Augmented reality (AR) is the technology that creates a view of physical or real world environment with the help of computer generated graphics and with the use of sensory inputs such as GPS data, audio, or video. Contrarily, the concept of virtual reality (VR) involves replacing real world with the simulated environment. AR and VR technologies have been gaining massive acceptance in recent years owing to their increased applications in gaming, sports entertainment, etc. Presently, there are a limited number of players operating in this market; however, the number is increasing year by year owing to the potential applications of AR and VR technology in different industry verticals. Since the technology is newer, there is a limited entry barrier which is further enabling new ventures in AR and VR market. However, big players such as Microsoft, Google, Inc., Facebook, and others are concentrating on capitalizing the market through their products and services. Despite the presence of organizations working on these technologies, they are yet to spread their trails across the globe.
The global AR and VR market is divided based on components, technology, and end-user industries. Based on components, the AR and VR market is segmented into sensors and other semiconductor components. On the basis of end-user, the global AR and VR market is classified into aerospace & defense, industrial, entertainment, medical, education, and retail among others. Among different end-users, the entertainment industry garners significant revenue in the AR and VR market. Based on geography, the global AR and VR market is bifurcated into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. The North American region witnessed the highest adoption of AR and VR technology; however, APAC is expected to witness highest growth over the forecast period, becoming the largest regional markets for AR and VR technology in near future. Some of the key players operating in AR and VR market include Innovega, Inc., Oculus VR LLC, Microsoft Corporation, Vuzix Corporation, Augmented Pixels Co., Total Immersion, DAQRI LLC, Blippar, EON Reality, Inc., and Google, Inc. among others.
The report on global AR and VR market analyzes the revenue generated by all the above market segments for all the mentioned geographies. Further, the market data has been validated through primary interviews. The insights from key opinion leaders are collected by reaching out to the industry experts in major companies present across the regions. The retail applications of AR and VR are expected to boost the demand for these technologies. AR and VR applications are widely spread across numerous verticals such as entertainment, education, medical, sports training, and others. The growing numbers of applications of AR and VR are estimated to impact consumer buying behavior in near future. AR solutions would enhance shopping experience of customers and is expected to provide exciting opportunities for technology providers.