April 27, 2020
According to the research report titled ‘Global Augmented Reality and Virtual Reality Market Size study, by Device Type (AR Devices/ VR Devices), by Component (Hardware, Software) by Application (Commercial, Consumer, Aerospace & Defense, Healthcare, Enterprise) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global augmented reality & virtual reality market generated USD 18.53 billion in 2018 and is expected to grow with a CAGR of 63.3% between 2019 and 2026.
Notably, augmented reality (AR) overlays virtual content over the user’s prevailing environment while providing immersive digital experience instantaneously. The AR applications are created using advanced 3D programs and allows the developer to incorporate digital or contextual content in real-time. On the other hand, virtual reality (VR) is a 3D environment developed by a computer which completely engages the end-user in artificial surrounding. VR offers realistic user experience of the digital world in an interactive environment.
Rising penetration of connected devices & smartphones is a major factor driving the growth of augmented reality and virtual reality industry. VR and AR devices offers realistic experience to the gamers by using animation and 3D visualization which in turn is bolstering the adoption rates. The products are a cost-effective solution in applications such as training & skill development since it replicates the actual environment by using various technologies. Surging investments by market majors towards development of innovative AR & VR devices is further aiding the market expansion. According to Digi Capital AR/VR Analytics Platform, investments of around USD 4.1 billion were registered in AR/VR sector in the year 2019.
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Considering the geographical landscape, North America accounts for a substantial share in global augmented reality and virtual reality market, owing to rising adoption of advanced technology and high concentration of key industry players in the U.S. On the other hand, Asia-Pacific market is anticipated to record a remunerative growth rate through 2026. Varied usage of AR/VR across several end-use sectors and flourishing smartphone industry are favoring the market outlook in Asia-Pacific.
The prominent companies operating in augmented reality and virtual reality industry are Zugara, DAQRI, Wikitude, Microsoft Corp., PTC Inc., Google Inc., HTC Corp., Samsung Electronics Co. Ltd., Oculus VR and Sony Corp. among others.