Global Augmented and Virtual Reality Market Driven by Gaming Industry

Posted by Lohitha on July 11th, 2019

Global Augmented and Virtual Reality Market: Demand Analysis and Growth Forecast

The application of virtual reality and augmented reality is very fascinating for millennial as this technology enables people to look beyond their imagination through specific devices. AR and VR are applied in the field of gaming, entertainment, and sports. Additionally, it can be also employed to conserve our cultural heritage with the added feature of going back in time subconsciously. Augmented reality and virtual reality are anticipated to be important factors of development in the upcoming years as this technology has just started plaguing and is expected to optimize the operations in various end-user industries such as entertainment, retail, sports, aerospace, defense, automotive, and computing sector. Integration of artificial intelligence in the augmented and virtual reality is determined to increase the efficiency and productivity in the aforementioned end-user industries.

The above-stated information resonates with the business intelligence report published by IndustryARC, which pointed out that the Global Augmented Reality Market and Virtual Reality Market collectively offered opportunities worth around to billion as of 2018. And, as per the report, the market is supposed to increase at an incredible CAGR of 35% to 38% during the forecast period of 2019 to 2025. The market is expecting such a healthy growth due to its immense potential to improve the functionality in healthcare, transportation, and personality development methods.

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Global Augmented and Virtual Reality Market: Leading Segments

Although the AR market and VR market are finding revenue avenues across the world, the North American region grasped the largest demand share at 34% in 2018. This humungous segment can be justified by the fact that the region is responsible for most of the research and development, with giants such as Google and Facebook investing in the technology; the augmented reality market and virtual reality market is projected to witness tremendous profits owing to a favorable scenario in the developed countries such as the US.

In terms of application segments, the gaming sector currently leads the augmented reality market and virtual reality market. As per the analysts, the gaming applications for the AR & VR technologies is expected to grow at a global CAGR of 37% to 41% during the forecast period of 2019 to 2025. The amalgamation of augmented reality and virtual reality into the gaming industry has introduced a next level gaming experience for the gamers. Integrating smart glasses, motion sensors, virtual retina display, and gyroscopes in the gaming devices result in olfactory, auditory, somatosensory, and haptic feedback for the consumers. These prominent features enable consumers with real-life gaming experience. With such exaltations, the gaming industry is likely to increase demands in the global augmented reality market and virtual reality market.

Global Augmented and Virtual Reality Market Trends

Augmented reality and virtual reality devices are being adopted in various tourist attractions such as museums and cultural heritage sights. With the help of these devices, visitors can see detailed conditions of place from the past through the pre-embedded historic data in the device. The National Museum of Singapore is one of the first places that adopted this technology and is getting popular tremendously. Expansion of such innovative applications is exceptionally deemed to induce profits in the global augmented reality and virtual reality market.
The technology is being heftily being employed for the training of individuals in every sector be it retail, educational, or defense. According to an article from Forbes, the U.S. Army is using HoloLens technology from Microsoft to give simulated military training to their personals. This training monitors the soldier’s performance, heart rates, and other real-time metrics through a virtually created platform. Massive adoption of this technique is projected to drive growth in the global AR market and VR market.

Global Augmented and Virtual Reality Market: Competitive Landscape

Some of the key companies identified in the report that are currently holding majority shares in the global augmented and virtual reality market are: Google, Microsoft, Oculus VR (Facebook), Sony, Samsung Electronics, HTC, PTC, Wikitude, GmbH, Magic Leap, Osterhout Design Group, Daqri, Blippar, Upskill, Continental Visteon, Eon Reality, Vuzix, Zugara, and MAXST.

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