2018. North America and Asia Pacific regions are estimated to make healthy growth during the forecasting period.