Global Augmented and virtual reality Market, Trends, Analysis, Opportunities, Share and Forecast – 2019-2027:
The use of augmented and virtual reality is projected to become a need in the near future. The technology is under high demand for enhanced customer experience and converting them into leads among the organizations. The technology accounts for a higher market share and will grow at 36.97% annually till 2025 by contributing to various industries in the market. Key drivers for an enhanced market share of these technologies are increased demand for 3d hardware devices in the health-care sector and augmented reality and virtual reality among, retail and e-commerce sectors.
Industries are demanding the adoption of these technologies contributing to an increase in their efficacy. The increase in the education and gaming industry is also surging demand for these technologies in market share. Because of an increase in criminal activities, there is a plunge in the demand for monitoring and security activities, as a result, augmented and virtual reality are contributing to high market share. Demand for interactive technologies is rising by various industries enabling them to increase their customer service. Augmented reality and virtual reality are also being highly utilized by the defense institutions globally enhancing defense personals experience in real war-like situations in an artificial environment.
Global augmented reality and virtual reality market are expected to reach $167.89 billion by 2027, representing a remarkable 2019-2027 CAGR of 34.7%.
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Education is a leading segment in augmented and virtual reality market:
Education segment has the largest share in the augmented and virtual reality market:
The augmented and virtual reality segment has a prominent role in the education sector increasing its market share. The companies involved in research and scientific activities are also having a good adoption rate to give a comprehensive understanding of the concepts in a practical manner. The education industry is also adopting augmented and virtual reality for increasing students’ experience and providing feedback. Organizations involved in education and research could be enabled by these technologies in order to improve the capability of students in the industry. There is a wide range of opportunities present in the educational segment which could boost the market share of augmented and virtual reality technologies. The technological advancements in the education segment could also be utilized for monitoring and securing the interests of students and researchers surging the market share of this technology.
Asia pacific to experience rapid growth in the augmented and virtual reality market:
Asia Pacific region is experiencing a fast-growing economy enabling it to adopt advanced technologies such as augmented and virtual reality. The region is expected to grow at a rate of 68.5% annually during the forecast period. This technology is incorporated in smartphone devices which has a high penetration rate which serves to be a growth factor for this technology. This technology has a high adoption rate among developed countries such as Japan, Russia, and China, etc. Increased demand for enhanced customer experience is a key factor that is driving the market in the Asia-pacific region. The region having a high customer base is increasing the demand for augmented and virtual reality. It is evident that this region is experiencing a shift in a cultural context which is encouraging the demand for the implementation of augmented and virtual reality technology. Because of the lowering of entry and exit barriers by governments in this region encourages the market share through investments and new company establishments.
Alphabet Inc. is a prominent player in augmented and virtual reality encouraging the company to unleash different opportunities worldwide. The company is headquartered in the U.S. and has a revenue generated of USD 136.8 billion and a net income of USD 30.72 billion in 2018.
Other key players competing in this industry are listed as follows: Artificial Life Inc., CAE Healthcare, EON Reality, Facebook, Foursquare Labs Inc., GE Healthcare, Hologic Inc., HTC., Immersion Corp., Intuitive Surgical Inc., Medtronic, and Microsoft.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
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