Global Augmented Reality (AR) and Virtual Reality (VR) Market was valued US$ XX Bn in 2019 and is expected to reach US$ X4X.X Bn by 2027, at CAGR of X6.X1% during forecast period.
Global Augmented Reality (AR) and Virtual Reality (VR) Market
Augmented Reality and Virtual Reality Market Overview:
The world is totally absorbed with the two technologies, AR and VR. An incredible combination of these two has come into existence, which is a comprehensive reality, recognized as mixed reality. It is a smooth crossing among AR & VR and associations the best of both virtual worlds. Rising awareness about this technology between the consumers in both developed as well as emerging economy, rapid adaptation of AR and VR technology between several industry domains along with a merger of AR and VR to develop the mixed reality that can be employed for prospective applications, propelling the growth of the market. VR supports application of computer technology in order to develop a virtual environment. On the contrary, AR coats computer-created developments over a present reality that increases interaction ability of this system.
Global Augmented Reality (AR) and Virtual Reality (VR) Market Dynamics
Global AR and VR market has been driven by several key factors, mostly rapid growth in implementation of tablet computers and smartphones, technological development, extreme concentration of key players in the AR and VR system along with broad mobility and versatility. It has been observed that the AR and VR systems are becoming accessible to consumers via several mediums like platforms and devices. Additionally, smartphones are widely being used as input expedients for observing the VR situation, particularly for the virtual reality gaming applications. Furthermore, the rising penetration of smartphones and tablet computers is widely providing towards the growth of the AR and VR market across the globe. The tablet and mobile based AR and VR technology is witnessing rapid application form the key players working in education, interior designing, e-commerce, architecture, and furnishing. These factors are thereby attributing towards the prompt growth of the AR and VR market globally.
Key factors hampering the growth of the AR and VR market are advancement of user-friendly VR systems together with disturbing health concerns because of the use of AR and VR technology. Certain health anxieties that are detected from the use of this system comprise motion sickness, eyestrain, and nausea that are usually extreme for health due to the persistent effect on the eyes. Also, because of these health impacts, the demand for AR and VR technology is impacting in a negative manner.
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Globally, industry players of AR and VR market are holding market growth through mergers and acquisitions, technological developments and strategic developments. The prompt improvement of new products are thereby amplifying the demand for AR and VR market globally. For example, Samsung along with Oculus VR has recently developed VR devices for extensive utilization of huge mass along with key smartphone players. These accomplishments are thereby amplifying the growth of AR and VR market across the globe.
Asia-Pacific is expected to witness XX% growth in the global AR and VR market during the forecast period. The growth of this market is attributed towards growing investment in defense and commercial domain in this region. The presence of a large number of display board industrialists together with technological developments are the key factors boosting the growth of AR and VR market. Also, emphasizing growth in automotive and healthcare domain in a country such as Japan is anticipated to further drive the growth of AR and VR market in the near future