Augmented and virtual reality solutions are used to offer digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment. On the contrary, augmented reality enhances the real world using digitally produced perceptual overlays. The global augmented and virtual reality market is anticipated to witness significant growth during the forecast period, owing to increase in penetration of smart devices and connected solutions.
Development of the animation industry, increase in internet connectivity, and growth of the mobile gaming industry act as the key drivers of the global augmented and virtual reality market. In addition, increase in use of consumer electronic devices is expected to fuel the growth of the market. However, lack of effective user experience design and slow adoption of augmented and virtual reality solutions among underdeveloped economies are the major factors that impede the market growth. Conversely, technological advancements and rise in application areas among various industry verticals are expected to provide lucrative opportunities for market expansion.
Major Key Players of the Augmented and Virtual Reality Market are:Google, Sony, Magic Leap, HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude.
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