A new market intelligence study by Transparency Market Research presents a detailed overview of the global virtual and augmented reality market. The report is titled “Virtual and Augmented Reality Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” The market research study provides a comprehensive analysis of the current trends, growth drivers, factors limiting growth, and projections of the market for the period from 2016 to 2024. The report provides an executive-level outline of the global virtual and augmented reality market.
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Virtual reality is a computer technology used to replicate an environment, real or imagined, to stimulate the viewer’s experience in such a way that it allows the viewer to interact with the environment. While virtual reality has been around for quite some time now, augmented reality is emerging as an advanced version of virtual reality. Augmented reality is the blending of virtual reality and real life, wherein the developers create images within applications that blend in with the elements of the real world. Augmented reality enables users to interact with the virtual contents in the real world.
The upcoming augmented reality gadgets are combining the virtual world with the real world through sophisticated and technologically advanced devices, and is expected to boost the global virtual and augmented reality market in future. Augmented reality provides a view of the real world environment with elements that are developed using computer generated data and images. Augmented reality is witnessing high growth owing to the rising penetration of smartphones with a camera and GPS, allowing users to experience technology beyond imagination and expectations.
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The growth of the augmented reality market has been incredible due to the penetration of this technology in the advanced learning and teaching fields. Furthermore, virtual and augmented reality technologies are expected to be increasingly used in projects relating to smart innovations in the upcoming years, thus boosting the market. Several enterprises operating in the virtual and augmented reality market are capitalizing on the rising demand of consumers for these advanced technologies. As the use of camera, GPS, and several other advanced features in smartphone is increasing, there is a heightened demand for virtual and augmented reality technologies by consumers. Moreover, integration of these technologies in smart glasses and lenses will ensure the market’s growth in a rapid pace during the forecast period.
The report profiles the key players operating in the virtual and augmented reality market such as Total Immersion (France), Qualcomm Inc (the U.S.), Vuzix Corporation (the U.S.), Wikitude GmBH (Austria), and Metaio GmBH (Germany).