Albany, NY -- (SBWIRE) -- 01/25/2017 -- The global market for virtual reality (VR) and augmented reality (AR) encompasses some of the most exciting and highly anticipated technological advances of present times. With a vast array of applications already being exploited in a number of industries such as healthcare, education, retail, and consumer goods, and many more expected to be seen in the near future, virtual and augmented reality are on the cusp of becoming mainstream in the digital world.

Transparency Market Research estimates that the market will exhibit a staggering 92.5% CAGR over the period between 2016 and 2024. Fast pace of technological advancements in terms of hardware as well as software components of VR and AR devices and the vast funds invested by technology giants towards the research and development in this field will continue to make this field richer and more lucrative in the near future.

On the basis of components, the hardware segment held the dominant share of around 72.8% in 2015. The demand for better virtual reality and augmented reality devices such as head mounted display, glasses, console and sensor/input is expected to contribute to the growth of hardware segment over the forecast period. Among VR and AR markets, AR is expected to register fastest growth in the forecast period. The demand for AR in media and entertainment, gaming, healthcare, and manufacturing end-use segments is expected to contribute the growth of AR market.

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Media and entertainment, gaming, and healthcare segments are expected to contribute considerable market share over the forecast period under end-use application segment. Further, the demand for AR based head up display would constitute to the growth of AR in automotive segment in the coming years. The report also provides volume estimates for hardware components such as head mounted display, glasses and consoles.

Developed Markets to Continue to Lead in Terms of Adoption

North America, Europe and Asia Pacific are expected to be potentially lucrative markets for AR and VR in the coming years. Of the key components of typical VR and AR systems, both service and software segments are expected to register higher growth as compared to the hardware segment in these regions over the forecast period. In 2015, North America dominated, accounting for a nearly 79% of the global market.

In 2015, media and entertainment segment held the largest share among all end-use applications in Europe. The Asia Pacific market is expected to exhibit a staggering 116.8% CAGR over the forecast period. Hardware segment, followed by the service segment, are expected to contribute the most significant share in the global market by 2024. China would be the most promising market in the Asia Pacific region over the forecast period.

Middle East and Africa (MEA) and South America are expected to contribute relatively lower revenue to the global market but exhibit steady growth over the forecast period. The hardware segment for both MEA and South America is expected to emerge as the most prominent segment in terms of VR and AR components as compared to the services and software segments by 2024.