Global Virtual and Augmented Reality Market Expected To Reach $ 52.26 Billion By 2020 With A CAGR Of 70.19%

Date: 2016-09-18

The global Virtual and Augmented Reality market is anticipated to reach USD$ 52.26 billion by 2020, expanding at a CAGR of 70.19% between 2016 and 2020. Augmented reality provides a live direct or indirect view of the users’ real-world environment with elements that are augmented using computer-generated images and data. Virtual reality, also known as immersive multimedia, is a computer technology used to replicate an environment, real or imaginary, to simulate the viewer’s physical presence in a way that allows the viewer to interact with the environment.

Software components held the largest market share in 2015 and are expected to exhibit highest growth during the forecast period. The augmented reality and virtual reality market based on technology comprises hardware components and software components. The software component includes software solutions, software developer kits, and cloud services that are implemented in several hardware devices. The augmented reality and virtual reality market for the software component is expected to grow at the highest CAGR between 2016 and 2022 owing to the high demand of software apps for gaming and other applications.

The APAC region is the fastest-growing market because of the growing consumer market in countries such as China, Japan, South Korea, and others. There are many startups in APAC; considering the  growing demand for AARVR in various verticals, many established companies in the North American are investing in this region through strategic partnerships and collaborations with new players. They also aim at providing the necessary infrastructure to encourage the adoption of the technology in the market.

The global virtual and augmented reality market is segmented into AR and VR components and sensors, applications, technologies, and geographical segments. The market is gaining impetus from the introduction of the latest advances in Internet connectivity and computing technology. The growing application of AR and VR in the healthcare industry has been a crucial factor fuelling demand from the market.
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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

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