The global virtual and augmented reality market is estimated to witness a staggering CAGR by the year 2023. “Augmented reality and virtual reality held up as a key technology in business application across the aviation industry. Boeing uses AR headsets to stream real-time information in front of their eyes using voice and video generated commands. Its giant AR technology has allowed the company employees to project rendering of electronic units and examine risk assessment tests more effectively. It is estimated to be a lucrative market attributed to its high growth trajectory and its demand among potential suitors.”
The virtual and augmented reality market is driven by its increasing demand in healthcare and electronics industry. The growing prevalence internet connectivity and information technology have also supported the market expansion. Image latency and fraudulent activities are raising concerns related to user data privacy and protection. This is a vital factor responsible for the market hindrance. Increasing research & development initiatives is projected to serve as a major opportunity, boosting the growth of virtual and augmented reality market. The market is segmented into augmented and virtual reality technologies, based on its technology types.
Geographical segmentation has presented a detailed analysis of virtual and augmented reality market growth prospects across the regions of North America, the Asia Pacific, Europe, the Middle East, and Africa, and Latin America.
The competitive landscape showcases the profiles and business strategies of the major players, along with their recent developments. Some of the dominant players operating in this market include Blippar, Innovega Inc., Catchoom, Laster Technologies, Total Immersion, Metaio Gmbh, Vertalis Ltd, Kooaba AG, Augmented Pixels Co., Kishino Limited, Wikitude Gmbh, Qualcomm Incorporated, and others.
The virtual and augmented reality market competition is escalating at a steady pace with the advent of technological innovation and several Merger & Acquisition activities across the industry. Furthermore, local and regional vendors are offering specific application products for varied end-users. The new vendor entrants in the market are finding it hard to compete with the international vendors based on quality, reliability, and innovations in technology.
The industry players are keen on incorporating restrictive distribution practices, along with selective regulatory measures so as to facilitate research and development activities that would likely benefit customers. Players are entering into business partnerships with fellow contestants and are significantly investing in innovation strategies, which is estimated to drive the cellular vendors to reach new growth markets. The virtual and augmented reality market participants have identified the industry cost structure, supply chain mechanism, major distribution channels, and production capabilities. The new soaring technology is drawing attention through all industry verticals and is set to smash through the market profit barrier.
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (M USD), market share and growth rate of Virtual and Augmented Reality in these regions, from 2012 to 2023 (forecast), covering
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Columbia)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Global Virtual and Augmented Reality market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
• Samsung Electronics
• Microsoft Corporation
• Sony Interactive Entertainment
• Oculus VR LLC
• HTC Corporation
• EON Reality
• Nokia Corporation
• Blippar.com Ltd
• Aurasma Ltd. (Hewlett-Packard Development Company. L.P)
• MindMaze SA
• Manus Machinae
On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
• Hardware (Head Mounted Display, Head Up Display, Glasses, Console, Sensor/Input, Camera, and Projector)
On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Virtual and Augmented Reality for each application, including
• Media and Entertainment
• Defense and Aerospace
Research Support Specialist, USA