The augmented reality (AR) uses a computerized simulation process to generate information in the form of texts, images and sounds to provide the user a real-life audio-visual experience. On the other hand, virtual reality (VR) provides users a computer-generated 3D an environment that lets consumers to completely experience an artificial environment. The AR and VR are being used for the training and skill development of the individuals in military and aviation as it provides a real-life scenario that reduces training costs to a large extent. Augmented reality has its uses in gaming, entertainment, simulation, and others.
The global augmented reality and virtual reality market are growing at a higher CAGR owing to the penetration of smartphones and the requirement for cost reduction in the training process. Moreover, the development in 5G network and wireless services is expected to further grow the demand for AR-VR market. There are certain privacy issues, health-related problems such as stress and underdeveloped graphics may hinder the market.
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The global augmented reality and virtual reality market is segmented on the basis of component, device type, and end-use industry. The component type is further divided as hardware and software amongst which software segment is expected to witness higher growth rate during the forecast period. Moreover, the end-user industry is segmented as consumers, entertainment, aviation, and others. The consumer segment is holding the highest share in the AR-VR market due to the rising demand for gaming, headphones, increasing internet connectivity and computer technology.
On the basis of the region, the market is segmented as North America, Europe, Asia Pacific, Latin America and Middle East Africa. The North America region is dominating the market is expected to be the market leader during the forecast period. The presence of AR and VR companies and highly advanced technologies are the reasons for the rising market demand. Moreover, Asia Pacific region is expected to witness significant growth in the AR and VR market owing to the increased acceptance of technology in end-use industry and penetration of the smartphones in the market.
The key players in the market are Facebook, Google, Himax Technologies Inc., HTC, Microsoft Corporation, Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., Sony, and others. The companies are using strategies such as partnerships, mergers and acquisitions, and joint ventures to expand their product portfolio and gain high market share. For instance, in June 2017, Apple, an American multinational technology company acquired SensoMotoric Instruments (SMI), a German eye-tracking technology. The acquisition was aimed at expanding the product portfolio by addition of head-mounted display.
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