The global virtual and augmented reality market
is extremely competitive with leading players having extensive
geographical reach. However, the threat of new entrants is low. Top
players within this market are making huge investments in the research
and development in this field so as to come up with innovative products
and have a strong foothold in the market. With the presence of small
players developing virtual and augmented reality products for niche
application areas, this market is expected to become more dynamic,
states Transparency Market Research (TMR) in its recent research report.
The leading companies operating within the global virtual and augmented
reality market include: Google, Inc., Microsoft Corporation, Sony
Interactive Entertainment LLC, HTC Corporation, and Oculus VR LLC. It is
anticipated that the growing application areas of virtual and augmented
reality across various end user industries will give the players
immense growth opportunities on which to capitalize.
According to TMR, the global virtual and
augmented reality market is anticipated to expand at a stupendous and
whopping CAGR of 92.50% between 2016 and 2024. On account of this
exponential expansion by 2024, this market will cross the figure of
US$547.20 bn. On the basis of component, virtual and augmented reality
market is currently being led by the hardware segment which is in fact
estimated to retain its leading position throughout the forecast period
on account of the high demand for technologically advanced mixed reality
technologies such as head-up display in the automotive sector.
On the basis of geography, Asia Pacific
is witnessing a spectacular growth in the virtual and augmented reality
market. China is estimated to be the leading domestic market within Asia
Pacific. However, North America is expected to continue to lead in the
market. The contribution from the Middle East Africa and South America
is low at present, but may increase in the years to come.
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Application of AR in Vehicles for Enhanced Safety to Boost Growth of Market
The global virtual and augmented reality
market is witnessing and exponential growth on account of the increasing
number of application areas across diverse industries such as
education, health care, construction, retail, entertainment, media,
gaming, automotives, aerospace, and defense. The major reason behind the
expansion of the application areas of virtual and augmented reality is
the substantial advancements in the software and hardware of virtual
reality and augmented reality technologies. The advanced virtual reality
technology applications of head mounted display in vehicles has
increased and is one of the key factors boosting the growth of the
virtual and augmented reality market overall. The application of
augmented reality in head mounted display is offering vehicle drivers
much more control of vehicles and enhanced comfort and safety levels.
High Growth Opportunities Ahead as Cost of Software to Drop with Increasing Commercialization of AR and VR Technologies
The advancements in human machine
interface has led to a more interactive and informative interface for
drivers which will bolster the growth of the virtual and augmented
reality market. Increasing efforts by developers and technical
considerations by original equipment manufacturers (OEMs) so as to
improve the functionalities of AR and VR will drive the growth prospects
of this market. On the other hand, extensive funds are required for the
research and development in this sector. The high cost of these devices
will also deter their adoption. Nevertheless, the consistent
innovations in virtual and augmented reality will continue to expand the
potential of growth opportunities for players. In addition to this, it
is expected that over the years, the cost of software will come down
with increasing commercialization of augmented and virtual reality
technologies. This will further the adoption of these technologies.
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