Augmented reality is the integration of digital and real environment in real time, whereas virtual reality provides real life-like experience to the users through a digital environment. Virtual and augmented reality facilitates various applications such as providing a virtual tour of the house to prospect buyers, watching a football game in immersive augmented reality or interacting with doctors remotely. Moreover, increasing technical advancement such as development of head mounted displays and smart glasses along with decline in product prices is expected to propel growth of the market. Deployment of next-generation 5G networks with high stability and bandwidth is expected to contribute to growth of the virtual and augmented reality market. Moreover, live streaming of videos on social media and other websites, and tourism are expected to accelerate growth of the market.
the augmented and virtual reality market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The Asia pacific region market is projected to grow with highest CAGR in the forecast Period. India, China, Japan are some of the major countries which drives the augmented reality and virtual reality market in this region.
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Rising trend of adopting virtual and augmented reality technology in various application such as videogames, engineering, healthcare, live events, video entertainment, real state, retail, military, and training & education have accelerated the market growth, globally. Adoption of augmented and virtual reality technology in military application helps to provide better training to soldiers. Combat training, flight simulation, battlefield simulation, and vehicle simulation are some of the virtual reality application used in the military and defense segment. For example: the U.S. DoD has adopted virtual and augmented reality to reduce its training budget. According to US Navy, the Navy will invest US$ 6 billion to US$ 6.12 billion per year for training and simulation purpose from 2016 to 2021.
Detail Virtual or Augmented Reality Market Segmentation:
Global Virtual or Augmented Reality Market, By Component:
Global Virtual or Augmented Reality Market, By Application:
Training and Education
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Some of the major companies in the global augmented and virtual reality market are Blippar Inc., Cyberglove Systems LLC., Daqri LLC, EON Reality, Inc., Google Inc., Infinity Augmented Reality Inc., Magic Leap, Inc., Meta Company, Metaio GmbH, Microsoft Corporation, Oculus VR, LLC, Osterhout Design Group (ODG), Qualcomm Inc., Samsung Electronics Co., Ltd., Vuzix Corporation.
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