Global AR Market and VR Market Paving Way in the Tourism Industry
Global AR Market and VR Market: Demand Analysis and Growth Forecast
The application of virtual reality and augmented reality is very fascinating for millennial as this technology enables people to look beyond their imagination through specific devices. AR and VR are applied in the field of gaming, entertainment, and sports. Additionally, it can be also employed to conserve our cultural heritage with the added feature of going back in time subconsciously. Augmented reality and virtual reality are anticipated to be important factors of development in the upcoming years as this technology has just started plaguing and is expected to optimize the operations in various end-user industries such as entertainment, retail, sports, aerospace, defense, automotive, and computing sector. Integration of artificial intelligence in the augmented and virtual reality is determined to increase the efficiency and productivity in the aforementioned end-user industries.
The above-stated information resonates with the business intelligence report published by IndustryARC, which pointed out that the global AR market and VR market collectively offered opportunities worth around $11 to $13 billion as of 2018. And, as per the report, the market is supposed to increase at an incredible CAGR of 35% to 38% during the forecast period of 2019 to 2025. The market is expecting such a healthy growth due to its immense potential to improve the functionality in healthcare, transportation, and personality development methods.
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Global Augmented and Virtual Reality Market: Leading Segments
Although the AR market and VR market are finding revenue avenues across the world, the North American region grasped the largest demand share at 34% in 2018. This humungous segment can be justified by the fact that the region is responsible for most of the research and development, with giants such as Google and Facebook investing in the technology; the AR market and VR market is projected to witness tremendous profits owing to a favorable scenario in the developed countries such as the US.
In terms of application segments, the gaming sector currently leads the AR market and VR market. As per the analysts, the gaming applications for the AR & VR technologies is expected to grow at a global CAGR of 37% to 41% during the forecast period of 2019 to 2025. The amalgamation of augmented reality and virtual reality into the gaming industry has introduced a next level gaming experience for the gamers. Integrating smart glasses, motion sensors, virtual retina display, and gyroscopes in the gaming devices result in olfactory, auditory, somatosensory, and haptic feedback for the consumers. These prominent features enable consumers with a real-life gaming experience. With such exaltations, the gaming industry is likely to increase demands in the global AR market and VR market.
Global Augmented and Virtual Reality Market Trends
Augmented reality and virtual reality devices are being adopted in various tourist attractions such as museums and cultural heritage sights. With the help of these devices, visitors can see detailed conditions of place from the past through the pre-embedded historic data in the device. The National Museum of Singapore is one of the first places that adopted this technology and is getting popular tremendously. Expansion of such innovative applications is exceptionally deemed to induce profits in the global AR Market and VR Market.
The technology is being heftily being employed for the training of individuals in every sector be it retail, educational, or defense. According to an article from Forbes, the U.S. Army is using HoloLens technology from Microsoft to give simulated military training to their personals. This training monitors the soldier’s performance, heart rates, and other real-time metrics through a virtually created platform. Massive adoption of this technique is projected to drive growth in the global AR market and VR market.
Global Augmented and Virtual Reality Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global augmented and virtual reality market are: Google, Microsoft, Oculus VR (Facebook), Sony, Samsung Electronics, HTC, PTC, Wikitude, GmbH, Magic Leap, Osterhout Design Group, Daqri, Blippar, Upskill, Continental Visteon, Eon Reality, Vuzix, Zugara, and MAXST.
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Related Reports:
A. Mobile Augmented Reality Market
https://industryarc.com/Report/16201/mobile-augmented-reality-market.html
B. Augmented Reality and Virtual Reality Component Market
https://industryarc.com/Report/16344/augmented-reality-virtual-reality-component-market.html
What can you expect from the report?
The AR Market and VR market is Prepared with the Main Agenda to Cover the following 20 points:
1. AR Market and VR market Size by Product Categories & Application
2. AR Market and VR market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. AR Market and VR market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. AR Market and VR market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. AR Market and VR market Strategic Analysis
18. AR Market and VR market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. AR Market and VR market Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC publish country or application based reports in global augmented and virtual reality market segment?
Answer: Yes, we do have separate reports based on the application as mentioned below:
1. Augmented Reality & Virtual Reality Market for Commerce Industry (2018-2023)
2. Augmented Reality & Virtual Reality Market for Entertainment Industry (2018-2023)
3. Augmented Reality & Virtual Reality Market for Gaming Industry (2018-2023)
4. Augmented Reality & Virtual Reality Market for Education Industry (2018-2023)
5. Augmented Reality & Virtual Reality Market for Aerospace & Defence Industry (2018-2023)
Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
1. Increase the level of data in the application or end-user industry.
2. Increase the number of countries in geography chapter.
3. Find out market shares for other smaller companies or companies which are of interest to you.
4. Company profiles can be requested based on your interest.
5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end-use segment.
Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.
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