Global Virtual and Augmented Reality Market to Grow at Over 90% CAGR through 2024
The worldwide market for virtual and augmented reality is estimated to report an exponential CAGR of 92.50% between 2016 and 2024, increasing its overall opportunity to US$547.20 bn by the end of 2024.
The global virtual and augmented reality market is likely to witness exponential growth through 2024 on account of surging demand for these technologies from end-users. According to a new report added to the database of Market Research Reports Search Engine (MRRSE), the global virtual and augmented reality market is projected to increase at a whopping CAGR of over 90% through 2024. The report titled “Virtual and Augmented Reality Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024” offers comprehensive insights and analysis on the growth of the virtual and augmented reality market during the forecast period.
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The report provides qualitative insights on the key drivers, restraints, opportunities, and threats in the market. This information gives readers crucial information on the key factors at play that are shaping the global demand for virtual and augmented reality during the forecast period. According to the report, staggering adoption of virtual and augmented reality from gaming, media, and entertainment services is likely to provide strong support to growth during the forecast period.
On the basis of component, hardware accounts for a higher revenue share of the market than software, as the latter is still quite expensive. Demand for virtual and augmented hardware has been catalyzed to a great extent by the popularity of head mounted displays. The use of head mounted displays is gaining traction across a range of end-use industries, and it is highly likely that its adoption will further increase during the forecast period.
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North America, led by the US, continues to be the most lucrative market for virtual and augmented reality over the forecast period. According to the report, North America has been at the forefront of innovation and R&D in virtual and augmented reality, and many leading companies are headquartered in the region. Also, the awareness on the advantages of using virtual and augmented reality is quite higher in North America as compared to other regions. End-users in the region are showing increased receptivity towards virtual and augmented reality gadgets, which is further boosting demand in the region. In addition to North America, Asia Pacific is another region that is likely to play a leading role in the development of the market. Home to over 60% of world’s population, the virtual and augmented reality market in the region is growing at a steady pace. Although high cost is likely to be a deterrent in Asia Pacific, innovations in technology can create growth opportunities.
Some of the leading players in the global virtual and augmented reality market include Virtalis Ltd., Nokia Corp., Independiente Communications Ltd., NuFormer Projection B.V., Barco N.V., Manus Machinae B.V., MindMaze SA, VirZOOM Inc., Aurasma Ltd., Blippar.com Ltd., EON Reality Inc., HTC Corp., ZeroLight Ltd., Oculus VR LLC, Microsoft Corp., Sony Interactive Entertainment LLC, Samsung Electronics Co. Ltd., and Google Inc.
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