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Global Virtual and Augmented Reality Market Projected to Touch US$547.20 Bn by 2024
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The global market for virtual and augmented reality has been experiencing a noticeable rise over the recent past. The significant advancements in technology has boosted this market remarkably. Over the coming years, the market will continue to gain exceptionally from the constant introduction of innovative and highly developed devices.
The worldwide market for virtual and augmented reality is estimated to report an exponential CAGR of 92.50% between 2016 and 2024, increasing its overall opportunity to US$547.20 bn by the end of 2024. Among the virtual reality and the augmented reality markets, the former one is projected to register a relatively fast-paced growth during the forecast period due to the high demand for augmented reality devices in the media and entertainment, healthcare, gaming, and the manufacturing sectors.
Hardware Segment to Retain its Lead
Software, hardware, and services are the key components of the global market for virtual and augmented reality. In 2015, the hardware segment led the global market with a share of nearly 73%. With the increasing demand for technological advanced virtual and augmented reality devices, such as glasses, head-mounted display, consoles, and input/sensors, the segmented is anticipated to retain its position over the next few years. The demand for augmented reality-based head up display is significantly high and the trend is likely to remain so over the forthcoming years, thanks to rise in the automotive industry.
The education, healthcare, retail, construction, gaming, automotive, media and entertainment, manufacturing and energy, and the defense and aerospace sectors have emerged as the main end users of virtual and augmented reality devices and services across the world.
North America to Continue on Top
The worldwide market for virtual and augmented reality reports its reach across Asia Pacific, Europe, North America, the Middle East and Africa, and South America. With a share of nearly 80%, North America led the global market in 2015. Researchers anticipate this regional market to remain on the top over the forecast period. The Asia Pacific market for virtual and augmented reality has also witnessed high growth in the recent past and is likely to continue its rising streak in the near future with China emerging as the most-prominent domestic market.
On the other hand, the markets in Middle East and Africa and South America are anticipated to contribute a comparatively lower revenue to the overall market; however, they will experience a steady rise over the next few years. The rising demand for virtual and augmented reality hardware in both, the Middle East and Africa and South America, is projected to boost these market in the years to come.
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The most prominent vendors of virtual and augmented reality products and services across the world are NuFormer Projection B.V., VirZOOM Inc., Independiente Communications Ltd., Manus Machinae B.V., Virtalis Ltd., MindMaze SA, Aurasma Ltd., Blippar.com Ltd., Barco N.V., Nokia Corp., EON Reality Inc., ZeroLight Ltd., HTC Corp., Oculus VR LLC, Sony Interactive Entertainment LLC, Microsoft Corp., Samsung Electronics Co. Ltd., and Google Inc.
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