Google Inc., Magic Leap, Inc., Microsoft Corporation & Wikitude are top key players of the Augmented and Virtual Reality Market

The global augmented and virtual reality market is projected to witness vigorous growth, especially in Asia-Pacific and Europe, owing to increased adoption of augmented & virtual reality-enabled mobile devices, strong internet connectivity, and rise in number of gamers across these regions. The market is projected to grow at a CAGR of 63.3% from 2018 to 2025, owing to increase in adoption of augmented and virtual reality-based solutions and services across the healthcare, manufacturing, media & entertainment, and education sectors.

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According to the World Economic Forum, the amount of leisure time spent on screen-based devices is 47%, and is continuously increasing. This will create huge opportunities for contents based on personalized immersive technologies. Furthermore, low entry barriers are expected to provide remunerative opportunities for new creators. In addition, the adoption of AR and VR technology is expanding beyond gaming and entertainment sectors. For example, the unconventional industries such as travel & tourism and journalism are increasingly implementing AR and VR technology. For instance, New York Times used VR platform NYTVR to narrate stories in entirely different ways to engage the viewers.

Augmented reality is a technology, which uses the existing user’s environment and overlays the digital or virtual content or information over it to offer immersive digital experience in real-time environment. Virtual reality is a computer-generated 3D environment, which completely immerses end users in an artificial world without seeing the real-world. Augmented reality applications are developed on special 3D programs, which enable developers to integrate contextual or digital content with the real world in real time. Virtual reality offers realistic user experience of artificial world in interactive simulated environment.

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Increase in penetration of smartphones & connected devices in various application sectors and development of the gaming industry boost the augmented and virtual reality market growth. The global augmented and virtual reality market size was $11.35 billion in 2017, and the augmented and virtual reality market forecast is projected to reach $571.42 billion by 2025, growing at a CAGR of 63.3% from 2018 to 2025.

Prominent players operating in the augmented and virtual reality market are anticipated to concentrate on consumer experience enhancement and introduction of industry-specific solutions to expand their presence across aerospace & defense, mining, oil & gas, transportation, and other sectors.

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Key Benefits for Augmented and Virtual Reality Market:

This study includes the analytical depiction of the global augmented and virtual reality market trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and augmented and virtual reality market opportunities.

The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.

Porter’s five forces analysis illustrates the potency of buyers & suppliers in the global augmented and virtual reality industry.

The key players profiled in the report include Alphabet (Google Inc.), DAQRI, HTC, Facebook, Magic Leap, Inc., Microsoft Corporation, Osterhout Design Group, Samsung Electronics Co., Ltd., Sony, and Wikitude. These players have adopted various strategies such as acquisition or strategic alliance with start-ups and well-established local players to expand their market presence and enhance their product portfolio.

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