According to the new report "Augmented Reality and Virtual Reality Market by Device Type (HMD, HUD, Handheld Device, Gesture Tracking, Projector and Display Wall), Component (Sensor, Display, Camera, and Software), Vertical, and Geography - Global Forecast to 2022", the global augmented reality market is expected to reach USD 117.40 Billion by 2022, at a CAGR of 75.72% between 2016 and 2022.

The augmented reality market would increase dynamically in the near future owing to the high penetration of HMDs in the market. The global virtual reality market is expected to reach USD 33.90 Billion by 2022, at a CAGR of 57.84% between 2016 and 2022. The increasing demand for AR and VR technology-based products in various verticals such as consumer, aerospace & defense, commercial, and medical is responsible for the market growth.

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Increasing demand for HMDs enabled with augmented reality and virtual reality in medical and commercial verticals would propel the market growth

Augmented reality technology-based HMDs have a large application in medical and commercial verticals that would drive the market. In the medical vertical, they are used in training with the help of 3D models and in surgeries. They also are used in marketing, retail, and advertising in the commercial vertical.

Software components held the largest market share in 2015 and are expected to exhibit highest growth during the forecast period

The augmented reality and virtual reality market based on technology comprises hardware components and software components. The software component includes software solutions, software developer kits, and cloud services that are implemented in several hardware devices. The augmented reality and virtual reality market for the software component is expected to grow at the highest CAGR between 2016 and 2022 owing to the high demand of software apps for gaming and other applications.

APAC is expected to witness high growth during the forecast period and hold the largest market share

The APAC region is the fastest-growing market because of the growing consumer market in countries such as China, Japan, South Korea, and others. There are many startups in APAC; considering the growing demand for AARVR in various verticals, many established companies in the North American are investing in this region through strategic partnerships and collaborations with new players. They also aim at providing the necessary infrastructure to encourage the adoption of the technology in the market.

The market is dominated by major players such as Google Inc. (U.S.), Metaio GmbH (Germany), Infinity Augmented Reality Inc. Oculus VR, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Eon Reality, Inc. (U.S.), Vuzix Corporation (U.S.), CyberGlove Systems Inc. (U.S.), Microsoft Corporation (U.S.), and others.

The report describes market trends and drivers & challenges for the growth of the global augmented reality and virtual reality technology market, and estimated market size between 2016 and 2022. The global AR and VR market is segmented on the basis of technology, device type, component, vertical, and geography. This global report provides a detailed analysis of the market across North America Europe, Asia-Pacific, and RoW.

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