The augmented reality and virtual reality market is anticipated to grow rapidly in the upcoming years. These novel growth opportunities in the market are due to the rising application of the technology from the augmented reality and virtual reality market in various sectors, for example, consumer goods, healthcare, and retail. In addition to this, recent technological advancements in the augmented reality and virtual reality market are also predicted to fuel growth opportunities in the industry in the near future.
The augmented reality and virtual reality market have been bifurcated into virtual and augmented reality technologies based on technology. Out of these two, the augmented reality vertical has been estimated to grow at a rapid pace in the coming years due to increasing demand for AP in healthcare, manufacturing, media and entertainment, and gaming. So, based on these factors, the augmented reality and virtual reality market have been projected to grow at a noteworthy speed throughout the forecast period.
Increasing Use of Smartphones to Drive Growth Opportunities in Augmented Reality and Virtual Reality Market
The augmented reality and virtual reality market has been expected to grow with the increasing use of smartphones around the world. Along with this, the rising application of augmented reality and virtual reality market technology in the healthcare industry is also predicted to drive growth avenues in the upcoming years.
The high internet connectivity along with penetration has been expected to serve as a vital factor to bolster novel growth opportunities in the augmented reality and virtual reality market during the forecast period.
On the flip side, image latency, lack of awareness, and privacy issues are predicted to serve as the noticeable factors to curtail the growth impetuses in the augmented reality and virtual reality market. But, constant investments in the R & D activities for product development are also likely to boost the growth avenues in the augmented reality and virtual reality market.