Virtual and Augmented Reality Market: Overview
Despite taking longer than usual to evolve into a mainstream consumer product, upcoming augmented reality gadgets, which combine the virtual world with the real world through sophisticated devices, are forecast to emerge as a thriving business by 2024. Virtual reality (VR) technology has been existent for several years now and augmented reality (AR) has now emerged as an advanced variant of VR.
Augmented reality provides a live direct or indirect view of the users’ real-world environment with elements that are augmented using computer-generated images and data. Virtual reality, also known as immersive multimedia, is a computer technology used to replicate an environment, real or imaginary, to simulate the viewer’s physical presence in a way that allows the viewer to interact with the environment.
AR technology has been exhibiting ubiquitous growth in the world of smartphones featuring global positioning system (GPS) and a camera. These features allow users to experience technology beyond their imagination. The growth reported by the AR market has been incredible and in the last year it successfully penetrated the field of advanced learning and teaching technologies. Additionally, virtual and augmented reality technologies will be increasingly used in projects related to smart innovations in the coming years ahead.
The report provides an executive-level blueprint of the global virtual and augmented reality market. It analyzes the strategic contribution of the novel technologies on the virtual and augmented reality market and provides refined forecasts pertaining to the market’s growth prospects. It compiles valuable information pertaining to the applications of VR and AR and reviews the present business models that have been put into practice by the existing players. Opportunities in the market for the entry of new companies have been also evaluated in the report.
Virtual and Augmented Reality Market: Key Trends and Opportunities
The global virtual and augmented reality market is segmented into AR and VR components and sensors, applications, technologies, and geographical segments. The market is gaining impetus from the introduction of the latest advances in Internet connectivity and computing technology. The growing application of AR and VR in the healthcare industry has been a crucial factor fuelling demand from the market.
Enterprises operating in the virtual and augmented reality market have also been capitalizing on rising consumer demand in the m-commerce industry. As the use of GPS and other advanced features in smartphones increases, the demand for virtual and augmented reality is anticipated to rise significantly in response. Apart from smartphones, the technology is also integrated in smart glasses and lenses, the demand for which has been increasing at a rapid pace over the past few years.
Virtual and Augmented Reality Market: Region-wise Outlook
The major regional markets for virtual and augmented reality are Asia Pacific, North America, Europe, and Rest of the World (RoW). Of these, the demand for AR and VR has been exceptionally high in Europe and North America. However, the growing demand for sophisticated gadgets and smartphones is poised to boost the demand for AR and VR technologies in the emerging countries in Asia Pacific and Rest of the World.
Virtual and Augmented Reality Market: Competitive Outlook
Profiles of companies such as Qualcomm Inc (the U.S.), Total Immersion (France), Vuzix Corporation (the U.S.), Metaio GmBH (Germany), Wikitude GmBH (Austria), and others are included in the report to present a holistic report on the prevailing competitive landscape.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
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- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.