Now’s the time to invest in VR and AR, folks.
According to a new market research report published by MarketsandMarkets, the virtual reality and augmented reality market is expected to grow to reach $1.06 billion in 2018.
Augmented reality technology has shown ubiquitous growth in mobile phone technology featured with a camera and a GPS, which allow the users to experience the technology beyond their anticipation. By 2015, augmented reality technology will be widely used in the education field for advanced learning and for teaching technologies. The augmented reality and virtual reality technology will be used to contribute to the projects with smart innovations in future, t hanks to its great fascination and potential.
Not surprisingly, the major driving forces of augmented reality technology and virtual reality are the advancement of in-computer technology and internet connectivity. The increased demand in virtual reality and augmented reality application in the healthcare industry is a direct cause for a tremendous growth in AR & VR market. The other driving force for virtual reality and augmented reality technology is the consumer demand in m-commerce industry. The technology used in augmented reality applications, i.e. marker-less, is at the apex and is expected to grow rapidly. A major driving factor in this marker-less is use of GPS and compass which are used commonly in smart phones. The technology used in virtual reality application, sensors used, emerging trends like goggles, contact lens, and further opportunities are described in detail in the report.
Geographical split for every application is included in the report as the market share of different applications of augmented reality and virtual reality market varies from one region to another. North America and Europe is the market leader in the overall augmented and virtual reality market, but the rest of the world is starting to catch up.