“Augmented reality and virtual reality market to grow at a CAGR of 75.72% and 57.84%, respectively, between 2016 and 2022”
The global augmented reality market was valued at USD 2.35 billion in 2015 and is estimated to reach USD 117.40 billion by 2022, at a CAGR of 75.72% between 2016 and 2022. The market for virtual reality technology was valued at USD 1.37 billion in 2015 and is projected to reach USD 33.90 million by 2022, at a CAGR of 57.84% between 2016 and 2022. The virtual reality technology comprises 3D artificial environment, in which user can interact with the virtual world. This technology is used in various applications such as gaming, entertainment, and for simulation and training purposes in aerospace & defense, medical, industrial, commercial, and consumer verticals. The estimated growth rate of AR technology is higher than VR technology due to the interest shown by many established players.
“Increased adoption of HMDs for gaming, entertainment, and medical among other applications would contribute to the growth of the AR and VR market”
The increased use of HMDs in the AR and VR market is due to growing gaming and entertainment sectors. The market for HMDs is growing gradually with their increasing use in the gaming application. Companies such as Oculus VR, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), and Microsoft Corporation (U.S.) are developing HMD devices that are technologically advanced and cost effective. Apart from HMDs, gesture tracking devices, projectors, and display walls are also used in various VR applications for simulation and training purposes.
Augmented reality-based HMDs are used for various purposes in automotive, tourism, military, gaming and education among others. The huge adoption of mobile augmented reality would help in the dynamic growth of this market. Also, the growing investments by the large tech companies would be a driving factor.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
- By Designation: C-Level - 35%, Directors - 25%, and Others - 40%
- By Region: North America - 45%, APAC - 20%, Europe - 30%, and RoW - 5%
The major key players offering various products in the augmented reality and virtual reality market include Google, Inc. (U.S.), Oculus VR LLC (U.S.), Microsoft Corporation (U.S.), Samsung Electronics Co. Ltd. (South Korea), Qualcomm Inc. (U.S.), Infinity Augmented Reality Inc. (Israel), Blippar.Com Limited (U.K.), DAQRI LLC (U.K.), Osterhaut Design Group (U.S.), Magic Leap Inc. (U.S.), and Metaio GmbH (U.S.), Meta Company (U.S.), Vuzix Corporation (U.S.), CyberGlove Systems Inc. (U.S.), and Eon Reality Inc. (U.S.).
Reasons to Buy the Report:
- This report includes the market statistics pertaining to technology, component, device type, vertical, and geography, along with their respective revenue.
- The Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the augmented reality and virtual reality market.
- Major drivers, restraints, challenges, and opportunities for the augmented reality and virtual reality market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for markets based on technology, component, device type, vertical, and geography have been conducted to give an overall view of the augmented reality and virtual reality market.
- A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.