Augmented Reality and Virtual Reality Market

Market Leader - Augmented Reality and Virtual Reality Market

The augmented reality market was valued at USD 11.14 Billion in 2018 and is expected to reach USD 60.55 Billion by 2023, growing at a CAGR of 40.29% during the forecast period. The increasing demand for AR devices in healthcare, growing demand for AR in retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market. The limited user interface (UI) affecting the navigation performance of AR applications, limited processing power, less storage, and restricted size of the memory card in mobile phones, and varied infrastructure quality of digital network will restrain the growth of AR.

The virtual reality market was valued at USD 7.90 Billion in 2018 and is expected to reach USD 34.08 Billion by 2023, growing at a CAGR of 33.95% during the forecast period. The high penetration of HMDs in gaming and entertainment, huge investments in the VR market, advancement of technology and digitization, and availability of affordable VR devices are the major drivers of the VR market. The health concerns relating to low resolution and lack of movement and display latency and energy consumption affecting the overall performance of VR devices are the major restraints in the VR market.

Gaming and entertainment have been the major drivers of the augmented reality and virtual reality market. The augmented reality market for software has witnessed a high growth, whereas the virtual reality market for hardware has been the driving force for the gaming and entertainment sector. Acquisitions and investments have been the major trends in the last 2 years in the augmented reality and virtual reality market.

The enterprise and manufacturing sector is expected to witness a high growth in the next 5 years. The use of remote collaboration and the continuous improvements to employ smart manufacturing is likely to help the growth of the augmented reality market. The automotive application is also expected to witness high growth. The use of augmented reality HMDs in the manufacturing setups and virtual showrooms, as well as the use of HUDs in automotive windshields, are the major use cases contributing to the growth of the automotive augmented reality market.

The enterprise and commercial application is expected to witness a high growth in the virtual reality market in the near future. The enterprise and manufacturing application is expected to use VR for training, safety inspection, and quality assurance and risk management. VR can be used in manufacturing to conduct a comprehensive QA check, as well as manage risks. This can be achieved with periodic review of products using VR. VR can be used to train employees for smoother operations and higher accuracy. VR offering immersive environment helps in providing enhanced training experience to the employees.

Healthcare and architectural applications are the two major opportunities for VR and AR. AR can be used to project digital information on architectural models. It can also be used to experience the interior of a building even before its construction. This will help the architects get a virtual image of the project. Streamlining the construction process is another application in the construction industry using AR. However, VR is rapidly gaining importance among medical professionals and is expected to play an important role in assisting doctors and surgeons in the near future. Head-mounted displays (HMDs) are widely accepted in the medical field, and with advanced interfaces medical professionals can perform surgeries easily and also provide post-operative care through VR simulation. HMD can thus make the healthcare sector more proactive in treating patients, and the increase in accuracy is expected in the next 5–7 years. The market players can come up with the AR and VR software solutions and apps required in the architecture and healthcare application.

Related Reports:

Augmented Reality and Virtual Reality Market by Offering (Hardware & Software), Device Type (HMD, HUD, Handheld Device, Gesture Tracking), Application (Enterprise, Consumer, Commercial, Healthcare, Automotive), and Geography - Global Forecast to 2023

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Report Code
SE 2288
Published ON
Feb, 2018
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