Big 2017 Market for Virtual and Augmented Reality: Encompasses Highly Anticipated Technological Advances of Present Times

Transparency Market Research estimates that the market will exhibit a staggering 92.5% CAGR over the period between 2016 and 2024. Fast pace of technological advancements in terms of hardware as well as software components of VR and AR devices and the vast funds invested by technology giants towards the research and development in this field will continue to make this field richer and more lucrative in the near future.

Staggering Rate of Technological Progress Makes Market More Promising?

The pace of technological progress and introduction of innovations in the fields of virtual reality and augmented reality has quickened significantly faster as compared to many other technology-driven sectors. With vast improvement in the competency of hardware elements to the revolutionary improvements in software applications supporting VR and AR hardware, the landscape of the global virtual and augmented reality market has sizably altered and improved in the past few years.

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Recent advances in the fields of both virtual and augmented reality, such as the recently launched virtual reality goggles by Fove Inc., which contain infrared-based eyeball movement tracker, or the Manus VR hand gloves, which can help end-users to visualize ones’ hand in the virtual environment, underscore the field’s potential in the near future. TMR believes that such constant innovations will be the key force compelling consumers to adopt VR and AR systems and solutions on an increased rate in the near future.

High Initial Cost of Devices to Hinder Adoption across Cash-strapped Economies

The vast funds and resources invested in the research and development of advanced VR and AR products as well as the high costs of most hardware elements used in these products make most VR and AR offerings fairly more expensive compared to conventional electrical or electronic devices. For instance, the average price of a VR head mounted display was approximately US$ 696.4 in 2015 while AR glasses were priced at an average of US$1,514.0. Cost being an important buying criteria for a vast share of global consumers, especially the ones across developing or under-developed countries and regions, high cost of VR and AR products is one of the key factors limiting their adoption.

However, as has remained the case with consumer-oriented electronic devices such as television, smartphones, and tablets, the prices of VR and AR hardware components is expected to swiftly come down in some years from now. The prices of hardware components are, however, expected to decrease at a slow rate owing to the high focus and vast investments directed toward the manufacture of innovative products.

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This release was published on openPR.