Virtual and Augmented Reality Market — Healthcare Industry deploys VR/AR Technol

Posted by RASHMI on April 8th, 2019

Virtual and augmented reality is a suite of hardware, service and software components allowing end-users to visualize and experience virtual environment in real-time. The demand for virtual reality (VR) and augmented reality (AR) is expected to increase in the coming years owing to the growing demand for AR and VR service, affordable hardware cost, and increase in end-use application. The growing demand for VR and AR in healthcare, education, gaming and media and entertainment in the North American, Asia Pacific and European regions is expected to increase the adoption of VR and AR in these markets.

Software, hardware, and services are the key components of the global market for virtual and augmented reality. In 2015, the hardware segment led the global market with a share of nearly 73%. With the increasing demand for technological advanced virtual and augmented reality devices, such as glasses, head-mounted display, consoles, and input/sensors, the segmented is anticipated to retain its position over the next few years. The demand for augmented reality-based head up display is significantly high and the trend is likely to remain so over the forthcoming years, thanks to rise in the automotive industry. 

The education, healthcare, retail, construction, gaming, automotive, media and entertainment, manufacturing and energy, and the defense and aerospace sectors have emerged as the main end users of virtual and augmented reality devices and services across the world.

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The worldwide market for virtual and augmented reality reports its reach across Asia Pacific, Europe, North America, the Middle East and Africa, and South America. With a share of nearly 80%, North America led the global market in 2015. Researchers anticipate this regional market to remain on the top over the forecast period. The Asia Pacific market for virtual and augmented reality has also witnessed high growth in the recent past and is likely to continue its rising streak in the near future with China emerging as the most-prominent domestic market.