The global augmented reality (AR) and virtual reality (VR) market is expected to witness immense growth at a CAGR of 56.8% during the forecast period with its market size reaching USD 112.8 billion by 2024. The market is driven by the factors such as increasing responsiveness about this technology, rapid acceptance of AR and VR technology among various industry domains and the amalgamation of AR and VR to develop mixed reality that can be implemented for prospective applications.
Market Report "Global Augmented Reality and Virtual Reality Market - Analysis and Forecast (2018-2024)"
The market for AR and VR market is primarily driven by technological development, rapid growth in the adoption of tablet computers and smart phones, excessive concentration of major tech players in the AR and VR system worldwide. The increasing penetration of smartphones and tablet computers is extensively contributing towards the growth of AR and VR market across the globe. The tablet-based and mobile based AR and VR technology is observing rapid application form the key players operating in education, interior designing, e-commerce, architecture and furnishing.
VR enables utilization of computer technology in order to develop a simulated environment. On the contrary, AR coats computer-generated developments over an existing reality that enhances interaction ability of this system. On the basis of technology, the AR and VR market is segmented into AR technology and VR technology. AR technology is further subcategorized into marker based and markerless. Marker based is further sub-segmented into active and passive and markerless is further sub divided into model-based tracking and image-based processing. VR technology is further sub divided into semi-immersive and fully immersive and non-immersive.
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On the basis of component, the AR and VR market is segmented into hardware and software. The hardware segment account for the larger revenue in this segment of AR and VR market globally. Moreover, software market is expected to witness faster growth during the forecast period attributed towards expanding demand from media and entertainment industry to meet the evolving needs of the consumers such as that of simulation games which are based out of AR technology
On the basis of device type, the AR and VR market is segmented into AR devices and VR devices. Among these two segments, AR devices is expected to witness faster growth during the forecast period owing to extensive demand for AR and VR technology from healthcare and retail domain in developed economy that enables doctors and nurses to identify vein locations in patients.
On the basis of application, the AR and VR market is segmented into AR applications and VR applications. AR application is segmented into consumer, commercial, aerospace and defense, enterprise, healthcare, and others. Of all, AR market size was largest for consumer applications. The VR application is also categorized into consumer, commercial, aerospace and defense, enterprise, healthcare, and others. Among all these segments, commercial applications accounted for the largest demand for VR solutions.
North America accounted for the major share in the AR and VR industry in 2017, globally as the players in the region are continuously investing capital for the advancement of technology. Geographically, Asia-Pacific is expected to witness the fastest growth during the forecast period. The growth of this market is attributed towards increasing investment in defense and commercial domain in this region. Existence of large number of display board industrialists along with technological enhancements are the key factors bolstering the growth of AR and VR market.
The market structure for global AR and VR market is fragmented and some of the key players operating in the AR and VR market across the globe include Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc. and Sony Corporation.
Global AR and VR Market Coverage
Component Insight and Forecast 2014-2024
Device Insight and Forecast 2014-2024
Component Insight and Forecast 2014-2024
AR and VR Market by Region
Middle East & Africa (MEA)