Transparency Market Research delivers key insights on the global virtual and augmented reality market. In terms of revenue, the global virtual and augmented reality market is estimated to expand at a CAGR of ~39% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global virtual and augmented reality market.
Augmented reality is an advanced version of the real physical world, which uses technology to deliver digital information on an image and is majorly used in apps for tablets & smartphones. On the other hand, virtual reality is a technology that generates a simulated environment offering real user experiences with the support of computer technology such as special goggles with a screen built-in with sensors.
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The rising trend of virtual reality becoming progressively social & collaborative, along with the rapid penetration of smartphones and tables is expected to offer several growth opportunities to the virtual and augmented reality market during the forecast period. Other factors boosting the demand for virtual and augmented reality includes increasing application of virtual and augmented reality in architecture and increase in research & development investments. As a result, the virtual and augmented reality market is anticipated to witness healthy growth rate during the forecast period.
Virtual and Augmented Reality Market: Dynamics
In the early days, hardware components of virtual and augmented reality were massive in size and less ergonomic. However, for large masses, hardware solution providers prefer providing a headset and controller of smaller size with high mobility focus. The headsets and controllers are expected to become more compact with the option of integration with mobile devices. This may also influence the demand for wireless devices, long battery life, and better ergonomic value in virtual and augmented reality hardware. Headsets currently available in the market, such as Sony Morpheus, HTC Vive Cosmos, Google Daydream, and Epson Moverio Pro BT350 are designed keeping in mind end user comfort and requirement. Furthermore, rising competition among players is expected to drive technology innovations and subsequently drive the demand for compact hardware virtual and augmented reality devices in the future.
Privacy & security are the major challenges that are faced by the augmented reality industry. These issues have occurred due to the unpredictability in augmented reality programming, and negligence & oversight of both the developers and end users of AR devices & apps. Additionally, high initial price of a headset and other supporting augmented reality, virtual reality, and mixed reality hardware devices is expected to restrain the growth of the virtual and augmented reality market.
Virtual and Augmented Reality Market: Prominent Regions
North America is expected to hold the major share of the global virtual and augmented reality market in 2021, owing to high awareness about virtual and augmented reality among users and technological developments. The presence of a large number of virtual and augmented reality players and the high consumer demand led by high consumer disposable income are expected to support the demand for virtual and augmented reality in North America in the upcoming years. The U.S. is likely to be a significant contributor to the virtual and augmented reality market in North America. Europe is anticipated to contribute substantial market share during the forecast period, owing to the demand from media & entertainment, education, automotive, and manufacturing sectors during the forecast period.
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However, the virtual and augmented reality market in Asia Pacific is estimated to expand at a robust pace during the forecast period. Asia Pacific is expected to witness the highest CAGR with major dominance by China, Japan, South Korea, and India by the end of the forecast period. For instance, in February 2021, the Indian Army has acquired ~556 Augmented Reality Head Mounted Display (ARHMD) systems. Rise in penetration of technology as well as significant investment in digitalization of each sector across countries such as India, China, Japan, and Brazil is anticipated to offer lucrative opportunities for providers of virtual and augmented reality in the near future. South America and Middle East & Africa are expected to be high growth potential regions of the global virtual and augmented reality market during the forecast period.
Virtual and Augmented Reality Market: Key Players
Key players operating in the global virtual and augmented reality market are Atheer, Inc., Barco N.V., Blippar.com Ltd., Curiscope, Dell Technologies Inc., EON Reality, Inc., Google, LLC, Honeywell International, Inc., HP Development Company, L.P., HTC Corporation, Magic Leap, Inc., Manus Machinae B.V., Microsoft Corporation, Nokia Corporation, Oculus VR LLC, Qualcomm Incorporated, Samsung Electronics Co., Ltd., Semcon, Sony Interactive Entertainment LLC, and Vuzix Corporation.
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