Global Augmented Reality And Virtual Reality Market to Grow More Than 298 Billion By 2023: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Augmented Reality And Virtual Reality Market
(Device Type: Augmented Reality Devices, Virtual Reality Devices; Component: Hardware, Software; Technology: Marker-Based Augmented Reality, Marker-less Augmented Reality, Virtual Reality Technology; Platform: Mobile, Console, PC, Others; Device Application: Augmented Reality Application, Virtual Reality Application) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023”, forecasts that the global market for augmented reality and virtual reality is expected to grow over 62% CAGR from 2017 to 2023 and reach the market value of around 298 billion by 2023. Growing demand for augmented reality and virtual reality technology in healthcare for training via 3D modeling is driving the growth of this technology. Some of the key factors hindering the growth of ARVR market include privacy of software, lack of awareness, and high cost of ARVR hardware.
Changing the Way to Stimulate and Visualize Real World (Environment)
The ARVR market has achieved huge acceptance in recent years owing to its increased applications in e-commerce, sports, entertainment, gaming, and military among others. In medical sector, augmented reality and virtual reality are used for training purposes with the help of 3D models and in surgical procedures. Augmented and virtual reality solutions find high usage in several industries such as aerospace, entertainment, education, defense & security, digital manufacturing and healthcare. In defense and aerospace, the ARVR technology is used for displaying information such as horizon line, aircraft speed and altitude.
Augmented Reality and Virtual Reality Market by Segmentation Overview
Based on component, the global ARVR market is segmented into hardware and software segments. The hardware segment is further classified into 3D cameras, displays, sensors and semiconductor components. The software component of the global augmented reality and virtual reality market comprises software development kits (SDK) and cloud-based services. The software segment was the major contributor and is estimated to hold key market share due to high demand for software apps and games. Based on application, the global augmented reality and virtual reality market is classified into consumer, aerospace & defense, commercial, medical and others. In gaming methodology, virtual world runs on numerous computers that are connected over network. As far as device type is concerned, it is classified into augmented reality devices and virtual reality devices. The augmented reality and virtual reality market is strongly accounted by sensors and head-mounted displays (HMD) among several end users comprising education and defense.
Some of the key players dealing in the augmented reality and virtual reality market and included in report are Magic Leap, Inc., Oculus VR, EON Reality, Inc., Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., CyberGlove Systems LLC, Vuzix Corporation, Microsoft Corporation, Google Inc., Augmented Pixels Co., Catchoom, Virtalis Ltd., Innovega Inc., Laster Technologies, Facebook Inc., NVIDIA Corporation and Advanced Micro Devices, Inc. among others.