The Augmented Reality and Virtual Reality Market worth US$ 130.01 Billion by 2025
The Insight Partners published a report on "Augmented Reality and Virtual Reality Market to 2025", spread over 150 pages categorized under Software, Components (Sensors and Semiconductor Components) and End-user Industries (Retail, Entertainment, Education, Automotive, Medical, Real Estate and Others)" include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The Augmented Reality and Virtual Reality market is estimated to reach US$ 130.01 Bn by 2025 from US$ 4.25 Bn in 2015.
Since the past decade, computer technology has been diversified into many innovative verticals. This has led to a revolution of the way of interacting and thinking of individuals. Some of the key trends in technology such as Big Data, artificial intelligence (AI), internet of things (IoT), 3D printing, cloud computing, home automation, communication systems, and augmented and virtual reality among others are key influencing factors and game changing trends for new businesses. In recent times, they are trending into many other applications to offer vivid experience to the consumers. Companies are using these technologies to attract customers and provide them with more features in buying or decision making experience.
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The market has been broadly classified into two technologies: augmented reality and virtual reality. Currently, virtual reality is leading the market with high adoption rate among the entertainment and in the gaming industries. The virtual reality segment leads the global augmented reality and virtual reality market currently and is expected to lose its market share to the augmented reality segment. The market share of virtual reality accounted for 82.1% of the total market revenue share in 2015.
Though the AR and VR technologies are in the market since a decade, currently they have limited applications and some of the commercial ones are entertainment, education and gaming. The adoption rate is observed to below, as AR and VR are yet to enter the mainstream of market completely. The market is expected to bloom and venture into many other applications areas, however, creating awareness among the target segment poses a challenge and needs to be addressed.
The AR and VR market is categorized on the basis of end-user industries which includes entertainment, retail, education, medical, aerospace & defense, and real estate among others. Also the market is bifurcated on the basis of components which includes sensors and semiconductor components. Geographically, the AR and VR market is divided into North America, Europe, APAC, MEA and SAM
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North America holds the major share of the market in 2015, due to high adoption rate of the technology in various end-user industries and high inflow of investments towards new ventures and applications from major MNC`s such as Microsoft Corporation, Google, Inc. Facebook, Inc., and others. Thus, North America and Europe dominate the global augmented reality and virtual reality market, however, however Asia Pacific is estimated to gain the highest market share during the forecast period. South America is also entering the main stream of AR and VR market, the highest adoption is observed in entertainment segment and the overall growth of South America is estimated to reach 34.2% CAGR during the forecast period 2016 — 2025.
China will experience rapid growth and penetration of AR technology in next five years, this is evident by increasing investments in R&D of AR technology, high adoption rate of smartphones and tablets have been one of the driving factor for AR and VR players. The report profiles key players such as Microsoft Corporation, Oculus VR LLC, Vuzix Corporation, DAQRI LLC, Marxent Labs LLC, Blippar, Total Immersion, EON Reality, Inc. Innovega, Inc., Augmented Pixels Inc., and Catchoom among others.
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