Increasing proliferation of smart phones supplementing the augmented reality and virtual reality market growth
The scope of study includes thorough understanding of factors that are responsible for the growth of augmented reality and virtual reality markets. Along with the insights on these factors, the report also offers market estimates, revenue forecasts, and competitive landscape of global AR and VR market.
Smart phones are the necessary digital devices in today’s world; they have modified the manner in which we travel, communicate, run businesses, design, and many more. Currently, the presence of smartphones have transformed the world, and still the ongoing R&Ds to provide advanced features, improved and customer friendly and enterprise level applications holds the market for years to go. AR and VR are the technologies that help to immerse user into virtual world and allow them to communicate with virtual objects in real environment. The continued developments in smartphones and tablets will result in more AR and VR content generated. With the continuous developments in the technology, AR and VR would witness increased infiltration in various applications such as advertisements, sales and marketing, mass communication, and gamification which is the huge area of interest.
Based on technology, the global AR and VR market is segmented into AR and VR technologies. Based on components, the market is divided into sensors and other semiconductor components. Additionally, based on end-users, the AR and VR market is divided into various industries including education, medical, aerospace & defense, entertainment, industrial, and retail among others. In 2016, the VR segment commands a majority share in the market and is expected to lose its share to AR technology during the forecast period.
AR and VR are growing at a rapid pace and becoming the next needed technology from individuals to organizations. These technologies are estimated to transform the manner of communication, shopping and business of people. The major end-user industries that will be driving factors for these technologies include healthcare, manufacturing, retail, marketing and others.
The AR and VR market is segmented by geography into North America, Latin America, Europe, Asia Pacific, and Middle East, & Africa. North America is the market leader and commanded the highest share in 2016. The major factors boosting the growth of this market include high adoption rate of AR and VR applications in different industry verticals and rising interest of companies in AR and VR market including Google, Inc., Facebook, Inc., and others. However, APAC is estimated to gather major market share and lead the AR and VR market by 2022.
Owing to the major technological developments, China is leading the AR and VR market in Asia Pacific and is expected to continue its market dominance throughout the forecast period from 2016 to 2022. In the Asia Pacific region, China and other countries such as Japan, Korea, etc. are estimated to gather highest penetration of AR and VR owing to the increasing adoption and applications of AR and VR in several industrial and manufacturing sectors. Some of the leading players profiled in the report include Oculus VR LLC, DAQRI LLC, Vuzix Corporation, Blippar, Microsoft Corporation, Marxent Labs LLC, EON Reality, Inc., Innovega, Inc., Total Immersion,and Augmented Pixels Inc. among others.