The Augmented reality & virtual reality are the key immersive technologies that help in visualizing the virtual surrounding by a device over a surface/platform. The augmented reality further helps in integration of digital information as per the user environment in the real time and using existing environment for overlaying new information. Moreover, the use of virtual reality-based technologies further replicates a much realistic scenario in front of the user that lets the user experience different surrounding environments just by sitting at one place. The virtual reality uses different combination of both hardware and software components designed for imitating any situation and then transforming it into over a three-dimensional scene.
According to study, “Global Augmented Reality and Virtual Reality Market to reach USD 937.05 billion by 2026” the key companies operating in the global augmented reality and virtual reality market are Samsung Electronics Co. Ltd., Sony Corporation, Google Inc., Oculus VR, Microsoft Corporation, HTC Corporation, PTC Inc., Zugara, Wikitude and DAQRI. The key players are adopted mergers & acquisitions strategies in order to gain the market size.
Based on offering, augmented reality and virtual reality market is segmented as software and hardware. Software is further sub-segmented as VR content creation and AR software. AR software includes documentation, AR remote collaboration, visualization, navigation, workflow optimization, 3D modeling, and others. Hardware includes semiconductor components, cameras, position trackers, displays & projects, and sensors. Semiconductors component includes integrated circuits and controller & processor. Sensors include gyroscope, proximity sensor, accelerometer and magnetometer. Based on device type, market is segmented as head-mounted display, handheld device, head-up display, projector & display wall and gesture-tracking device. In addition, based on application, market is segmented as healthcare (surgery, pharmacy management, fitness management, patient care management and medical training & education), consumers (sports & entertainment and gaming), commercial (e-learning, tourism & sightseeing and retail & ecommerce), enterprise, aerospace & defense and others.
The augmented reality and virtual reality market is driven by increase in Smartphone penetration, followed by expansion in gamer community and cost-efficient benefits of augmented, increase in availability of affordable VR devices and virtual reality based solutions. However, lack of good user experience design and varied infrastructure quality of digital network may impact the market. Moreover, high growth of the travel & tourism industry and rise in demand to portray digital information using AR in architecture are key opportunities for market.
Based on geography, the North-American region dominates the global augmented reality and virtual reality market owing to presence of several augmented & virtual reality companies and rapid adoption of new technology by the masses in the region. Whereas, the Asian-Pacific and European regions are anticipated to exhibit considerable growth rate due to increase in application areas among end-use industries and rise in adoption of technologically advanced solutions over the forecast period. It is predicted that the global augmented reality and virtual reality market will be reacted at US $937.05 billion by 2026.
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Ankur Gupta, Head Marketing & Communications