Virtual Reality creates a digital environment that replaces the user’s real-world environment. Virtual Reality is primarily used in gaming and entertainment applications. Augmented Reality overlays digitally-created content into a user’s real-world environment. For instance, Augmented Reality can be used to project sales and inventory data onto products on store shelves. In recent times, Augmented Reality and Virtual Reality market coming together to impact businesses and enterprises. Most of the businesses, nowadays, have transformed into digital Augmented Reality and Virtual reality, customers find it convenient to use digitized products. Reciprocating to this rise in digitalization and more customers getting engaged in online activities, retailers are looking for ways to leverage their digital presence.
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A personalized experience allows customers to feel that they are important. Also, when customers spend more time in-store, they allow store owners to collect more data about them (customers). Store owners can, thus, provide a more personalized experience to their customers during subsequent visits to increase the loyalty of these customers. Augmented Reality and Virtual Reality helping owners develop marketing strategies in domains ranging from real estate and automotive to consumer goods and retail. Implicit learning and development is one of the domains where Augmented Reality and Virtual Reality enabled products and services which are gaining traction among the user segments. Other industries that will experience traction in the Augmented Reality and Virtual Reality space are aerospace, oil and gas and heavy machinery, where on-the-job training is conventionally difficult or dangerous but can be transformed to an easier version through augmented reality and virtual reality solutions.
The advent of 4G and high speed data communications have become key drivers for the adoption of Augmented Reality and Virtual Reality. Growing demand for Augmented Reality and Virtual Reality gear among smartphone users, advent of entry-level Virtual Reality headsets in the market and marketing push by smartphone manufacturers have boosted the Augmented Reality and Virtual Reality market across the globe.
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This report on Augmented Reality and Virtual Reality Market provides in-depth analysis of the Augmented Reality and Virtual Reality gaming market. The Augmented Reality and Virtual Reality gaming market currently is working on offering gamers with an immersive gaming experience by embedding digital information, such as audio, video, and data, into the real-world environment in real time. The report talks about segmentation of the Augmented Reality and Virtual Reality based on types, devices, technology, technology adopters and regions. With the information offered, key stakeholders will get to know about the major trends, drivers, investments, vertical players’ initiatives and companies’ interest in the Augmented Reality and Virtual Reality technology. Further, the report provides details about the major challenges impacting market growth. The report also covers the profiles of the major companies of the Augmented Reality and Virtual Reality.
Augmented Reality and Virtual Reality Market: Forecast
The global Augmented Reality and Virtual Reality market was valued at US$ 5,176 Mn in 2016 and is expected to expand at a CAGR of 42.2% during the forecast period (2017–2025). Demand for Augmented Reality and Virtual Reality solutions is expected to be driven by increasing adoption of Augmented Reality and Virtual Reality technology in gaming, which is an important factor driving the growth of the Augmented Reality and Virtual Reality market.
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The technology has been segmented into Augmented Reality and Virtual Reality. The Virtual Reality segment registered highest market share and was valued at US$ 3,498 Mn in 2016 globally. Further, adoption rate of Augmented Reality and Virtual Reality in gaming is increasing rapidly and this increasing adoption rate is responsible for the growth of the segment in the overall market. However, the Virtual Reality segment is expected to register a stable CAGR of 40.5% during the forecast period in the Augmented Reality and Virtual Reality market.
The devices is segmented in the Augmented Reality and Virtual Reality : head mounted display, handheld devices, head-up display, smart-glass and others. The head mounted display segment accounted a CAGR of 44% during the forecast period. Head mounted display segment also accounted for highest market share Augmented Reality and Virtual reality in 2016 and was valued at US$ 4,156 Mn in 2016 in the overall devices segment of the augmented reality and virtual reality market.
The end-user is segmented: consumer and commercial. Commercial segment accounted a CAGR of 46% during the forecast period of the augmented Reality and virtual Reality. In 2016, the consumer segment has accounted the highest market share represents valuation of US$ 3,099 Mn within the end user segment of the augmented reality and virtual reality market.
The application is segmented into gaming, media & entertainment, real estate, retail, education, engineering, healthcare and others Augmented Reality and Virtual Reality. Gaming segment accounted a CAGR of 45% during the forecast period. Gaming segment holds the largest market share in 2016 and was valued at US$ 1,997 Mn in 2016 of the augmented reality and virtual reality market.