Despite taking longer than usual to evolve into a mainstream consumer product, upcoming augmented reality gadgets, which combine the virtual world with the real world through sophisticated devices, are forecast to emerge as a thriving business by 2024.
Albany, NY -- (SBWIRE) -- 11/14/2016 -- Transparency Market Research reveals the nature of AR and VR tech in "Virtual and Augmented Reality Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024," a market that has recently gathered major attention from consumers.
The top driver for the global virtual and augmented reality market at the moment is the growing rate of integration of related technologies into modern consumer products and consumer electronics. As more and more vendors of consumer products provide the AR and VR compatible devices, the global virtual and augmented reality market finds an ever-increasing demand across multiple sectors. At the moment, the demand for AR and VR technologies is very high in entertainment and media.
PDF Brochure for Market Insights on Virtual and Augmented Reality at http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=10556
Although talks and development plans of AR and VR technologies have been carried on for a long time, the global virtual and augmented reality market has only seen commercial success in recent years. Despite its later appearance, the market is expected to show a lightning fast growth rate due to the appeal of using AR and VR in different situations and the applications for it in industrial as well as medical fields. Several market players are taking full advantage of the high demand for m-commerce. Furthermore, it is expected that the increasing presence and use of technologies such as GPS in smartphones will create a massive upswing in AR and VR demand. Outside of smartphones, the global virtual and augmented reality market is expected to benefit from the introduction of smart glass and smart lenses.
Other drivers augmenting the global virtual and augmented reality market currently, include the introduction of a great number of devices that possess computing technology and more importantly, internet connectivity. The proliferation of connected devices has greatly improved the scope of integrating AR and VR technologies into several industry verticals.
With North America, Europe, Asia Pacific, and the rest of the world as the key regional components to the geographical perspective on the global virtual and augmented reality market, the current market leader is established as North America. The demand for virtual and augmented reality has been exceptionally high in North America as well as Europe, owing to a developed consumer electronics industry and a wider rate of awareness among consumers. Asia Pacific, on the other hand, is showing a staggering scope of opportunities for players through a rapidly expanding consumer electronics industry and an already massive amount of smartphone and portable device users.
The top vendors operating in the global virtual and augmented reality market at the moment, include Qualcomm Inc. (the U.S.), Vuzix Corporation (the U.S.), Total Immersion (France), Wikitude GmBH (Austria), and Metaio GmBH (Germany).