The
increasing demand for AR devices in healthcare, growing demand for AR in retail
and e-commerce, and rising investment in the augmented reality market are the
major drivers for the augmented reality market. The high penetration of
head-mounted displays 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.
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The
virtual reality market was valued at USD 5.12 billion in 2017 and is expected
to reach USD 34.08 billion by 2023, growing at a CAGR of 33.95% during the
forecast period. The base year considered for this study is 2017, and the
forecast period considered is between 2018 and 2023.
Browse
129 tables and 58 figures spread through 253 pages and in-depth TOC
on "Augmented
Reality and Virtual Reality Market - Global Forecast to 2023"
Head-up
displays to witness high growth in the AR market during the forecast period
Head-up
displays (HUDs) for the augmentation of images are presently used in
automotive, and aerospace & defense sectors for training purposes; the AR
market for HUDs is still in the developing phase and is likely to commercialize
in the near future. The AR HUDs are likely to be used mainly for navigation in
airplanes and automotive. The information such as the roadmap and the speed
along with the other necessary details in the line of sight would be displayed
at the windscreens and would help the driver to drive safely. The use of
head-up displays for applications such as automotive, and aerospace &
defense would help the market to grow at a higher rate.
Consumer
application to lead the augmented reality and virtual reality market
The
consumer application has been studied on the basis of gaming, sports, and
entertainment sections. The augmented reality market has witnessed a high
growth and leads the market owing to its use in apps. The AR gaming apps have
seen widespread adoption in the last 2 years and are expected to be the major
drivers for the growth of the augmented reality market. However, the consumer
application leads the VR market due to the high demand for HMDs in gaming and
entertainment.
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Major
players in the augmented reality and virtual reality market are Sony (Japan),
Oculus (US), Samsung (South Korea), Google (US), PTC (US), HTC (Taiwan),
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), MAXST (South Korea) and Vuzix (US).
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APAC
expected to hold a major share of the augmented reality and virtual reality
market during the forecast period
APAC
comprises China, Japan, India, South Korea, and Rest of APAC. Being an emerging
economy, APAC is witnessing major changes in the adoption of new technologies
and advancements. Owing to a large number of display panel manufacturers in the
region, APAC witnesses an increasing adoption of latest technologies. The
rising investments in commercial and defense applications and its security
applications would also boost the growth of the AR and VR market in this
region. Also, the growing healthcare and automotive market in Japan would drive
the growth of AR technology.
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