Augmented Reality Market and Virtual Reality Market Overview:
As per an online release by Forbes in 2017, 98% of cinema screens in China were 3D. Such developments in one of the leading entertainment-content country-wide industry indicates firmly the alternations being demanded by viewers. Owing to such demand, augmented reality market and virtual reality market are gaining traction. AR and VR tools inhibits the confinement of human physical possibilities and relishes one’s quest for all sorts of endeavors. Augmented reality market and virtual reality market growth is not only fueled by entertainment content but also expands to healthcare, aviation, and defense sectors in particular. Owing to such tremendous scope of application in flourishing sectors, augmented reality market and virtual reality market are collectively valued at around $11 billion - $13 billion as of 2018 and owing to its convergence with the $100 billion gaming sector, it is progressing at a global CAGR of 35% - 38% during the forecast period of 2019 to 2025.
AR Market and VR Market Outlook:
Augmented reality resides the real-world with computer-generated information and multiple sensory modalities such as the haptic, accelerometer, and auditory. Virtual reality is a computer-engineered 3D environment, which entirely submerges end users in a virtual world aided by motion sensors and gyroscopes without seeing the real-world. After an acute analysis of augmented and virtual reality market application segments, gaming sector is detected to be dominating over aerospace, healthcare, and defense, progressing with an application CAGR of 37% - 41% going through 2025. Sony Corporation, one of the leading manufacturers and innovators in the global gaming forum, asserted in their 2018 annual report a significant 10% of increase in Q3 of FY 2018 from Q3 of 2017 in their gaming segment. It was confirmed by their top representative that their game & network services business has grown into the Sony Group's largest business in terms of both sales and operating income.
Being one of the most advanced settlement in terms of cutting-edge technology being implied in all its industrial operations, North America is reckoned to be dominating the global augmented reality market and virtual reality market demand. This region, housing some of the pioneering players such as Google Inc., Microsoft Corporation, and Facebook, is responsible for a substantial 34% of the global demand as of 2018. Such dominance can be attributed to its existing healthcare, aerospace, defense, and retail management sector already equipped with sound technologies compatible for the adoption of augmented and virtual reality gears such as smart glasses and virtual retinal display.
Augmented Reality Market and Virtual Reality Market Growth Factors and Trends:
- Engineers can use AR headsets for on job improvisation centered to the fact that the human mind processes technical information more efficiently presented in a 3D format faster than having to translate it from a 2D perspective. VR is becoming an integral backbone of numerous drill programs for future accident and emergency doctors, aiding for better preparation of practitioners for surgery using VR systems, before having to commence actual patients.
- A classic business application example of AR headsets can be derived from the manufacturing process of Boeing, 78-7 Freighter. Google Glass is being employed by aircraft engineers during wire assembly process to visualize the information right before their eyes, with video and voice instructions, for efficient and faster operations.
- Amazon, uses AR technology to allow customers to project versions of furniture and electronics into their households to help analyze physicalties.
- Aerospace and military training is well optimized with the application of augmented and virtual reality devices to create real-life situations for trainees and also to keep a detailed tracked of their performance. AR and VR device’s convergence with IoT can transform the situations to be more genuine and apt for effective learning.
AR Market and VR Market Challenges:
Absence of efficient user experience design and sluggish growth in the underdeveloped economies are probable to hamper the market progression. 3D interface design is an intricate and expensive procedure. Moreover, only a few people are available with the essential design expertise to overcome these concerns. On the different side, surge in influx of investments in the market is forecast to be an augmented and virtual reality market driver.
Augmented and Virtual Reality Market Players Perspective:
Some of the key players active in the augmented and virtual reality market are Google, Microsoft, Oculus VR (Facebook), Sony, Samsung Electronics, HTC, PTC, Wikitude, GmbH, Magic Leap, Osterhout Design Group, Daqri, Blippar, Upskill, Continental Visteon, Eon Reality, Vuzix, Zugara, and MAXST.
Augmented and Virtual Reality Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Augmented and Virtual Reality Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various gears and apparatuses in Augmented and Virtual Reality Market, and their specific uses.
The Augmented and Virtual Reality Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Augmented and Virtual Reality Market Report
1. Is the market for the AR and VR growing? How long will it continue to grow and at what rate?
2. Which type of systems presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 for Augmented and Virtual Reality Market?
A few focus points of this Research are given below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future AR and VR market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.