The Global report titled “Augmented Reality and Virtual Reality Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.
The Augmented Reality Market was valued at US$ 11.14 Billion in 2018 and is expected to reach US$ 60.55 Billion by 2023, growing at a CAGR of 40.29% during the forecast period. This report spread across 295 pages, profiling 20 companies and supported with 129 tables and 58 figures is now available in this research.
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Key Players- Sony (Japan), Oculus (US), Samsung (South Korea), Google (US), HTC (Taiwan), PTC (US), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara, (US), Blippar (UK), Osterhout Design Group (US), Magic Leap (US), Upskill (US), Continental (Germany), Visteon (US), Eon Reality (US), and Vuzix (US).
“Increasing use of VR in gaming and entertainment is the major driver for the virtual reality market”
The virtual reality market was valued at USD 7.90 billion in 2018 and is expected to reach USD 34.08 billion by 2023, growing at a CAGR of 33.95% during the forecast period. The high penetration of HMDs in gaming and entertainment, huge investments in the VR market, advancement of technology and digitization, and availability of affordable VR devices are the major drivers of the VR market. The health concerns relating to low resolution and lack of movement and display latency and energy consumption affecting the overall performance of VR devices are the major restraints in the VR market.
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“Augmented reality and virtual reality market for the head-mounted displays is expected to grow at a high rate during the forecast period”
The use of HMDs in the enterprises for instructions and training purposes is likely to boost the growth of HMDs in the AR market. AR smart glasses are expected to be mainly used HMDs in the augmented reality market. The major applications for VR HMDs have been gaming and entertainment, and are expected to dominate the market during the forecast period.
“Augmented reality market for enterprise application is expected to witness high growth during the forecast period”
Augmented reality is used in enterprises for training personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. The enterprise applications would witness a high growth for HMDs in the near future. The use of HMDs in the manufacturing setups is the major driver for the growth of enterprise application in the augmented reality market.
Breakdown of primary participants’ profile:
By Company Type: Tier 1 = 36%, Tier 2 = 44%, and Tier 3 = 20%
By Designation: C-Level Executives = 17%, Directors = 44%, and Others = 39%
By Region: North America = 35%, Europe = 32%, APAC = 21%, South America = 7%, Middle East & Africa = 5%.
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Target Audience for Augmented Reality and Virtual Reality Market:
Raw Material and Manufacturing Equipment Suppliers
Original Equipment Manufacturers (OEMs) (End-User Applications or Electronic Product Manufacturers)
Original Design Manufacturers (ODMs) and OEM Technology Solution Providers
Technology Standard Organizations, Forums, Alliances, and Associations
Governments, Financial Institutions, and Investment Communities
Analysts and Strategic Business Planners