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Virtual and Augmented Reality Market Poised for Steady Growth in the Future
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The threat of entry from new entrants is, at present, low. However, the rapid pace of technological advancements and a growing number of strategic alliances and partnerships are factors expected to intensify the competition in the virtual and augmented reality market, observes TMR. Furthermore, in the coming years, increasing areas of applications in various end-use industries will offer lucrative avenues for players to capitalize on.
The global market for virtual and augmented reality is projected to clock a substantial CAGR of 92.50% from 2016 to 2024. Rising at this exponential pace, the overall opportunity in the market is anticipated to surge to US$547.20 bn by the end of the forecast period.
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Hardware Segment to Reign Supreme throughout Forecast Period
Based on component, the virtual and augmented reality market is segmented into software, hardware, and services. The hardware segment is further divided into head-mounted display, head-up display, console, glasses, camera, projector, and sensor/input. Currently, the segment for hardware leads the market and is projected to maintain its dominance throughout the forecast period. The growth is driven by extensive demand for technological advanced mixed reality technologies, particularly augmented reality-based head-up display, in the automotive sector.
Geographically, the market is segmented into Europe, Asia Pacific, North America, South America, and the Middle East and Africa. Of these, the Asia Pacific market for virtual and augmented reality has witnessed spectacular growth in the recent years, and is expected to rise at a substantial pace over the forecast period. A key factor boosting the regional market is the emergence of China as the leading domestic market.
Growing Demand for Augmented-Reality Head-Mounted Displays to Boost Market
The virtual and augmented reality market is primarily driven by the growing number of application areas in diverse end-use industries such as healthcare, education, retail, gaming, construction, media and entertainment, automotive, and defense and aerospace. Substantial advancements in the hardware and software of virtual reality (VR) and augmented reality (AR) technologies have expanded their applications several areas. For instance, recent advances in display technologies have enabled users gain a better immersive experience in the gaming sector. The growing application of head-mounted display (HUD) in vehicles as an advanced virtual reality technology is expected to boost the market. In addition, the application of augmented reality in HUD has offered drivers more control of vehicles and improved their safety and comfort. Furthermore, recent advances in human-machine interface have made them more interactive and informative for drivers, thereby accentuating the market.
In recent years, several technical considerations are made by original equipment manufacturers (OEMs) and developers to improve the functionalities of AR and VR, which bodes well for the market in the coming years. However, the high cost of devices and substantial funds required for R&D adds to the cost of HUD-equipped vehicles. This is a key factor hindering the demand for such technologies in cash-strapped economies. Nevertheless, constant innovations in AR and VR is a crucial factor expected to open up exciting opportunities for players over the forecast period. Over the years, with the commercialization of AR and VR technologies, the cost of software is expected to come down considerably.
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