Among the leading companies in the worldwide augmented reality and virtual reality market are Samsung Electronics Co. Ltd., Apple Inc., Microsoft Corporation, and Google Inc. These businesses are making significant investments in the creation of new virtual reality and augmented reality products, which is driving up demand from a variety of markets, including gaming and healthcare.
Some of these businesses are also providing the necessary infrastructure and financial support to a number of start-ups in order to promote this technology among end consumers. Consequently, during the course of the specified forecast period, the worldwide augmented reality and virtual reality market is anticipated to undergo a significant growth due to the increasing expenditures made by tech businesses.
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The global market for augmented reality and virtual reality stood at an overall valuation of US$5 bn in the year 2016. This valuation is expected to grow and touch a figure worth US$120 bn over the course of the given forecast period of 2017 to 2025. With respect to the market value, the global augmented reality and virtual reality market is projected to showcase a staggering CAGR of 42.2% over the same period of forecast. The global market for augmented reality and virtual reality is estimated to offer an incremental growth opportunity of about US$115 bn during the mentioned forecast period. Among the numerous device segments, the contribution in terms of revenue from the segment of head mounted display is projected to grow at the highest CAGR of 44% during the aforementioned forecast period. Presently, North America accounts for a comparatively higher share in terms of revenue of the global market for augmented reality and virtual reality. However, the Middle East and Africa market for AR and VR is projected to showcase the highest CAGR of 55% among all other key geographical regions over the course of the given forecast period. With respect to revenue, the North America market for augmented reality and virtual reality is expected to remain as the most lucrative regional market during the mentioned forecast period of 2017 to 2025.
Entry of Augmented Reality and Virtual Reality in Gaming Sector to Drive Growth of Market
Uptake of high tech and cutting edge technology in the gaming sector has been on the rise in a considerable manner over the last few years. This growth is also down to the factors such as growing young population, growing spending power of customers on entertainment, increasing penetration of smartphones, and enhanced connectivity of high speed data networks in the emerging economies. Games based on augmented reality such as Ingress and Pokemon Go have experienced huge popularity among the end users as these games present a standout gaming experience, thus leading to a more user engagement. Thus, an increasing demand for AR and VR technology in the gaming sector is expected to significantly drive the overall growth of the global market.
Technologically Advanced Smartphones to Offer Solid Growth Platform for Market Development
In addition to this, smartphones not only are the medium for gaming, they also create several opportunities for these augmented reality technologies. It is very hard to create graphical overlays that is able to interact with the real world in an accurately crafted dimensions with the help of computer vision. However, smartphones win over this technological hurdle as these phones are integrate with components such as MEMS sensors, dual cameras, GPS, and accelerometer. All such elements make them very suitable for the use of augmented reality platforms. This factor is also expected to drive the overall growth of the global augmented reality and virtual reality market.
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Key Segments Covered in the AR and VR Market are :
By Technology Type:
- Augmented Reality (AR)
- Virtual Reality (VR)
By End-user Type:
- Commercial
- Consumer
By application:
- Gaming
- Media & Entertainment
- Real Estate
- Education
- Retail
- Healthcare
- Engineering
- Others
By Device:
- Head Mounted Display
- Handheld Devices
- Head-up display
- Smartglasses
- Others
By Component:
- Hardware
- Display
- Processor
- Sensors
- User interface ICs
- Power Management ICs
- Others
- Software
- Services
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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