Global AR and VR market - Size, Application, Market share, Global Trends and Forecast to 2024

Global AR and VR market is expected to witness immense growth during the forecast period. The growth of the global AR and VR market is attributed towards increasing responsiveness about this technology among the consumers in both developed as well as developing economy, rapid acceptance of AR and VR technology among various industry domains along with amalgamation of AR and VR to develop mixed reality that can be implemented for prospective applications. Technological development, rapid growth in adoption of tablet computers and smart phones, excessive concentration of major tech players in this augmented reality (AR) and virtual reality (VR) system along with extensive mobility and versatility are the major factors attributed towards the growth of global augmented reality (AR) and virtual reality (VR) market. Virtual reality (VR) enables utilization of computer technology in order to develop a simulated environment. On the contrary, Augmented reality (AR) coats computer-generated developments over an existing reality that enhances interaction ability of this system.

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The major factors that are driving the growth of global AR and VR market includes excessive dissemination of tablets and smartphones among the population of various emerging as well as emerged economy is enabling a steady stage for AR and VR products. It has been observed that the AR and VR systems are becoming accessible to the consumers through various mediums such as platforms and devices. Furthermore, smartphones are extensively being utilized as input expedients for monitoring the VR situation, especially for the virtual reality gaming applications.

Geographically, Asia-Pacific is expected to witness fastest growth during the forecast period. The growth of this market is attributed towards increasing investment in defense and commercial domain in this region. Existence of large number of display board industrialists along with technological enhancements are the key factors bolstering the growth of AR and VR market. Furthermore, accentuating growth in automotive and healthcare domain in country such as Japan is expected to further drive the growth of AR and VR market in the near future.

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The market structure for global AR and VR market is fragmented structure and the key players operating in the AR and VR market across the globe include Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc. and Sony Corporation.

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