- The latest research report published by Transparency Market Research pertains to the global virtual and augmented reality market for the historical period of 2018–2019; 2020 is the actual year, and the forecast period is 2021–2031. Increasing penetration of tablet computers, smartphones, and technology implementation among enterprises, and the focus of vendors on price reduction of virtual and augmented reality devices are the key factors leading to the growth of the virtual and augmented reality market. Increasing application of virtual and augmented reality in verticals such as aerospace & defense, manufacturing, healthcare, education, gaming, construction, retail & eCommerce, media & entertainment, and automotive is anticipated to propel the market during the forecast period.
- In terms of revenue, the global virtual and augmented reality market is estimated to exceed value of US$ 1.7 Trn by 2031, expanding at a CAGR of ~ 39% during the forecast period
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Rise in Demand for Virtual and Augmented Reality Devices and Applications in Healthcare Sector: A Key Driver of Market
- Virtual and augmented reality plays a vital role within the healthcare sector. Virtual and augmented reality technologies are used to deliver the virtual sight of a patient to a surgeon to help the surgeon conduct endoscopic surgery. Virtual and augmented reality technologies are used to build immersive mobile apps faster by using tools such as ARKit & AR core, which enables programmers to construct virtual and augmented reality apps for healthcare that sense their position in the physical environment and helps to display static or three dimensional models. The tool Unity is a powerful game engine and the platform to build virtual and augmented reality projects, and to render three dimensional elements superimposed in augmented reality experiences. The benefit of this tool is that it helps to create experiences for different platforms such as Windows, Android, IOS, Linux, and Mac. The use of virtual and augmented reality for training doctors, improving fitness, managing pharmacy, teaching difficult subjects to medical students, and caring & supporting patients once they leave the hospital are some of the major factors expected to boost the adoption of virtual and augmented reality in the healthcare sector during the forecast period.
- COVID-19 has effectively reset all the sectors. Presently, technology is the backbone of all sectors, as retail, manufacturing, education, etc., can use technology to provide touchless services to customers. Demand for mobile virtual and augmented reality has been increasing during the COVID-19 pandemic.
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Inclusion of AI with Virtual and Augmented Reality for Analytical Applications
- Artificial intelligence involves the use of the algorithm to analyze datasets and come up with real-time solutions for complex problems. VR and AR produce a large amount of datasets in the background while creating a virtual environment for the end user. Thus, by combining artificial intelligence-based image recognition and deep learning technology, developers would be able to draw insights on user thinking perspectives and manipulate the virtual environment as per user requirement. This would help the user to better involve/connect and experience the virtual environment. The application of both technologies is expected to increase in education, manufacturing, automotive, and aerospace sectors in the upcoming years.
- Thus, inclusion of artificial intelligence with virtual and augmented reality is expected to create lucrative opportunities for the virtual and augmented reality market during the forecast period
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Virtual and Augmented Reality Market: Competition Landscape
- Detailed profiles of providers of virtual and augmented reality have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- 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
- Vuzix Corporation
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