Albany, NY — (PRESS RELEASE JET) — 09/22/2017 — A recent research report titled “Augmented Reality and Virtual Reality Market: Global Industry Analysis and Opportunity Assessment, 2017 – 2025” added to the online repository of the Market Research Reports Search Engine (MRRSE) reveals that in 2016, the global market for AR and VR surpassed a valuation of US$ 5,000 and the figure is estimated to further increase to nearly US$ 120 Bn towards the end of forecast period (2017-2025), expanding an exponential CAGR of 42.2%. Among various AR and VR devices, revenues from the global sales of head mount displays is expected to increase at a staggering CAGR of 44% during the assessment period. The market in North America currently accounts for the largest share in terms of revenue. The growing popularity for AR and VR technology is provisioning the growth of the market in the region. The region is expected to remain the most lucrative market for AR and VR over the next couple of years. Meanwhile, the market in the Middle East and Africa (MEA) region is projected to surge at a faster rate during the assessment period.
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Higher Outlay by Tech Companies and Widespread Application of AR and VR Technology in Gaming, Favorable for the Future Prospects Market
Rapid adoption of leading-edge technology such as AR and VR in the gaming industry in order to meet consumer expectations has been instrumental in supporting the growth of the market. The modern consumer is spending more on entertainment that is facilitated by smartphones and availability of high-speed internet connectivity in both developed and developing nations. Increasing popularity of games such Ingress and Pokemon Go that offer AR experience suggest that consumers are attracted to unique and innovative gaming experience, thus resulting in higher user engagement. The aforementioned factor is playing a significant role in the propelling the growth of the market. Tech giants, including Microsoft Corporation, Google Inc., Apple Inc., and Samsung Electronics Co. Ltd. are stepping up investments in research and development with regards to AR & VR technology. This is attributed to the growing demand for AR and VR technology from various sectors including healthcare and entertainment. The introduction of a wireless day dreamer view headset by signals the growing interest among technology companies to venture further into the particular technology space. In order to expand its VR game offerings, Google also recently acquired Owlchemy Labs – an Austin based game studio. Some of the leading tech firms are also backing various start-ups and providing the needed infrastructure to support further development of the AR and VR technology.
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In the years to come, application of AR and VR technology is expected to increase to a significant extent due to its budding capabilities. In addition, advanced electronic devices such as smartphones, tablets and mountable VR headsets are creating wider opportunities for the technology to branch out in all directions. In computer screens, it is quite challenging to create dimensionally accurate graphical overlays that are aligned with the real world. On the other hand, smartphones easily overcome this technological hurdle, as they are integrated with MEMS sensors, display, high-definition cameras, GPS and accelerometers suitable for AR platforms. This, in turn, is expected to drive the growth of the global market for AR and VR through 2025.
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