Press Release: March 24, 2020
Augmented reality is the integration of digital and real environment in real time, whereas virtual reality provides real life-like experience to the users through a digital environment. Virtual and augmented reality facilitates various applications such as providing a virtual tour of the house to prospect buyers, watching a football game in immersive augmented reality or interacting with doctors remotely. Moreover, increasing technical advancement such as development of head mounted displays and smart glasses along with decline in product prices is expected to propel growth of the market. Deployment of next-generation 5G networks with high stability and bandwidth is expected to contribute to growth of the virtual and augmented reality market. Moreover, live streaming of videos on social media and other websites, and tourism are expected to accelerate growth of the market.
The digital entertainment segment plays a major role for the growth of the global virtual and augmented reality market. The film producers, professional sports leagues and associations have showed significant interest in adopting the technology. For example: In 2015, the NBA golden state warriors experimented with NextVR technology to stream their regular-session for individuals using Samsung Gear headsets. With this, the music and adult segment have also adopted the augmented and virtual technology to produce a 3D content which accelerates their viewers globally. The adoption of virtual reality and augmented reality technology by news industry is a new space which uplift the market. For example: In 2015, the New York Times have officially announced that they have a virtual reality project collaboration with google which provides a subscription to millions of VR cardboard viewers. The New York Times news magazines released a virtual reality film which shows children’s eradicated due to war. Hence this showed the new path to the other news providers to increase and retain their viewers which fuels the augmented and virtual reality market in this segment. Moreover, the On-demand series providers have also adopted the virtual reality technology. For example: In 2016, the HBO adopted the virtual reality 360-degree content for famous series game of thrones.
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Rising trend of adopting virtual and augmented reality technology in various application such as videogames, engineering, healthcare, live events, video entertainment, real state, retail, military, and training & education have accelerated the market growth, globally. Adoption of augmented and virtual reality technology in military application helps to provide better training to soldiers. Combat training, flight simulation, battlefield simulation, and vehicle simulation are some of the virtual reality application used in the military and defense segment. For example: the U.S. DoD has adopted virtual and augmented reality to reduce its training budget. According to US Navy, the Navy will invest US$ 6 billion to US$ 6.12 billion per year for training and simulation purpose from 2016 to 2021.
Detail Virtual or Augmented Reality Market Segmentation:
Global Virtual or Augmented Reality Market, By Component:
Global Virtual or Augmented Reality Market, By Application:
Training and Education
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Some of the major companies in the global augmented and virtual reality market are Blippar Inc., Cyberglove Systems LLC., Daqri LLC, EON Reality, Inc., Google Inc., Infinity Augmented Reality Inc., Magic Leap, Inc., Meta Company, Metaio GmbH, Microsoft Corporation, Oculus VR, LLC, Osterhout Design Group (ODG), Qualcomm Inc., Samsung Electronics Co., Ltd., Vuzix Corporation.
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