According to a recent market research report by TMR Research, the global market for augmented reality (AR) and virtual reality (VR) will see a sharp rise in its valuation over the period between 2017 and 2025 owing to the exponential rise in demand for AR and VR services and features in consumer electronics products. The report is titled “Augmented Reality and Virtual Reality Market – Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast, 2017–2025.”
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The augmented reality and virtual reality market is also expected to benefit from the vast rise in the number of product manufacturers and the steady introduction of affordable hardware, rising focus of technology companies on R&D activities, and the growing set of end-use applications. Since, the market is in its nascent stage, it is expected to witness an impressive rise in investment from companies who wish to tap the rising curiosity surrounding AR and VR applications in consumer electronics.
Companies in the global augmented reality and virtual reality market are focusing on providing compact hardware solutions to their end-users, since it would help to increase the adoption rate of devices among end-users. Media and entertainment and gaming are some of the prominent end-use sectors where these technologies are expected to witness rapid adoption in the coming years.
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Presently, the market in North America is the largest contributor of revenue and growth opportunities to the global market, accounting for a lion’s’ share in the global market. The presence of a large number of technology companies and the high disposable incomes of consumers are expected to support the demand for augmented reality and virtual reality products.
Some of the leading companies operating in the market are Laster Technologies, Metaio Gmbh, Catchoom, Qualcomm Incorporated, Augmented Pixels Co., and Vertalis Ltd.