Augmented Reality (AR) and Virtual Reality (VR) Market – Global Opportunities and Forecast, 2020-2027
Global AR and VR Market
The GMI Research assumes that the AR and VR Market will fuel over the forecast period. This is because of the accelerating penetration of smartphones and the increasing implementation of virtual reality and augmented reality for training, defense, and gaming industries.
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AR and VR Market Dynamics
The accelerating seepage of connected devices and smartphones in several applications and the surging demand for augmented reality and virtual reality across the e-commerce and retail industry are the prominent forces supplementing the growth of the global AR and VR market. Further, the ongoing technological advancements across the gaming sector will further bolster the market size. With the increasing drift towards online shopping the demand for AR devices has significantly fuelled across the e-commerce or retail industry. Also, the intensified investment and allowance in virtual and augmented reality by some leading giants has fuelled the AR and VR market size.
Besides this, the mounting deployment of head mount displays in the gaming and entertainment industry and rapid digitalisation with the accessibility of cost-efficient Virtual reality instruments have significantly contributed the market growth. The growing demand of AR in medical industry for medical training and patient care management has complemented the growth of the market. The aggravating tendency towards smart production, surging demand across architecture, and the aggravating usage of VR in defense and aerospace sector to train and simulate are other forces contributing to the market growth. Simultaneously, the incorporation of artificial intelligence and machine learning will raise the market growth. However, on the other hand, the insufficient storage of AR instruments and agitation towards health and safety will hinder the market growth.
Application Segment Drivers
Based on the application, consumer application is expected to seize a prominent share across the market during the coming years. The surging espousal of virtual and augmented reality devices in gaming, entertainment, and sports because of the extensive acceptance of technology to improve customer experience will drive the market size. Also, as per the AR and VR marker analysis, virtual and augmented reality is increasingly implemented across several purposes in museums, theatre, amusement parks, and music concerts has supplemented the market growth.
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