The global augmented reality and virtual reality market is expected to be valued at US$ 5,176 Mn in 2016 and is anticipated to expand at an impressive CAGR of 42.2% during the forecast period (2017–2025). Demand for AR and VR solutions is projected to skyrocket in gaming and other industries.
The technology has been segregated into augmented reality and virtual reality. VR segment registered an opulent market share with a valuation of US$ 3,498 Mn in 2016 globally. In addition to that, the adoption rate of AR and VR in gaming is increasing rapidly and this increasing adoption rate is responsible for the growth of the segment in the overall market.
Virtual Reality (VR) helps create a digital environment that switches the user’s real-world environment with a functional and more creative one. VR is widely utilized in gaming and entertainment applications. Augmented reality on the other hand overlaps the digitally created content into a user’s real-world environment. VR is excessively used to estimate project sales and inventory data on products displayed on store shelves.
- AR and VR assists owners to develop effective market strategies in several spheres ranging from real estate and automotive to consumer products and retail. AR and VR personalized experience allows customers to feel their importance. In addition to that, when customers spend more time in-store, the store owner gets to know more about the customer choice, Hence, benefitting his business.
- Through subsequent visits and personalized experiences, store owners increase their brand loyalty and get an insight into the customer’s choices and preferences. Every business venture from every sector is widely incorporating AR and VR technologies, driving its market growth.
- Implicit learning and development are one of the biggest sectors gaining traction for augmented reality and virtual reality. Other industries that are expected to gain traction in AR and VR over the years are space aerospace, oil and gas, and heavy machinery, where on-the-job training is conventionally difficult or dangerous but can be transformed into an easier version through augmented reality virtual reality solutions.
- With the advent of 4G and high-speed internet and data communications, technologies such as AR and VR are making businesses grow at lightning-fast speed. Surging demand for Augmented Reality and Virtual Reality gear among smartphone users, the advent of entry-level VR headsets in the market, and marketing push by smartphone manufacturers have boosted the AR and VR market across the globe.
- With the advent of technological advancements, businesses and enterprises are getting impacted by AR and VR market. In recent times, most businesses have transformed into digital augmented reality and virtual reality as per consumer preferences.
- Since consumers find it easy and convenient to use digital products, businesses and ventures are focusing on strengthening their digital presence. With each passing day, more and more consumers are getting engaged in online activities due to which retailers are looking for ways to leverage their digital presence.
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