Augmented Reality and Virtual Reality Market Will Reflect Significant Growth in Future, Business Development Strategy with Top Key Players DAQRI, Augmented Pixels, EON Reality, Innovega and Catchoom

According to the new research report published by The Insight Partners, titled “Augmented Reality and Virtual Reality Market - Global Analysis and Forecast to 2025”, the global augmented reality and virtual reality market is expected to reach US$ 130.01 billion in 2025, registering a CAGR of 41.2% during the forecast period 2016 to 2025.

In 2015, North America accounted for the second-largest revenue share of little more than one-third of the total market share, followed by Europe.

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The global AR and VR market is classified based on geography into North America, Europe, the APAC, MEA, and SAM. North America will lead the market with many early adopters of AR and VR technology followed by Europe in 2015. APAC will account for the fastest-growing regions which is evident through the continuous engagement of collaboration and merger activities between service providers, software developers, and device manufacturers. MEA and SAM will experience nominal growth during the forecast period. 

AR and VR are transforming the way manufacturing, industries, factories, and others operate, the digital images and data have made the processes much easier. AR adds the digital data to the real environment allowing the user to explore more details of the real environment. This application of AR is a step ahead of VR application which allows users to view reality by simulation. AR applications are more feasible as they can be deployed on smartphones and tablets, these applications in industrial scenarios help employees to understand the tools, machinery, and other applications include training, diagnosis of the machinery and repair. For instance, Ford Motors use AR and VR technology in designing the car models before prototyping the models. The industrial market for augmented reality and virtual reality is expected to witness a lucrative CAGR growth of 42.7% in the forecast period.

The growing adoption of computer technology and improving connectivity across the APAC region will drive the growth of the AR and VR market. These technologies have widespread applications across different domains such as healthcare, entertainment, marketing, sports, automotive, and industrial. Currently, the adoption rate of these technologies in APAC is limited and observed to have more potential going ahead. The growth of smartphones and tablets will drive the market as most of the applications of AR and VR are consumer-focused. Rising demand for smartphones and tablets with advanced user experience significantly for games and entertainment applications is also expected to upsurge the AR and VR market. Asia Pacific AR and VR market is expected to grow at a CAGR of 47.7% during the forecast period 2016 – 2025.

Key findings of the study:

- From a growth perspective, India in the Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 47.9% during the forecast period
- Based on technology, the virtual reality segment is projected to witness significant lucrative profitable opportunities with a projected CAGR growth rate of 23.6%
- The sensors market by components in the augmented reality and virtual reality market is projected to grow with a CAGR of 40.3%

AR and VR technology used in various applications, they are majorly used in sci-fi films, gaming and other entertainment applications since their inception. In recent times, they are trending into many other applications to offer vivid experience to the consumers. Companies are using these technologies to attract customers and provide them with more features in buying or decision-making experience. For instance, Jaguar Land Rover’s Virtual Experience enables customers to involve and allows them to interact with all the features of Jaguar and Land Rover vehicle. Potential customers are given an opportunity to experience the entire car virtually, a complete view of the exteriors and interiors of the car.

Augmented and Virtual reality products vary with different specifications as these are used in various end-user applications and the products are customized for optimum usage. The required raw materials such as sensors, displays, processing units, and other components vary with respect to the specifications of the system or devices. For instance, a simple Google Cardboard requires a minimum amount of raw materials compared to the Oculus Rift head mount device. Hence raw material suppliers market is diversified to meet the demands of system integrators or manufacturers. Also, manufacturers have a wide range of suppliers of these raw materials to choose from which gives them more bargaining power to save overall cost.

Growing penetration of technological driven devices to propel the demand for AR and VR enabled solutions globally

Smartphones are the must-have digital devices today, they have changed the way we communicate, travel, design, run business, and many more. In recent years smartphones revolutionized the world, and still, the ongoing R&Ds to launch advanced features, improved and more customer-centric and enterprise-level applications hold the market for years to go. AR and VR are the technologies that immerse the user into a virtual world and allows them to interact with the virtual objects being in a real environment. Augmented reality is not device-dependent to an extent, and this technology can reach out to users through their smartphones and tablets through developed applications. Smartphone and tablet manufacturers are integrating more of these AR applications to increase the user experience and with the growing smartphone market, AR integrations are expected to take a leap in near future. Subsequently, driving the growth for augmented reality and virtual reality market in the coming years.

The growing scope of application for AR and VR across different industry vertical 

AR and VR were in the talks of investments in 2015, giant companies such as Facebook, Microsoft, Google and others having invested in this market are skeptical of the outcome till today. The slow growth in the adoption of this technology clearly shows 2016 offers a huge opportunity for this market to grow further. The new interface of communication offered by AR and VR technology will overtake the markets of existing interfaces in activities such as shopping, education, browsing the internet, live shows, and many others. A higher adoption rate is found in regions such as North America, Europe and followed by APAC and others. The early-adopting industries include healthcare, defense, designing or architecture, logistics, manufacturing, and services. Some of the key opportunities include. One of the future driving applications is labor training. AR is expected to play a vital role in the training and development of new recruits, it renders more flexibility to understand the operations of machinery, systems, and other utilities. Thus, the growing scope of application of AR and VR applications across different industry verticals is expected to provide numerous profitable opportunities for the augmented reality and virtual reality market players in the coming years.

Augmented Reality and Virtual Reality Market - Company Profiles

1. DAQRI, LLC
2. Augmented Pixels Inc.
3. EON Reality, Inc
4. Innovega, Inc.
5. Catchoom
6. Laster Technologies
7. Layar B.V.
8. Total Immersion
9. Vuzix Corporation
10. Zugara, Inc.

The Augmented Reality and Virtual Reality Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.

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The Augmented Reality and Virtual Reality Market research study is designed to keep in focus all the major countries. Although all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries that are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.

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