AR and VR Market Research Report

 

The GMI Research forecasts that the AR and VR market is witnessing an upsurge in demand over the forecast period. This is mainly due to the growing penetration of smartphones and connected devices in several applications and technological development in the gaming industry.

Introduction of the AR and VR Market:

Augmented Reality (AR) and Virtual Reality (VR) refer to technologies that visualize virtual surroundings using a device or over a surface/platform. Digital information is implemented in augmented reality with the consumer's environment in real-time. It is an improved version of the real physical world using visual elements, sound, or other sensory stimuli. Virtual Reality (VR) refers to an artificial environment and designed with software that, when presented to the consumer, they accept it as a real environment. Virtual reality is majorly experienced through two sights and sounds. 3D-movies that require 3D glasses is an appropriate example of VR.

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AR and VR Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

The major factor surging the growth of the augmented and virtual reality market at a global level include the growing penetration of smartphones and connected devices in several applications and technological development of the gaming industry. Moreover, the strong demand for augmented reality and virtual reality in the retail and e-commerce industry further drives market growth. The growing demand for augmented reality devices in healthcare for patient care management & medical training as well as in education and in retail/e-commerce as the trend of online shopping is boosting the growth of the market. In addition to this, the factor bolstering the growth of the AR and VR market include rising investment and funding in virtual reality and augmented reality by tech giants for the expansion of virtual reality and augmented reality solutions.

The emerging trends of smart manufacturing, increasing use of virtual reality in aerospace & defense for training and simulation purpose, strong demand of augmented reality in architecture, growing penetration of head mount in gaming, healthcare, and architecture application, followed by integration of Artificial Intelligence (AI) & Machine Learning (ML) are some other factors contributing to the growth of the AR and VR market share in terms of revenue in the upcoming years. On the other hand, the factors hindering the market growth include processing power, lack of user interface, limited storage of augmented reality devices, and health concern owing to low resolution and security concerns.

Key Players of the Global AR and VR Market:

·        Google LLC

·        Microsoft Corporation

·        Oculus VR

·        Samsung Electronics

·        Sony Corporation

·        HTC Corporation

·        Magic Leap, Inc.

·        Wikitude GmbH

·        PTC Inc.

·        DAQRI

·        Apple Inc.

AR and VR Market Segmentation:

Segmentation by Offering:

·        Hardware

o    Sensors

§   Accelerometer

§   Gyroscope

§   Magnetometer

§   Proximity Sensor

o   Semiconductor Component

§   Controller and Processor

§   Integrated Circuits

o    Displays and Projectors

o    Position Trackers

o    Cameras

o    Others

·        Software

o    AR Software

§  AR Remote Collaboration

§   Workflow Optimization

§   Documentation

§   Visualization

§   3D Modeling

§   Navigation

o    VR Content Creation

Segmentation by Device Type:

·        Augmented Reality Devices

o    Head-Mounted Display

§   AR Smart Glasses

§   Smart Helmets

o    Head-Up Display

o    Handheld Device

·        Virtual Reality Devices

o    Head-Mounted Display

o    Gesture-Tracking Device

§   Data Gloves

§   Others

o    Projector & Display Wall

Segmentation by Application:

·        Augmented Reality Applications

o    Consumer

§   Gaming

§   Sports & Entertainment

·         Entertainment Applications

·         Museums (Archaeology)

·         Theme Parks

·         Art Gallery & Exhibitions

o   Commercial

§   Tourism & Sightseeing

§   E-Learning

§   Retail & E-Commerce

·         Jewelry

·         Beauty & Cosmetics

·         Apparel Fitting

·         Furniture & Lighting Design

·         Grocery Shopping

·         Footwear

o   Enterprise

o    Healthcare

o    Aerospace & Defense

o    Energy

o    Automotive

o    Others

·        Virtual Reality Applications

o    Consumer

§   Gaming and Entertainment

·         Sports

o    Commercial

§   Retail

§   Education and Training

§   Travel and Tourism

§   Advertising

o   Enterprise

o   Healthcare

§   Surgery

§   Patient Care Management

§   Fitness Management

§   Pharmacy Management

§   Medical Training and Education

o    Aerospace & Defense

o    Others

§   Automotive

§   Real Estate

§   Geospatial Mining

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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