Press release
Virtual and Augmented Reality Market - Highly Anticipated Technological Advances of Present Times
With a vast array of applications already being exploited in a number of industries such as healthcare, education, retail, and consumer goods, and many more expected to be seen in the near future, virtual and augmented reality are on the cusp of becoming mainstream in the digital world.
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.
On the basis of components, the hardware segment held the dominant share of around 72.8% in 2015.
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The demand for better virtual reality and augmented reality devices such as head mounted display, glasses, console and sensor/input is expected to contribute to the growth of hardware segment over the forecast period. Among VR and AR markets, AR is expected to register fastest growth in the forecast period.
The demand for AR in media and entertainment, gaming, healthcare, and manufacturing end-use segments is expected to contribute the growth of AR market.
Media and entertainment, gaming, and healthcare segments are expected to contribute considerable market share over the forecast period under end-use application segment.
Further, the demand for AR based head up display would constitute to the growth of AR in automotive segment in the coming years. The report also provides volume estimates for hardware components such as head mounted display, glasses and consoles.
About TMR
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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