The modern computer technology has successfully created an exciting as well as a pioneering avenue that leads towards a future where anything that man envisages might be possible. Well, Virtual Reality (VR) is one such technology that is helping mankind travel towards that direction. VR-based virtual environments are helping organisations to overcome critical challenges that were much more difficult to tackle previously. Similarly, the advent of augmented reality (AR) has revolutionised the way of experiencing real- world environment using consumer electronic devices such as smartphones, digital headgear and laptops. Future Market Insights’ latest report identified following factors that are driving the adoption of augmented reality and virtual reality worldwide.
- Gaming continues to be an attractive segment for AR & VR technology. In recent years, several games have been launched based on augmented reality. ‘Pokemon Go’ is one of the biggest examples of AR-based games, which received massive popularity across the globe after its launch.
- The young population is lured toward products that come with AR and VR features. Over the years, the average spending on electronic goods for entertainment has increased significantly. Moreover, robust penetration of smartphones and improving network connectivity is encouraging tech companies to add AR & VR features in their digital products.
- Evolution of cell phones from a normal calling device to a smart gadget is facilitating innumerable opportunities for technologies such augmented reality and virtual reality.
- Technology companies making heavier investments to further simplify AR and VR technology and also add more feature to them. This, in turn, is prompting the adoption of such technologies in various industrial verticals as well.
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The aforementioned mentioned factors are well supporting the growth of global augmented reality and virtual reality market, which was valued at US$ 5,176 Mn in 2016. The FMI report projects that more than one-third of the market’s revenue will be accounted by application of AR and VR technology in gaming in 2017. However, AR and VR application in media & entertainment are expected to increase over the next couple of years. Meanwhile, the head-mounted display is identified as the most preferred device for experiencing best quality AR or VR features.
Currently, virtual reality is more prevalent as compared to augmented reality, which is why VR-based applications account for a major chunk of revenue of the global market. VR technology is expected to witness a CAGR of 40.5% in revenue between 2017 and 2025. However, AR technology is anticipated to get more effective in the forthcoming and witness a faster growth in terms of value.
According to the FMI report, the AR and VR market in MEA is set to witness the fastest growth, expanding at a CAGR of 55% during the forecast period. The market in North America, likewise, is also projected to surge at an impressive pace. In terms of revenue, North America’s market is expected to remain dominant throughout the forecast period and expected to be valued at US$ 43,335 Mn by 2025 end.
Vuzix Corporation, Samsung Electronics Co. Ltd, Osterhout Design Group, Inc., Oculus VR, LLC, Microsoft Corporation, Google Inc., Magic Leap, Inc., Blippar.Com Limited, DAQRI LLC, and EON Reality Inc. are some of the leading players in the global augmented reality and virtual reality market, profiled in the report.
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For a long-term outlook, FMI delivers an optimistic picture by estimating the global AR and VR market to reach a valuation of US$ 119,540 Mn by 2025-end. In terms of revenue, the global market is expected to increase at a CAGR of 42.2% during the forecast period (2017–2025).
Future Market Insights (FMI) is a premier provider of syndicated research reports, custom research reports, and consulting services. We deliver a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, aerial view of the competitive framework, and future market trends.