Augmented Reality and Virtual Reality Market 2024 - Keplayers are Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc. and Sony Corporation.

The market is driven by the factors such as increasing responsiveness about this technology, rapid acceptance of AR and VR technology among various industry domains and the amalgamation of AR and VR to develop mixed reality that can be implemented for prospective applications.

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The market for AR and VR market is primarily driven by technological development, rapid growth in the adoption of tablet computers and smartphones, excessive concentration of major tech players in the AR and VR system worldwide. The increasing penetration of smartphones and tablet computers is extensively contributing towards the growth of AR and VR market across the globe.

VR enables utilization of computer technology in order to develop a simulated environment. On the contrary, AR coats computer-generated developments over an existing reality that enhances interaction ability of this system. On the basis of technology, the AR and VR market is segmented into AR technology and VR technology.

On the basis of the component, the AR and VR market is segmented into hardware and software. The hardware segment accounts for the larger revenue in this segment of AR and VR market globally.

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North America accounted for the major share in the AR and VR industry in 2017, globally as the players in the region are continuously investing capital for the advancement of technology. Geographically, Asia-Pacific is expected to witness the fastest growth during the forecast period. The growth of this market is attributed towards increasing investment in defense and commercial domain in this region. The existence of a large number of display board industrialists along with technological enhancements are the key factors bolstering the growth of AR and VR market.

The market structure for global AR and VR market is fragmented and some of the key players operating in the AR and VR market across the globe include Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc. and Sony Corporation.

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