Global Virtual and Augmented Reality Market to Expand at a Stupendous CAGR of 92.50% over 2016-2024 as Healthcare Industry deploys VR/AR Technologies
The demand within the global market for virtual and augmented reality has been rising at a stellar rate, majorly due to the presence of several end-users of virtual and augmented reality. The providers in the global market for virtual and augmented reality have been focusing on overhauling their marketing strategies to gain a competitive advantage in the market. Furthermore, a number of vendors in the global virtual and augmented reality market have started capitalising on key technologies that can enhance their brand image in the market. It is projected that a number of new players would make their way into the global market for virtual and augmented reality, thus, there is a possibility of a fundamental shift in the business landscape. The current-day business landscape of the global market for virtual and augmented reality is projected to undergo a high degree of fragmentation in the years that follow.
Strategic alliances and partnerships amongst the market players in the global virtual and augmented reality market are also expected to become a key highlight of th global market in the years to come. The large market vendors in this market have a solid position, and these vendors are projected to counter the efforts of the emerging market players. It is safe to prognosticate that the global market for virtual and augmented reality would witness core disruptions in its business Landscape over the forthcoming years.
Transparency Market Research (TMR) finds that the global virtual and augmented reality market would expand at an astral CAGR of 92.50% over the period between 2016 and 2024. Furthermore, the market value for the global virtual and augmented reality market is expected to stand at US$547.20 bn by 2024. On the basis of application, the healthcare industry is expected to be a key consumer in the global market for virtual and augmented reality.
Healthcare Sector to Drive Demand
The quest of the healthcare industry to study, analyse, and develop modules for better treatment and cure has led to the usage virtual and augmented realities at an intrinsic level across the industry. This factor is projected to bring about stupendous growth in the global market for virtual and augmented reality over the forthcoming years. Furthermore, the virtual realities play an important role in the 3D media industry, and the massive size of this industry is expected to revolutionise the growth of the global market for virtual and augmented reality. Constructions industry uses virtual and augmented reality to showcase models and 3D blueprints of buildings and households to the customers and clients. Hence, the demand for virtual and augmented reality is expected to touch new heights as the years pass by.
High Costs could Hamper Growth
There is no contention about the fact that the global market for virtual and augmented reality is expanding at an unprecedented rate in recent times. However, the high costs of deploying VR and AR technologies might place a slightly negative toll on the growth of this market. Notwithstanding the odds, the use of VR and VR technologies in multiple sectors such as retail, education, and gaming would keep enhancing the prospects of market growth. Furthermore, the commendable investments coming in from several stakeholders and venture capitalists are also expected to keep bolstering demand within the market.
The review is based on TMR’s report titled “Virtual and Augmented Reality Market (Component - Hardware (Head Mounted Display, Head Up Display, Glasses, Console, Sensor/Input, Camera, and Projector), Software, and Service; End-use Application - Healthcare, Education, Retail, Gaming, Construction, Media and Entertainment, Automotive, Defense and Aerospace, Manufacturing, and Energy) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”.
The global market for virtual and augmented reality can be segmented on the basis of the following parameters:
- Head Mounted Display
- Head Up Display
- End-Use Application
- Media and Entertainment
- Defense and Aerospace
- North America
- Asia Pacific
- Middle East and Africa
- South America
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