Augmented Reality and Virtual Reality Market to be Worth US$ 180.1 Bn, Demand from Entertainment and Gaming Industries to Boost Growth
Pune, India -- (SBWIRE) -- 06/13/2019 -- The launch of smartphones and other smart devices is the chief driver of the global augmented reality and virtual reality market, predicts Fortune Business Insights in their recent study. The study is titled, "Augmented Reality and Virtual Reality Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025." The market, as per the report is anticipated to reach a value of US$ 180.1 Bn by 2021 from US$ 137.9 Bn in 2018 with remarkable CAGR.
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Virtual reality produces three-dimensional images with computer-generated simulation, which is often interactive, giving users a high-performing immersive experience. Unlike augmented reality where a user gets to witness live elements in a live view form using his smartphone camera.
Rising Adoption of Augmented and Virtual Reality in Healthcare to Propel Growth
The launch of unique augmented and virtual reality-based devices such as smart glasses have positively impacted the global market within a very short span of time. Innovations in this market include gaming consoles, mobile apps, along with other devices based on augmented and virtual reality. Such innovations will help the market gain generous revenues in the coming years.
Additionally, the rise in demand for augmented reality services in the healthcare sector for medical training and patient care management will also help the market gain momentum. Besides this, the online shopping trend that includes augmented reality services for e-commerce and retail services will also help the market gain faster revenues during the forecast period.
On the flipside, augmented reality and virtual reality interfaces may face problems on the basis of the limited user interface (UI) that affects navigation performance in their applications. This may hamper the growth of the market. Furthermore, factors such as restricted memory card size, limited processing power, and less storage in the device may also restrict the market from immense growth. Besides this, the limitations faced by users in terms of proper digital network and infrastructure quality may also cause hindrance to the market in the long run.
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However, the increasing trend of smart manufacturing and new opportunities created in the enterprise industry in the form of innovations in devices, game consoles, and others will bode well for the overall market. The entry of augmented and virtual reality into entertainment and gaming sector is a major factor boosting the market.
Google Inc., and Sony Corporation to Lead Market in Future
North America is likely to emerge as the dominant market for augmented and virtual reality owing to the early adoption of new technology by the people in the region and its rapid expansion. Major vendors in the market have their bases in the U.S. and this serves as a major factor boosting the market in North America to boost. The Asia Pacific, on the other hand, is expected to show the fastest growth rate owing to the increasing adoption of the latest technology in various end-use industries. The entry of smartphones in developing nations such as China and India are expected to create lucrative growth opportunities for the market.
Major tech giants such as Sony Corporation, Google, and others are spending both time and money in the research and development of innovative ways of implementing augmented and virtual reality in the daily lives of people. Some innovations such as smart TV, smart security, and others have become an integral part of people's lives.
A good number of vendors have started investing in key technologies related to augmented and virtual reality for marketing their brand name.
Some of the players running businesses in the global augmented reality and virtual reality market are
Google LLC, PTC Inc.,
Himax Technologies Inc.,
Qualcomm Technologies Inc.,
Seiko Epson Corporation, and Samsung Electronics Corporation Limited.
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