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.
