Augmented and Virtual Reality Market Growing at a CAGR of 63.3% from 2018 to 2025
According to a recent report published by Allied Market Research, titled,"Augmented and Virtual Reality Market by Organization Size, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global augmented and virtual reality market was valued at $11.32 billion in 2017, and is projected to reach $571.42 billion by 2025, growing at a CAGR of 63.3% from 2018 to 2025.
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Expansion of gamers community, rise in smartphone penetration, and increase in use of augmented and virtual reality in manufacturing & retail industries drive the growth of the global augmented and virtual reality market. In addition, advancements in technology are expected to provide lucrative opportunities for the growth of the market. However, lack of effective user experience design is anticipated to hamper the market growth during the forecast period.
Based on application, the consumer segment led the augmented and virtual reality market in 2017. However, the enterprise segment is expected to witness the highest growth, due to its potential to reshape the business processes by recasting customer experiences.
The global augmented and virtual reality market was led by the gaming industry in 2017, and is projected to maintain its dominance during the forecast period. The healthcare sector is anticipated to witness the second highest growth rate during the forecast period.
Key Findings of the Augmented and Virtual Reality Market:
- The large enterprises segment is expected to exhibit significant increase in terms of revenue during the forecast period.
- In 2017, the consumer segment accounted for the highest revenue according to organization size segment.
- The gaming industry vertical generated the highest revenue in 2017.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.
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Some of the key players operating in the augmented and virtual reality market include Alphabet (Google Inc.), DAQRI, HTC, Facebook, Magic Leap, Inc., Microsoft Corporation, Osterhout Design Group, Samsung Electronics Co., Ltd., Sony, and Wikitude.