Despite taking longer than usual to evolve into a mainstream consumer product, upcoming augmented reality gadgets, which combine the virtual world with the real world through sophisticated devices, are forecast to emerge as a thriving business by 2024. Virtual reality (VR) technology has been existent for several years now and augmented reality (AR) has now emerged as an advanced variant of VR.
Augmented reality provides a live direct or indirect view of the users’ real-world environment with elements that are augmented using computer-generated images and data. Virtual reality, also known as immersive multimedia, is a computer technology used to replicate an environment, real or imaginary, to simulate the viewer’s physical presence in a way that allows the viewer to interact with the environment.
AR technology has been exhibiting ubiquitous growth in the world of smartphones featuring global positioning system (GPS) and a camera. These features allow users to experience technology beyond their imagination. The growth reported by the AR market has been incredible and in the last year it successfully penetrated the field of advanced learning and teaching technologies. Additionally, virtual and augmented reality technologies will be increasingly used in projects related to smart innovations in the coming years ahead.
The report provides an executive-level blueprint of the global virtual and augmented reality market. It analyzes the strategic contribution of the novel technologies on the virtual and augmented reality market and provides refined forecasts pertaining to the market’s growth prospects. It compiles valuable information pertaining to the applications of VR and AR and reviews the present business models that have been put into practice by the existing players. Opportunities in the market for the entry of new companies have been also evaluated in the report.
Virtual and Augmented Reality Market: Key Trends and Opportunities
The global virtual and augmented reality market is segmented into AR and VR components and sensors, applications, technologies, and geographical segments. The market is gaining impetus from the introduction of the latest advances in Internet connectivity and computing technology. The growing application of AR and VR in the healthcare industry has been a crucial factor fuelling demand from the market.
Enterprises operating in the virtual and augmented reality market have also been capitalizing on rising consumer demand in the m-commerce industry. As the use of GPS and other advanced features in smartphones increases, the demand for virtual and augmented reality is anticipated to rise significantly in response. Apart from smartphones, the technology is also integrated in smart glasses and lenses, the demand for which has been increasing at a rapid pace over the past few years.