Global Virtual and Augmented Reality Market: Rapid Pace of Technological Advancements to Lead to Prolific Growth

The global virtual and augmented reality market features a highly dynamic and challenging competitive landscape with the presence of a large number of some of the world’s leading technology firms as well as some small-scale niche players, observes a recent report by Transparency Market Research. International technological giants operating in the market, such as Google, Inc., Oculus VR LLC, HTC Corp., Microsoft Corp., and Sony Interactive Entertainment LLC have the benefit of well-established brand images, vast funds for R&D activities, and excellent global reach.

Virtual and Augmented Reality Market: Segmentation

This research report provides an in-depth analysis of the global VR and AR market based on component, end-use application, and geography. The global VR and AR market is categorized based on component types into hardware, software, and services. Furthermore, the report provides additional breakdown of hardware component into head mounted display, head up isplay, glasses, consoles and Sensor/Input, and others (Camera and Projector). Consoles include headset which use smartphone or tablets to display VR and AR based images to the end-user. The end-use applications for the global VR and AR market are healthcare, education, retail, gaming, construction, media and entertainment, automotive, defense & aerospace, and others (manufacturing and energy). The report further breakdown the segments as per VR and AR separately. The report analyzes each of these segments for various geographies considered under the scope of the study.

Based on geographical regions, the report segments the global VR and AR market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America, which are analyzed in terms of revenue generation. North America is further segmented into the U.S. and Canada, while Europe is divided into the U.K. and Germany. Asia Pacific is subdivided into China and India. Also, MEA is further segmented into South Africa and the GCC, while South America is subdivided into Brazil and Argentina. The report further provides cross-segmentation analysis of the segmentation as per the countries.

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Global Virtual and Augmented Reality Market: Snapshot

The global market for virtual reality (VR) and augmented reality (AR) encompasses some of the most exciting and highly anticipated technological advances of present times. With a vast array of applications already being exploited in a number of industries such as healthcare, education, retail, and consumer goods, and many more expected to be seen in the near future, virtual and augmented reality are on the cusp of becoming mainstream in the digital world.

Transparency Market Research estimates that the market will exhibit a staggering 92.5% CAGR over the period between 2016 and 2024. Fast pace of technological advancements in terms of hardware as well as software components of VR and AR devices and the vast funds invested by technology giants towards the research and development in this field will continue to make this field richer and more lucrative in the near future.

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Developed Markets to Continue to Lead in Terms of Adoption

North America, Europe and Asia Pacific are expected to be potentially lucrative markets for AR and VR in the coming years. Of the key components of typical VR and AR systems, both service and software segments are expected to register higher growth as compared to the hardware segment in these regions over the forecast period. In 2015, North America dominated, accounting for a nearly 79% of the global market.

In 2015, media and entertainment segment held the largest share among all end-use applications in Europe. The Asia Pacific market is expected to exhibit a staggering 116.8% CAGR over the forecast period. Hardware segment, followed by the service segment, are expected to contribute the most significant share in the global market by 2024. China would be the most promising market in the Asia Pacific region over the forecast period.

Middle East and Africa (MEA) and South America are expected to contribute relatively lower revenue to the global market but exhibit steady growth over the forecast period. The hardware segment for both MEA and South America is expected to emerge as the most prominent segment in terms of VR and AR components as compared to the services and software segments by 2024.

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