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Global Augmented Reality and Virtual Reality (ARVR) Market, Changing the Way to Stimulate and Visualize Environment to Reach USD 296.5 billion by 2023(January 09, 2018)
NEW YORK, Jan. 09, 2018 (GLOBE NEWSWIRE) -- The global augmented reality and virtual reality (ARVR) market is expected to increase from USD 9.9 billion in 2016, to USD 296.5 billion in 2023, at a significant CAGR of 62.4% from 2017 to 2023.The factors driving the global ARVR market are increase investments in R&D, increasing demands of handled devices and mobiles. Increasing demand of ARVR technology in healthcare sector for training via 3D modeling is also fueling the growth of the ARVR market. The factors hindering the growth of the ARVR market are lack of awareness, privacy of software and high cost of ARVR hardware.
Virtual reality is an artificial, computer- generated simulation or recreation of a real life environment or situation. It enhances an existing reality in order to make it more meaningful through the ability to interact with. Whereas, augmented reality enhances, experiences by adding virtual components such as digital images, graphics.
Browse full research report with TOC on “Global Augmented Reality and Virtual Reality (ARVR) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” at: https://www.energiasmarketresearch.com/augmented-reality-virtual-reality-market-outlook/
The global ARVR market is segmented into device type, component (hardware and software), technology and platform (mobile, console, PC and others) and application. Based on components, the ARVR market is segmented into hardware and software components. The hardware component is further segmented into displays, sensors, 3D cameras and semiconductor components. Additionally, the software component of the global ARVR market includes cloud-based services and software development kits (SDK). The software segment was the largest segment and is expected to hold the major market share owing to high demand for games and software apps. On the basis of application, the global ARVR market is classified into commercial, consumer, aerospace & defense, medical and others. In gaming approach, simulated world runs on several computers that are connected over network. As far as device type is concerned, it is further classified into AR devices and VR devices. The ARVR market is strongly accounted by head-mounted displays (HMD) and sensors among various end users including defense and education.
Geographically, the global ARVR market is divided into regions such as North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. The APAC region is the fastest-growing market in ARVR because of the growing consumer market in countries such as China, Japan, and South Korea.
Key players operating in the global ARVR market are Google Inc., Microsoft Corporation, Vuzix Corporation, Samsung Electronics Co. Ltd., Qualcomm Technologies Inc., Oculus VR, EON Reality, Inc., Magic leap, Inc., Blippar Inc., CyberGlove Systems Inc., Catchoom, Innovega Inc., Laster Technologies, Total Immersions, Vertalis Ltd., Augmented Pixels Co., Kooaba AG, Kishino Limited, Wikitude GmBH, Intel Corporation, Marxent Labs LLC, NIVIDIA Corporation, Facebook Inc., Advanced Micro Devices, Inc., Layar BV, Zugara Inc., Artool works Inc., and Metaio GmBH.
Key Findings of the Global Augmented Reality and Virtual Reality (ARVR) Market Report:
• The flexible printed circuit board market is expected to reach USD 296.48billion by 2023 at CAGR of 62.42%
• Based on types:
- The head-mounted display (HMD) segment was the largest segment in the global ARVR market in 2016
• On the basis of application:
- The gaming segment was the largest segment in 2016
- Medical and commercial segment is anticipated to be the fastest growing segment
• On the basis of component:
- The software segment was the largest segment and is expected to hold the major market share owing to high demand for games and software apps
• Increasing demand of the handheld devices and smart-phones makes augmented reality and virtual reality technology more popular among hand held device and video games manufacturers• In aerospace and defense, the ARVR technology is used to implement displaying info such as aircraft speed, horizon line and altitude.
• Asia-Pacific region is expected to be the fastest growing market in the global ARVR market owing to growing demand for ARVR in various industries such as aerospace & defense, medical, entertainment, real estate and education sector
Augmented Reality and Virtual Reality market– changing the way to stimulate and visualize the real world (environment)
The ARVR market is gaining a massive acceptance in recent years due to their increased applications in gaming, e-commerce, military, sports, entertainment etc. In the medical field ARVR are used in training with the help of 3D models and in surgeries. Augmented and virtual reality solutions find high usage in various industries such as aerospace, defense & security, healthcare, digital manufacturing, education, and entertainment. In aerospace and defense, the ARVR technology is used to implement displaying info such as aircraft speed, horizon line and altitude.
Global Augmented Reality and Virtual Reality market - Regional Insight
The APAC region is the fastest-growing market in ARVR because of the growing consumer market in countries such as China, Japan, and South Korea. Growing demand for ARVR in various industries such as aerospace & defense, medical, entertainment, real estate and education sector also propels the growth of the global ARVR market.
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