Growth Predictions on Global Virtual and Augmented Reality Market through 2024 Presented in New Forecast Research

Market Research Reports Search Engine (MRRSE) has been acting as an impressive data source when it comes to evaluating various industrial verticals. The research report titled “Virtual and Augmented Reality Market” offers a clear insight about the “Virtual and Augmented Reality " assessed over the global platform. This analysis proves beneficial for readers & new investors who are aiming to enter the market for “Virtual and Augmented Reality “in the near future.

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Augmented reality products for niche application areas, this market is expected to become more dynamic. The leading companies operating within the global virtual and augmented reality market include: Google, Inc., Microsoft Corporation, Sony Interactive Entertainment LLC, HTC Corporation, and Oculus VR LLC. It is anticipated that the growing application areas of virtual and augmented reality across various end user industries will give the players immense growth opportunities on which to capitalize. 

the global virtual and augmented reality market is anticipated to expand at a stupendous and whopping CAGR of 92.50% between 2016 and 2024. On account of this exponential expansion by 2024, this market will cross the figure of US$547.20 bn. On the basis of component, virtual and augmented reality market is currently being led by the hardware segment which is in fact estimated to retain its leading position throughout the forecast period on account of the high demand for technologically advanced mixed reality technologies such as head-up display in the automotive sector. 

North America to Lead and Asia Pacific to Emerge as Lucrative Regional Market

On the basis of geography, Asia Pacific is witnessing a spectacular growth in the virtual and augmented reality market. China is estimated to be the leading domestic market within Asia Pacific. However, North America is expected to continue to lead in the market. The contribution from the Middle East Africa and South America is low at present, but may increase in the years to come. 

Application of AR in Vehicles for Enhanced Safety to Boost Growth of Market

The global virtual and augmented reality market is witnessing and exponential growth on account of the increasing number of application areas across diverse industries such as education, health care, construction, retail, entertainment, media, gaming, automotives, aerospace, and defense. The major reason behind the expansion of the application areas of virtual and augmented reality is the substantial advancements in the software and hardware of virtual reality and augmented reality technologies. The advanced virtual reality technology applications of head mounted display in vehicles has increased and is one of the key factors boosting the growth of the virtual and augmented reality market overall. The application of augmented reality in head mounted display is offering vehicle drivers much more control of vehicles and enhanced comfort and safety levels.

High Growth Opportunities Ahead as Cost of Software to Drop with Increasing Commercialization of AR and VR Technologies

The advancements in human machine interface has led to a more interactive and informative interface for drivers which will bolster the growth of the virtual and augmented reality market. Increasing efforts by developers and technical considerations by original equipment manufacturers (OEMs) so as to improve the functionalities of AR and VR will drive the growth prospects of this market. On the other hand, extensive funds are required for the research and development in this sector. The high cost of these devices will also deter their adoption. Nevertheless, the consistent innovations in virtual and augmented reality will continue to expand the potential of growth opportunities for players. In addition to this, it is expected that over the years, the cost of software will come down with increasing commercialization of augmented and virtual reality technologies. This will further the adoption of these technologies.

Virtual and Augmented Reality Market: Growth Dynamics

The report also provides an analysis of the factors that drive and restrain the growth of the VR and AR market. It discusses the prevailing market trends, prospective growth opportunities, and major strategies increasing the popularity of the global VR and AR market. It provides market estimates and forecasts for all the segments in terms of revenue. The report further provides estimates and forecasts for head mounted display, glasses, and console under hardware segment in terms of volume. The report also provides industry evolution, impact analysis of VR and AR market on smartphone, tablet, PC and TV Adoption, value chain analysis, and Porter’s Five Forces Analysis for the global VR and AR market.

Virtual and Augmented Reality Market: Competitive Dynamics

Major business strategies adopted by key players, their SWOT analysis, and competition matrix have also been identified in the research report. The key market players profiled in this study include Google, Inc., Samsung Electronics Co., Ltd., Microsoft Corporation, Sony Interactive Entertainment LLC, Oculus VR LLC, HTC Corporation, ZeroLight Ltd., EON Reality, Inc., Nokia Corporation, Barco N.V., Blippar.com Ltd., Aurasma Ltd. (Hewlett-Packard Development Company. L.P), MindMaze SA, Virtalis Ltd., Manus Machinae B.V., Independiente Communications Ltd., VirZOOM, Inc., and NuFormer Projection B.V.

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Global VR and AR Market

By Component

Hardware
Head Mounted Display
Head Up Display
Glasses
Console
Sensor/Input
Other (Camera and Projector)
Software
Service

By End-use Application

Healthcare
Education
Retail
Gaming
Construction
Media and Entertainment
Automotive
Defense and Aerospace
Others (Manufacturing and Energy)

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