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"Overview of Augmented Reality and Virtual Reality Market"
Global Augmented Reality and Virtual Reality Market Are Expected To Reach US$ 226.2 Bn By 2028, Representing A Remarkable 2020-2028 CAGR Of 34.7%
An increase in demand for offering augmented reality and virtual reality has risen in the market share of these technologies worldwide. Augmented Reality (AR) technology accounts for a higher market share and will grow at 36.97% annually until 2027, which is higher than the market of the virtual reality market. Key drivers for an increase in the market share of these technologies are rise in the need for 3D hardware devices in the health-care sector and augmented reality and virtual reality among, retail and e-commerce sectors.
The education and gaming industry is also surging the demand for these technologies in the market. There are also other industries that are demanding the adoption of these technologies contributing to an increase in their efficacy. The market is boosted by this technology because of its capability in monitoring and security activities across all the industries.
Companies are looking for interactive technologies integrating with their business operations thus, increasing the demand in the market. Especially the automotive industry and manufacturing companies are demanding augmented and virtual reality concepts to be integrated to feel their prototypes at an experiential level. Augmented reality and virtual reality are also being highly utilized by defense institutions worldwide enabling defense personals to experience real war-like situations.
Augmented reality and virtual reality markets are limiting its growth potential due to the limitations in the usage of UI and storage facilities in the phones. Such limitations could be overcome by incorporating cloud storage systems in mobiles and other techniques that could contribute to organizational growth. There are advancements in technologies that are enabling businesses to integrate their operations along with the technologies which are boosting organizational efficiency.
Aerospace and Defense segment is projected to have the prominent market share in the Global Market:
Augmented and Virtual Reality Market in Aerospace and Defense Industry is accounted to cross $2,627.9 Mn by 2027 growing at a rate of 39.1% from 2019 to 2028. The technology offers the ability to monitor and provide security in the aerospace and defense sectors enabling a rise in their operations. The Augmented and Virtual reality technologies are considerably being utilized in the defense sector hence utilized for simulation and visualization, and for safety purposes in the war field.
There is a high demand for tethered and standalone systems encouraging the virtual reality systems in defense mechanisms. These tethered systems enable the wearable in aerospace and defense sectors to have a significant contribution hence stimulated the market demand. The capability of providing overlay information at a given point of time by the augmented reality is one of the key factors in rising for this technology demand in the aviation industry. Visualization for navigation in aviation enables the pilots to gain easy understanding and operate efficiently in the defense field.
Aerospace and defense investments are high among the developed nations rising the demand for augmented and virtual reality due to its prominent usage in this segment. This segment is one of the heavy investment sectors that are boosting the market share of augmented and virtual reality. This segment is also highly proliferated and the application of this technology is observed to be having high applicability and demand in order to reach efficacy in product usage. There are significant opportunities present for the organizations involved in the development of augmented and virtual reality technologies.
North America Accounted For The Highest Growth In The Augmented And Virtual Reality Market:
The market for augmented and virtual reality is led in the North American region because of the advancements in its technology and economic development. This region has consistent investments in the augmented and virtual reality market for its advancements in technology and improving efficacy in the desired industry. The R&D investments are high by the organizations operating in these regions in order to cater to a wide range of customers globally that is increasing the demand for this technology. Government regulations to promote eco-friendly products is also one of the contributing factors, because of the ability to use minimal hardware is driving the market growth of augmented and virtual reality technology.
Due to such activities, North America is considered as a major contributor in this industry. This region has a high demand for augmented and virtual reality to utilize them majorly in the defense sector and other creative industries such as video games, manufacturing, and internet of things among others. The cultural shift in this region due to the considerable amount of immigration has increased the demand for augmented and virtual reality market in recent times. It has also been observed that social-economic changes in this region are also impacting the demand for augmented and virtual reality in this market.
One of the prominent players in the industry of augmented and virtual reality is Alphabet Inc., which is unleashing various opportunities in the global market. The company is headquartered in the U.S. and has revenue generated of USD 136.8 billion and a net income of USD 30.72 billion in 2018.
Other key players competing in this industry are listed as follows: Artificial Life Inc., CAE Healthcare, EON Reality, Facebook, Foursquare Labs Inc., GE Healthcare, Hologic Inc., HTC., Immersion Corp., Intuitive Surgical Inc., Medtronic, and Microsoft
Key segments of Augmented and Virtual reality market:
- Academic Institutes
- Hospitals and Clinics
- Research and Diagnostics Laboratories
- Pharma Companies and Research Centers
- Advertising and Government Agencies
- Other End Users
- Augmented reality
- Virtual reality
- North America
- Asia Pacific
- Latin America
- Middle East & Africa