Augmented and Virtual Reality (VR) Market Worth $305 Bn by 2026
The global augmented and virtual reality market projected to reach above USD 305 billion by 2026 and is growing at a CAGR of 62% from 2020 to 2026.
By: Facts and Factors
The augmented reality technology uses the present user environment and covers virtual content or the digital content over it and generate a three-dimensional image in the present atmosphere. Virtual reality is a 3D environment created by a computer, which engages end users in an artificial world. Special 3D programs are deployed in augmented reality applications, which enable designers to integrate digital content in real-time with the real world. Virtual reality provides simulated abstract user experience of the artificial world in a synergistic environment.
Augmented reality (AR) and virtual reality (VR) has maximum demand in the media and entertainment industry as it is utilized for numerous applications and has created a revolution. Increasing the use of AR/VR in various industries such as aerospace, construction, manufacturing, healthcare, gaming, etc. is encouraging the demand for AR/VR technologies. Augmented and virtual reality is majorly used in video games such as pokemon go, VR tank training, rollercoaster, etc. In recent years, the gaming industry has experienced significant growth, which, in turn, contributes to the growth of the augmented and virtual reality market. Moreover, augmented and virtual reality is also used in training and teaching. Augmented and virtual reality has been useful in delivering information to trainees, thus being increasingly used in the education sector. The development of augmented and virtual reality systems or software is a very complex and expensive process. This has restricted the use of augmented and virtual reality in various applications, such as business, manufacturing, industrial design, etc.
Key players holding the top position in the augmented and virtual reality market are EON Reality, PTC, Osterhout Design Group, Upskill, Google, Samsung Electronics, Zugara, DAQRI, Wikitude, Upskill, Sony, HTC, Microsoft, Oculus, Blippar, Magic Leap, Continental, Visteon, and other.
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