The report forecasts the global mobile AR and VR apps market to grow at a CAGR of 74.4% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Mobile devices give many opportunities for vendors to innovate and enhance real-world experiences. One such innovation is AR that creates a digital layer over the physical world, providing consumers with a more immersive experience. Vendors in the AR technology environment are partnering with different vendors across the supply chain to support and expedite the progress of AR technology. Zappar has partnered with leading content creators such as Warner Bros., Universal Studios, Hasbro, and Sony.
According to the report, VR is extensively used in medical institutions and military and aviation sectors for training and educating students and trainees. It gives trainees a practical experience of the subject. In addition, VR is one of the latest and most innovative technologies that is gaining high traction among consumers. Users find it enjoyable and entertaining. A large number of companies are entering into partnerships and merging with companies to contribute to the technology in the hardware and software segments.