Augmented Reality (AR) and Virtual Reality (VR) Market Will Reach $94.4 Billion by 2023

The global augmented reality and virtual reality market is growing at a a CAGR of 58.1% during 2018 – 2023 and will reach $94.4 billion by 2023. increase in smartphone penetration, and advancement in internet connectivity and computer technology are the major factors driving the growth of the market.

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On the basis of device type, the augmented reality and virtual reality market is categorized into AR devices and VR devices. Of the two, VR devices recorded larger share in the market, with a contribution of more than 60% in 2017. However, during the forecast period, the market for AR devices is expected to grow faster, witnessing a CAGR of 73.8%. The higher growth of this market is mainly attributed to the growing demand of the technologies from the tourism industry; for instance, the National Museum of Singapore uses AR devices to provide reality-enhanced tour of the museum, which has redefined the conventional museum experience for travelers. On the basis of application, the augmented reality and virtual reality market is categorized into AR and VR applications. Consumer applications such as gaming, media, and entertainment, contributed over 30% of revenue in the market in 2017.

During the forecast period, the augmented reality and virtual reality market in APAC is expected to witness a CAGR of 69%. Increase in investment in commercial and defense activities is expected to drive market growth in the region. AR applications are being developed which will provide map overlays of prominent landmarks for improving geographic awareness and enabling rescue teams with better navigation into difficult terrains. Similarly, the healthcare industry in the region is expected to be one of the most promising users of VR technologies and devices because of surging usage of VR in surgical training, live streaming of surgeries, patient monitoring, pain management.

AR and VR technologies are reaching out to the masses through different devices and platforms. Increasing penetration of smartphones and tablet computers among the consumers is providing a stable platform for augmented reality and virtual reality products. Additionally, smartphones can also be used as input devices for controlling the VR environment, especially for the virtual reality gaming applications. Hence, the increasing penetration of smartphones and tablet computers is leading to the growth of the augmented reality and virtual reality market.

Some of the key players in the augmented reality and virtual reality market are Samsung Electronics Corporation Limited, Qualcomm Technologies Inc., Intel Corporation, Microsoft Corporation, Himax Technologies Inc., Seiko Epson Corporation, Sony Corporation, Google LLC, PTC Inc. and Vuzix Corporation.