Augmented Reality (AR) and Virtual Reality (VR) technologies continue to gain immense popularity with increasing revenue at a global level. A definite presence of smart phones and tablet computers, high mobility and versatility, an increasing interest of large tech corporations, and technological advancement has led to the widespread emergence of the global AR and VR market. The global AR and VR market is estimated to witness growth at a CAGR of +80% and +40% respectively over the period of 2016 to 2022. This growth rate is expected due to increase in the awareness about these technologies among the consumers, mass scale adoption of AR and VR in various industry verticals, and integration of AR and VR to create mixed reality for future applications.
The most often used strategy for developing a better hold on to the market has been through product launches, followed by partnerships and collaborations. Moreover, the company profiles section includes highlights of significant information about the key companies involved along with their financial positions. Some of the key players involved in this market are Samsung Electronics Co, Ltd., Microsoft Corporation, Google Inc., Seiko Epson Corporation, HTC Corporation, Intel Corporation, Qualcomm Inc., Himax Technologies, Vuzix Corporation, Oculus VR, LLC, Osterhout Design Group (ODG), Wikitude GMBH, and EON Reality.
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AR and VR technologies were incepted in early 90`s, but the technologies are getting into mainstream in recent years. As the market is in emerging stage the number of players are limited and growing year on year, limited entry barrier at present is encouraging new ventures in AR and VR market, while many big players such as Google, Inc., Microsoft, Facebook, and many others are focusing to capitalize the market through their products and services. Though there are many other enterprises which have been working on these technologies are yet to spread their footprints across the globe.
AR and VR market has been divided into segments such as technology i.e., AR and VR technologies, components and end-user industries. Components segment is further divided into sensors and other semiconductor components. End-user industry includes, Industrial, education, medical, aerospace & defense, entertainment and retail among others. The entertainment industry finds the largest application in the AR and VR market and consequently is expected to grow at a CAGR of +40% during the forecast period. AR and VR market is further bifurcated into geography`s which includes North America, Europe, APAC, Latin America (SAM) and Middle East & Africa (MEA). One of the prominent regions among these is North America which has registered highest adoption of AR and VR technologies in the current years, however APAC is estimated to be the leader in near future. Some of the major players of AR and VR market are Innovega, Inc., Augmented Pixels Co., Vuzix Corporation, DAQRI LLC,Total Immersion, Blippar, Oculus VR LLC, EON Reality, Inc., Microsoft Corporation, and Google, Inc. among others.
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AR and VR market revenue has been analyzed by above mentioned segments in all the listed regions and then the market data is validated through primary interviews. Insights from key opinion leaders are gathered by reaching out to the industry experts in key companies all the regions mentioned above. The key drivers for this market include Big Data visualization to drive AR and VR market, and retail applications are expected to upsurge the demand for AR and VR. AR and VR applications are wide spread across different verticals, such as education, entertainment, training, medical, sports and others. The advancing applications of AR are expected to impact the way customers shop in near future, AR solutions will mainly impact the shopping attitudes of the customers and is expected to offer exciting experience to the customers.