Virtual Reality & Augmented Reality Market Worth 1.06 Billion by 2018 – New Report by MarketsandMarkets
(PRWEB) September 24, 2013
According to a new market research report of "Augmented Reality & Virtual Reality Market - By Technology (Mobile & Spatial AR, Semi & Fully Immersive VR); By Sensors & Components (Accelerometer, Data Glove, HMD, ICs); By Applications (Medical, Military, Gaming), By Geography (2013 – 2018)" published by MarketsandMarkets is expected to grow at a CAGR of 15.18% from 2013 to 2018 and reach 1.06 billion in 2018. The data mentioned is for dedicated augmented reality and immersive virtual reality systems only. Separate analysis for mobile based AR and non immersive VR is done.
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Augmented reality is a thriving technology where digital data merge with real world. This technology superimposes the real world with computer generated data which completely changes the user experience. It changes what we hear, feel and see. The augmented reality technology uses virtual reality to amend with the real world. Augmented reality and virtual reality have can offer many wide range of emerging application.
The Augmented reality technology has shown ubiquitous growth in mobile phone technology featured with a camera and a GPS (Global Positioning System) which allow the users to experience the technology beyond their anticipation. By 2015, the augmented reality technology will be widely used in the education field for advanced learning and for teaching technologies. The augmented reality and virtual reality technology will be used to contribute to the projects with smart innovations in future due to its great fascination and potential.
The overall augmented reality and virtual reality market is segmented into four major segments namely: AR & VR components and sensors, AR & VR technology, AR & VR application, and geography. All the major segments are further segmented into sub segments. All the segments and sub segments are separately described in the report.
Global dedicated devices augmented reality market is expected to reach $659.98 million by 2018, whereas the immersive virtual reality market is expected to reach $407.51 million by 2018. The mobile based augmented reality and non-immersive virtual reality market analysis is done separately to maintain the mutual exclusiveness of data sets.
The major driving forces of augmented reality technology and virtual reality are the advancement and in computer technology and internet connectivity. The increased demand in virtual reality and augmented reality application in healthcare industry is a direct cause for a tremendous growth in AR & VR market. The other driving force for virtual reality and augmented reality technology is the consumer demand in m-commerce industry.
The technology used in augmented reality applications, i.e. marker-less is at the apex and is expected to grow rapidly. Major driving factor in this marker-less is use of GPS and compass which are used commonly in smartphones. The technology used in virtual reality application, sensors used, the emerging trends like goggles, contact lens, and further opportunities are described in detail in the report.
Geographical split for every application is included in the report as the market share of different applications of augmented reality and virtual reality market varies from one region to another. This report describes the overall market into four major geographical segments, namely, North America, Europe, APAC, and ROW. North America and Europe is the market leader in the overall augmented and virtual reality market; followed by APAC. In ROW, the Middle East, and Africa are coming up with this technology because of its benefits in wide range of applications.
The major companies included which offer AR & VR technology in various applications are Total immersion (France), Qualcomm Inc (U.S.), Metaio GmBH (Germany), Vuzix Corporation (U.S.), Layar B.V (The Netherlands), Wikitude GmBH (Austria) and so on.
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