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Augmented Reality And Virtual Reality (ARVR) Market to Surpass $298 Billion By 2023: Acumen Research and Consulting(May 31, 2018)
MUMBAI, India, May 31, 2018 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research reports, in a recently published report titled “Augmented Reality And Virtual Reality Market (Device Type: Augmented Reality Devices, Virtual Reality Devices; Component: Hardware, Software; Technology: Marker-Based Augmented Reality, Marker-less Augmented Reality, Virtual Reality Technology; Platform: Mobile, Console, PC, Others; Device Application: Augmented Reality Application, Virtual Reality Application) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023”, estimates that the global market for augmented reality and virtual reality is expected to reach the market value of more than 298 billion by 2023 and is expected to grow at over 62% CAGR during the period 2017 - 2023. The report comprises actual historical market size for the period 2015 - 2016 and forecast for the period 2017 – 2023. Some of the factors driving the growth of global augmented reality and virtual reality market include surge in investments for R&D, rapidly growing demand for mobiles and handled devices. Growing demand of ARVR technology in healthcare sector for training via 3D modeling is also driving the growth of ARVR market, globally.
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Insights on Market Segments
The augmented reality and virtual reality market is segmented based on device type, component, technology, platform, device application and geography. Depending on the device type, global ARVR market is segmented into augmented reality devices and virtual reality devices. Augmented reality devices are further segmented into head-mounted displays (HMD), head-up displays (HUD) and handheld devices whereas, virtual reality devices are further segmented into head-mounted displays (HMD), gesture control devices (GCD) and projects & displays wall. Furthermore, gesture control devices (GCD) are sub classified into data gloves and others. By technology, the market is bifurcated into marker-based augmented reality, marker-less augmented reality and virtual reality technology. Furthermore, marker-based augmented reality is segmented into active marker and passive marker. Also, marker-less augmented reality is bifurcated into model-based tracking and image processing-based. Additionally, virtual reality technology is segmented into non-immersive technology and semi-immersive & fully-immersive technologies. On the basis of component, the global market of augmented reality and virtual reality is classified into hardware and software. Hardware is sub segmented into 3D camera and semiconductor components, displays and sensors.
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Also, semiconductor components are further bifurcated into integrated circuits (IC), controller/ processor and others. Sensors are bifurcated into accelerometer, gyroscope, magnetometer, proximity sensors and global positioning systems. Also, software is bifurcated into cloud-based services and software development kits (SDK). Based on platforms, the market is segmented into mobile, console, pc and others. Based on device application, it is classified into augmented reality application, virtual reality application. Augmented reality application is sub segmented into commercial, e-learning, tourism, e-commerce & marketing applications and consumer. Further e-commerce & marketing applications is bifurcated into real estate, footwear, beauty (cosmetics), jewel toning, apparel fitting, furniture and lighting design, grocery shopping and commercial vertical overall review. Additionally, consumer applications are further categorized into gaming, sports and entertainment, aerospace & defense, medical and others. Entertainment applications include theme parks, art gallery and exhibitions, museums (archeology) and consumer vertical overall review. The medical application segment is classified into surgery, pharmacy management, medical training, fitness management and medical segment overall review. The other applications of augmented reality technology include automotive, geospatial mining, enterprise solutions and architecture & building design.
Virtual reality applications are segmented into commercial, consumer, aerospace and defense, medical, industrial and others. Furthermore, commercial is bifurcated into fashion and advertisement and consumer is segmented into gaming. By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Furthermore, North America is segmented into U.S., Canada and Rest of North America. Also, Europe is bifurcated into major countries such as Germany, France, Italy and Rest of Europe. Asia-Pacific is sub-classified into China, India, Japan, South Korea and Rest of Asia-Pacific. Rest of the World is further segmented Middle East and Africa and Latin America.
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The APAC region is the fastest growing market for ARVR owing to the growing consumer market in countries such as South Korea, Japan and China. Increasing demand for ARVR in several industries such as real estate, medical, entertainment, aerospace & defense, and education sector also drives the growth of global augmented reality and virtual reality market. In addition, growing demand of smart-phones and handheld devices makes augmented reality and virtual reality technology more popular among video games and hand held device manufacturers. In defense and aerospace sector, the ARVR technology is used to implement exhibiting info such as horizon line, aircraft speed, and altitude. In healthcare sector, the ARVR technology is used in nursing training via 3D modeling, various medical equipment, and health monitoring devices.
Some of the key players dealing in the augmented reality and virtual reality market and included in report are Magic Leap, Inc., Oculus VR, EON Reality, Inc., Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., CyberGlove Systems LLC, Vuzix Corporation, Microsoft Corporation, Google Inc., Augmented Pixels Co., Catchoom, Virtalis Ltd., Innovega Inc., Laster Technologies, Facebook Inc., NIVIDIA Corporation and Advanced Micro Devices, Inc. among others.
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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.