BANGALORE, India, Feb. 13, 2020 /PRNewswire/ -- The global market for AR and VR is segmented, based on application, organization size, industry vertical, and region to provide an in-depth analysis of the market.
In 2017, the global augmented reality and virtual reality market size stood at USD 11.35 Billion, and the industry is forecasted to reach USD 571.42 Billion by 2025, rising at a CAGR of 63.3 percent between 2018 and 2025.
AR and VR technologies are used to provide a digital immersive user experience that can be used across various industry verticals for entertainment and business applications. Virtual reality is a comprehensive term for a multi-sensory computer-generated experience that allows users to explore a virtual world and interact with it. On the contrary, augmented reality uses digitally generated visual overlays to improve the real world.
Owing to the growing penetration of smart devices, the global augmented, and virtual reality market is expected to experience significant growth during the forecast period. However, the lack of effective user experience design and the slow adoption among underdeveloped economies are the major factors that impede the market growth.
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TRENDS INFLUENCING THE AR AND VR MARKET SIZE
- The animation and video game industry's progress, increase in internet connectivity, and the mobile gaming industry's growth serves as the key drivers of the global augmented and virtual reality market. Furthermore, the rise in the use of consumer electronic devices is expected to drive market growth.
- Augmented and virtual reality provides a cost-effective and efficient solution in training and skill development, as it replicates the actual scenarios by using technologies. For example, it is more costly to use an actual aircraft to train a pilot in civil aviation or in military applications. Similarly, human participation in the training of students or nurses or other medical professionals is unethical and could be harmful in healthcare. Augmented and virtual reality-based solutions thus offer legitimate resources for educating medical professionals. This property of AR & VR is expected to create market growth opportunity
- Technological advances and the rise in application areas among various industry verticals are expected to provide lucrative market expansion opportunities.
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KEY BENEFITS FOR AUGMENTED AND VIRTUAL REALITY MARKET
- The study presents an in-depth analysis of the global augmented and virtual reality market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market is provided in this study.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the global augmented and virtual reality industry.
- The quantitative analysis of the global augmented and virtual reality market from 2017 to 2025 is provided to determine the market potential.
AUGMENTED AND VIRTUAL REALITY KEY MARKET SEGMENTS:
BY ORGANIZATION SIZE
- Large Enterprises
- Small- & Medium-sized Enterprises
BY INDUSTRY VERTICAL
- Entertainment & Media
- Aerospace & Defense
KEY MARKET PLAYERS
- Alphabet (Google Inc.)
- Magic Leap, Inc.
- Microsoft Corporation
- Osterhout Design Group
- Samsung Electronics Co., Ltd.
- AUTOMOTIVE AR AND VR MARKET
The global AR and VR automotive market was estimated at USD 213.0 Million in 2017 and is projected to reach USD 673,602.2 Million by 2025, registering a 175.7 percent CAGR from 2018 to 2025.
Automotive companies are using augmented and virtual reality-based solutions for vehicle design, assembly, repair, and maintenance. In addition, this technology helps designers envision a vehicle's body structure to improve performance, protection, and durability. Further, in the automotive sector, the AR and VR platform supports features such as turn-by-turn route navigation, safety distance tracking, lane-departure warning (LDW), and adaptive cruise control (ACC).
This study presents the analytical representation of the global market for automotive AR and VR, along with current trends and future estimates to depict the imminent pockets of investment.
- MIXED REALITY MARKET
Global Mixed Reality Market is expected to hit USD 5,3621 Million by 2024, rising by 71.6% (2018-2024) of the CAGR.
The market is driven by the increase in consumer electronics, growth in the transition to mixed reality in the gaming and entertainment industry, and demand for mixed reality by the education sector. The technology, however, is not so common among consumers, and is also expensive, limiting the growth of the mixed reality market.
The global market for mixed reality is segmented according to components, applications, devices, and geography. It is bifurcated by components into hardware and software. It is divided by application into manufacturing, aerospace and defense, medical, engineering, consumer electronics, and others. The goal of the report is to provide an in-depth analysis of the mixed reality market in North-America, Europe, Asia-Pacific, and LAMEA.
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- VIRTUAL REALITY MARKET
Global Virtual Reality Market Size is increasing with a CAGR of 34.5 percent over the 2019 to 2025 forecast period.
Virtual reality (VR) is an immersive computer-generated experience in a simulated environment that primarily combines auditory and visual input, but also other forms of sensory feedback such as haptic.
North America is expected to hold the largest size of the market for virtual reality, while the Asia-Pacific market is estimated to expand at the highest rate. Countries in the APAC region such as China, India, Japan, and South Korea are experiencing a huge demand for head-mounted gaming device displays, which in turn is causing the growth of the virtual reality market.
Virtual Reality Market Report presents the sales volume, revenue, market share, and growth rate for each main enterprise, and also covers breakdown data (sales, revenue, and market share) by area, size, and device.
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- AR AND VR IN HEALTHCARE MARKET
The healthcare sector profits from VR and AR in many areas, including medical professional's education and training, improved patient care and treatment, lifestyle and wellbeing management, surgical preparation, telementoring, and more.
This report focuses on the status of global Augmented Reality and Virtual Reality in Healthcare, future outlook, opportunities for growth, key market, and key players. The aim of the study is to present the Augmented Reality and Virtual Reality in the advancement of healthcare in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
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- AUGMENTED REALITY MARKET
Augmented Reality (AR) is an interactive experience of a real-world environment where the objects that exist in the real-world are enhanced by computer-generated perceptual knowledge, often through multiple sensory modalities, including visual, auditory, haptic, somatosensory, and olfactory.
The growing demand for AR devices in medical applications, retail and e-commerce, and increased investment are predicted to be the main drivers for the industry. This study focuses on the status of global Augmented Reality, predictions, and opportunities for growth, key markets, and key players. The goal of the report is to portray the evolution of Augmented Reality in the United States, Europe, and China.
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- AR AND VR SOFTWARE AND SERVICE MARKET
Augmented Reality (AR) is a technology that layers computer-generated enhancements on top of an existing reality to make it more realistic by being able to interact with it while Virtual Reality (VR) can be described as an artificial, computer-generated simulation or reconstruction of a real-life environment or situation that immerses the user by making them feel like they are experiencing it.
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- AR AND VR LENS MARKET
Augmented and virtual reality lenses are tools that can provide a virtual interface that can be used to assist the visually impaired, monitor military applications, and more.
The system is in the form of a traditional lens with integrated bionics technology in the form of augmented reality, creating a virtual interface of interactive electronic circuits and infrared lights, allowing the user to see a computer-generated image superimposed on the outside world.
The report has strategically segmented the market into AR Contact Lens and VR Contact Lens based on the type and into Gaming, Medical, and others based on application.
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