San Francisco, California, May 15, 2017: Growing use of smartphones and soaring use of virtual and augmented reality in the healthcare sector are key driving factors for the global augmented and virtual reality market. In addition to this, the growing penetration of internet connectivity and the exciting and dynamic nature of this market are expected to continue to drive the growth of the augmented reality and virtual reality industry. TMR Research in its latest report, studies the global Augmented reality and virtual reality market. The report is titled “Augmented Reality and Virtual Reality Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.”
Technological advancements are mainly responsible for the growth of this market. Augmented reality and virtual reality technologies are being adopted by various industries such as consumer goods, retail, and healthcare, and the list of industries to adopt these technologies in the near future is expected to rise. As such, the global augmented reality and virtual reality market is anticipated to exhibit a remarkable growth during the forecast period. However, a lack of awareness, growing concerns over privacy issues, and image latency are some of the market challenges hampering the growth. Nevertheless, the growing investments in research and development and emerging applications of augmented and virtual reality in the future will ensure the continued growth of this market.
On the basis of components, the market is segmented into hardware and software, of which the hardware segment led in 2015, accounting for a massive 72% share. The high demand for head mounted displays, consoles, glasses, and sensors was responsible for the growth of the hardware segment. By geography, the North America is leading in the market. However, Asia Pacific and Europe are also lucrative markets for augmented reality and virtual reality market. China is expected to make the most contribution to the Asia Pacific market during the forecast period. The Middle East and Africa and South America are projected to witness a relatively slow growth in the near future.
The report profiles key players operating in the augmented reality and virtual reality market for the purpose of study. They are: Catchoom, Total Immersion, Metaio Gmbh, Blippar, Laster Technologies, Innovega Inc., Qualcomm Incorporated Vertalis Ltd, Kooaba AG, Kishino Limited, Wikitude Gmbh, and Augmented Pixels Co. The report studies the business and financial overview of each of the companies and explores the recent developments and innovation in the field of augmented reality and virtual reality by key players. It also gives information regarding the strategies adopted by these key players in order to grow in the market and maintain a competitive edge.