Technological development, rapid growth in adoption of tablet computers and smart phones, excessive concentration of major tech players in this augmented reality (AR) and virtual reality (VR) system along with extensive mobility and versatility are the major factors attributed towards the growth of global augmented reality (AR) and virtual reality (VR) market. Virtual reality (VR) enables utilization of computer technology in order to develop a simulated environment.
On the basis of technology, the global AR and VR market is segmented into AR technology and VR technology. AR technology is further subcategorized into marker based and markerless. Marker based is further sub segmented into active and passive and markerless is further sub divided into model-based tracking and image-based processing.
Progression of user-friendly VR systems along with alarming health concerns due to the use of AR and VR technology are the major factors that are hampering the growth of AR and VR market across the globe.
Globally industry players of global AR and VR market are leveraging market growth through mergers and acquisitions, technological developments and strategic developments. The rapid development of new products is thereby accentuation the demand for AR and VR market globally.
Geographically, Asia-Pacific is expected to witness fastest growth during the forecast period. The growth of this market is attributed towards increasing investment in defense and commercial domain in this region. Existence of large number of display board industrialists along with technological enhancements are the key factors bolstering the growth of AR and VR market. Furthermore, accentuating growth in automotive and healthcare domain in country such as Japan is expected to further drive the growth of AR and VR market in the near future.
The market structure for global AR and VR market is fragmented structure and the key players operating in the AR and VR market across the globe include Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc. and Sony Corporation.
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