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Augmented reality (AR) adds digital elements to a live view by using the camera on a smartphone for a user. Virtual reality (VR) involves a complete immersion experience that shuts out the physical world and users can experience unrealistic environments such as the middle of a squawking penguin colony, a space trip etc. The global gaming market is expected to reach a record high of US$ 180.1 Bn in 2021 from US$ 137.9 Bn in 2018. This growth in the gaming market would contribute directly in the global augmented and virtual reality markets.
Some of the key trends observed in augmented reality and virtual reality market include launch of smart glasses and other augmented and virtual reality-based devices, mobile apps, and gaming consoles by tech giants such as Google and Sony Corporation. Furthermore, Augmented and virtual reality technologies being used for collaborative seminars, meetings, public lectures, flight training, military training, training for nurses & medical professionals, and self-learning process etc. would increase the growth of AR and VR market. Furthermore, demand of the technology from the many industries including tourism, healthcare etc. are the major factors driving the growth of the AR and VR market.
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Some of the key players in the augmented reality and virtual reality market are Samsung Electronics Corporation Limited, Qualcomm Technologies Inc., Intel Corporation, Microsoft Corporation, Himax Technologies Inc., Seiko Epson Corporation, Sony Corporation, Google LLC, PTC Inc., and Vuzix Corporation
Segmentation of the Global Augmented Reality and Virtual Reality Market, 2018 – 2026
· Augmented Reality (AR) devices
· Virtual Reality (VR) devices
· Aerospace and Defence
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Introduction of mixed reality (MR) from the integration of AR and VR offers immense growth opportunities to players in augmented reality and virtual reality market. Wayfair Inc., an American ecommerce company allows its customers to visualize furniture in their home before purchasing through smartphones. Additionally, users would also get the advantage to develop products according to their preference by using a 3d model of objects during shopping.
North America has been dominating the overall AR and VR market, due to the early and rapid adoption of new technology by the masses and the presence of several augmented & virtual reality companies. The U.S. is a major contributor to the growth of the augmented and virtual reality market in North America. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to rise in adoption of technologically advanced solutions, increase in application areas among end-use industries, and surge in penetration of smartphones in the emerging economies such as China and India. Overall, AR and VR investment in the Asia Pacific is expected to grow 68.5 percent yearly from 2018 to 2026.
In Latin America, the penetration of the internet is greater than 50 percent, and most users (90 percent) access the web through smartphones. Thus, expecting a substantial growth of AR AND VR market in the region, since the technology is directly linked to mobile devices.
Key Industry Developments
· 2017: Gesture-controlled and voice Assistant-controlled AR devices were launched by major players in 2017.
· 2018: Sony Corporation patented a VR headset that combats simulation sickness with eye-tracking and more. According to the patents, the headset would use these features to establish a health threshold value.