Global Virtual and Augmented Reality Market: Snapshot
The global market for virtual and augmented reality has been experiencing a noticeable rise over the recent past. The significant advancements in technology has boosted this market remarkably. Over the coming years, the market will continue to gain exceptionally from the constant introduction of innovative and highly developed devices.
The worldwide market for virtual and augmented reality is estimated to report an exponential CAGR of 92.50% between 2016 and 2024, increasing its overall opportunity to US$547.20 bn by the end of 2024. Among the virtual reality and the augmented reality markets, the former one is projected to register a relatively fast-paced growth during the forecast period due to the high demand for augmented reality devices in the media and entertainment, healthcare, gaming, and the manufacturing sectors.
Hardware Segment to Retain its Lead
Software, hardware, and services are the key components of the global market for virtual and augmented reality. In 2015, the hardware segment led the global market with a share of nearly 73%. With the increasing demand for technological advanced virtual and augmented reality devices, such as glasses, head-mounted display, consoles, and input/sensors, the segmented is anticipated to retain its position over the next few years. The demand for augmented reality-based head up display is significantly high and the trend is likely to remain so over the forthcoming years, thanks to rise in the automotive industry.
The education, healthcare, retail, construction, gaming, automotive, media and entertainment, manufacturing and energy, and the defense and aerospace sectors have emerged as the main end users of virtual and augmented reality devices and services across the world.
North America to Continue on Top
The worldwide market for virtual and augmented reality reports its reach across Asia Pacific, Europe, North America, the Middle East and Africa, and South America. With a share of nearly 80%, North America led the global market in 2015. Researchers anticipate this regional market to remain on the top over the forecast period. The Asia Pacific market for virtual and augmented reality has also witnessed high growth in the recent past and is likely to continue its rising streak in the near future with China emerging as the most-prominent domestic market.
On the other hand, the markets in Middle East and Africa and South America are anticipated to contribute a comparatively lower revenue to the overall market; however, they will experience a steady rise over the next few years. The rising demand for virtual and augmented reality hardware in both, the Middle East and Africa and South America, is projected to boost these market in the years to come.
The most prominent vendors of virtual and augmented reality products and services across the world are NuFormer Projection B.V., VirZOOM Inc., Independiente Communications Ltd., Manus Machinae B.V., Virtalis Ltd., MindMaze SA, Aurasma Ltd., Blippar.com Ltd., Barco N.V., Nokia Corp., EON Reality Inc., ZeroLight Ltd., HTC Corp., Oculus VR LLC, Sony Interactive Entertainment LLC, Microsoft Corp., Samsung Electronics Co. Ltd., and Google Inc.
Virtual and Augmented Reality Market: Overview
Virtual and augmented reality is a suite of hardware, service and software components allowing end-users to visualize and experience virtual environment in real-time. The demand for virtual reality (VR) and augmented reality (AR) is expected to increase in the coming years owing to the growing demand for AR and VR service, affordable hardware cost, and increase in end-use application. The growing demand for VR and AR in healthcare, education, gaming and media and entertainment in the North American, Asia Pacific and European regions is expected to increase the adoption of VR and AR in these markets.
Virtual and Augmented Reality Market: Segmentation
This research report provides an in-depth analysis of the global VR and AR market based on component, end-use application, and geography. The global VR and AR market is categorized based on component types into hardware, software, and services. Furthermore, the report provides additional breakdown of hardware component into head mounted display, head up isplay, glasses, consoles and Sensor/Input, and others (Camera and Projector). Consoles include headset which use smartphone or tablets to display VR and AR based images to the end-user. The end-use applications for the global VR and AR market are healthcare, education, retail, gaming, construction, media and entertainment, automotive, defense & aerospace, and others (manufacturing and energy). The report further breakdown the segments as per VR and AR separately. The report analyzes each of these segments for various geographies considered under the scope of the study.
Based on geographical regions, the report segments the global VR and AR market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America, which are analyzed in terms of revenue generation. North America is further segmented into the U.S. and Canada, while Europe is divided into the U.K. and Germany. Asia Pacific is subdivided into China and India. Also, MEA is further segmented into South Africa and the GCC, while South America is subdivided into Brazil and Argentina. The report further provides cross-segmentation analysis of the segmentation as per the countries.
Virtual and Augmented Reality Market: Growth Dynamics
The report also provides an analysis of the factors that drive and restrain the growth of the VR and AR market. It discusses the prevailing market trends, prospective growth opportunities, and major strategies increasing the popularity of the global VR and AR market. It provides market estimates and forecasts for all the segments in terms of revenue. The report further provides estimates and forecasts for head mounted display, glasses, and console under hardware segment in terms of volume. The report also provides industry evolution, impact analysis of VR and AR market on smartphone, tablet, PC and TV Adoption, value chain analysis, and Porter’s Five Forces Analysis for the global VR and AR market.
Virtual and Augmented Reality Market: Competitive Dynamics
Major business strategies adopted by key players, their SWOT analysis, and competition matrix have also been identified in the research report. The key market players profiled in this study include Google, Inc., Samsung Electronics Co., Ltd., Microsoft Corporation, Sony Interactive Entertainment LLC, Oculus VR LLC, HTC Corporation, ZeroLight Ltd., EON Reality, Inc., Nokia Corporation, Barco N.V., Blippar.com Ltd., Aurasma Ltd. (Hewlett-Packard Development Company. L.P), MindMaze SA, Virtalis Ltd., Manus Machinae B.V., Independiente Communications Ltd., VirZOOM, Inc., and NuFormer Projection B.V.
Global VR and AR Market
- Head Mounted Display
- Head Up Display
- Other (Camera and Projector)
By End-use Application
- Media and Entertainment
- Defense and Aerospace
- Others (Manufacturing and Energy)
- North America
- Asia Pacific
- Middle East and Africa
- South America