Augmented Reality and Virtual Reality Market is expected to Witness the Fastest Growth in Asia-Pacific (APAC) during Forecast 2023

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 Market Research. Virtual reality involves the creation of a virtual world that interacts with consumers. This virtual world is designed in a way that it appears more realistic to the users, while they can’t differentiate between the real and virtual. Moreover, virtual reality could be experienced by wearing a virtual reality helmet, or goggles similar to oculus rift (which is a virtual reality headset device that completely engages users within the virtual world). Oculus rift is expected to be one of the key drivers for the global augmented and virtual reality market, with its launch in the first quarter of 2016. In virtual reality the user is secluded from the real world, and is immersed in a world that is completely fictional. With augmented reality, users continue to be in touch with the real world, while interacting with virtual objects around them. The virtual reality is mainly used for video games, and social networking in a virtual environment, such as PlayStation Home.

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The major factors driving the augmented reality and virtual reality technology are the advancement in internet connectivity, and computer technology. The increased demand of augmented reality and virtual reality applications in healthcare industry is a major cause for the tremendous growth of the augmented reality and virtual reality market. The other driving force for virtual reality, and augmented reality technology is the user demand in mobile-commerce industry. The driving factor for the “marker less” augmented reality market includes the use of GPS and compass, which are used commonly in smartphones. The emerging trends of goggles, contact lenses, and other such devices are the key reasons for the growth of the global virtual reality market.

The global augmented reality and virtual reality market can be segmented on the basis of various technologies, components, and application. On the basis of technologies, the global augmented reality market can be segmented into marker based augmented reality (AR) and mark-less based AR. On the other hand, the virtual reality can be segmented into projected virtual reality, immersive virtual reality, non-immersive virtual reality, and cave automatic virtual environment (CAVE) sometimes referred as Chicago Automatic Virtual Environment. The components used in virtual reality system are haptic interface, tracker, auditory interface, sensor, and 2D and 3D simulation software. Sensor, tracking system, and display are the key components used in the augmented reality system. On the basis of applications, the global augmented reality and virtual reality market can be segmented as retail, military, marketing, e-commerce, automotive, medical and defense, and education.

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Augmented Pixels Inc, Aurasma, EON Reality Inc., Innovega Inc, OCULUS VR, LLC, Laster Technologies, Kishino are some of the major competitors, of the global augmented reality and virtual reality market.

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