Allied Market Research published a new report, titled, “AR and VR Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Rapid adoption of smartphones & mobile gaming coupled with increased penetration of augmented & virtual reality solutions in education would fuel the growth of the global augmented and virtual reality market. According to the report, the global augmented and virtual reality market generated $11.32 billion in 2017 and is expected to reach $571.42 billion by 2025, registering a CAGR of 63.3% from 2018 to 2025.
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Increase in the number of smartphone & mobile game users and rise in adoption of augmented & virtual reality solutions in education drive the growth of the market. However, the lack of skilled personnel and sluggish penetration of these technologies in underdeveloped economies would hamper market growth. On the other hand, the heavy inflow of investments in the market would create new opportunities in the industry in the future.
The large enterprises segment accounted for nearly two-thirds share of the total revenue in 2017 and is expected to maintain its lion’s share through 2025. Large organizations can leverage the advantages of AR and VR, as they are not affected by budgetary restraints as in the case of small enterprises. Large enterprises use the advantage of scale to efficiently invest in equipment that are necessary for training employees and improving customer experience.
However, SMEs would register the highest CAGR of 66.40% from 2018 to 2025. Though the cost of VR equipment still affects and acts as a barrier for smaller businesses; however, the cost is anticipated to reduce in future, leading to increase in adoption of AR and VR among SMEs. Moreover, AR is expected to play a major role in driving the growth of the SME market.
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The gaming segment accounted for 26% share of the total revenue in 2017 and would maintain its lead in terms of revenue by 2025. The segment would grow at the fastest CAGR of 68.10% during the forecast period. New innovations, such as 360-degree view of an environments and haptic feedback through controls have attracted more gamers to adopt immersive technologies. The research also analyzes entertainment and media, aerospace and defense, healthcare, education, manufacturing, retail, among other industries.
North America held the major market share of 37% in 2017 and would maintain its lead through 2025. This is because of the large-scale adoption of AR/VR solutions by players in the region to cater to the growing demand for innovative technologies such as digital twins. However, Asia-Pacific would register the fastest CAGR of 66.70% from 2018 to 2025 owing to the proliferation of smartphones, surge in the number of startups dealing in AR/VR, and advancements in connectivity in this region. In addition, government initiatives in China and India that encourage developments in AR/VR for defense and manufacturing sectors are expected to supplement the growth in the Asia-Pacific regions.
The key players analyzed in the report are:
• Google Inc.
• Sony
• Magic Leap Inc.
• HTC
• Microsoft Corporation
• Osterhout Design Group
• Facebook
• DAQRI
• Samsung Electronics Co. Ltd.
• Wikitude
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Key questions answered in AR and VR Market research study:
1. What is the market growth rate of AR and VR Market from 2019-2026?
2. What will be the global market size of the market from 2019 to 2026?
3. Who are the leading global manufacturing companies in the AR and VR Market?
4. What are the major current trends and predicted trends?
5. What are the challenges faced in the AR and VR Market?
6. Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?
7. Which will be the anticipated growth rates for your own Data Masking economy altogether and also for every segment inside?
8. Which will be the Data Masking application and types and forecast accompanied closely by producers?
9. What are the conclusions of the AR and VR Market report?
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