The augmented reality and virtual reality market during the forecast period worth 60.55 Billion $ and 34.08 Billion $ by 2023

The augmented reality market was valued at USD 11.14 Billion in 2018 and is expected to reach USD 60.55 Billion by 2023, growing at a CAGR of 40.29% during the forecast period. The increasing demand for AR devices in healthcare, growing demand for AR in retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market. The limited user interface (UI) affecting the navigation performance of AR applications, limited processing power, less storage, and restricted size of the memory card in mobile phones, and varied infrastructure quality of digital network will restrain the growth of AR.

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The enterprise and commercial application is expected to witness a high growth in the virtual reality market in the near future. The enterprise and manufacturing application is expected to use VR for training, safety inspection, and quality assurance and risk management. VR can be used in manufacturing to conduct a comprehensive QA check, as well as manage risks. This can be achieved with periodic review of products using VR. VR can be used to train employees for smoother operations and higher accuracy. VR offering immersive environment helps in providing enhanced training experience to the employees.

Major players in the augmented reality and virtual reality market are Sony (Japan), Oculus (US), Samsung (South Korea), Google (US), PTC (US), HTC (Taiwan), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara, (US), Blippar (UK), Osterhout Design Group (US), Magic Leap (US), Upskill (US), Continental (Germany), Visteon (US), Eon Reality (US), and Vuzix (US).

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Healthcare and architectural applications are the two major opportunities for VR and AR. AR can be used to project digital information on architectural models. It can also be used to experience the interior of a building even before its construction. This will help the architects get a virtual image of the project. Streamlining the construction process is another application in the construction industry using AR. However, VR is rapidly gaining importance among medical professionals and is expected to play an important role in assisting doctors and surgeons in the near future. Head-mounted displays (HMDs) are widely accepted in the medical field, and with advanced interfaces medical professionals can perform surgeries easily and also provide post-operative care through VR simulation. HMD can thus make the healthcare sector more proactive in treating patients, and the increase in accuracy is expected in the next 5–7 years. The market players can come up with the AR and VR software solutions and apps required in the architecture and healthcare application.

APAC expected to hold a major share of the augmented reality and virtual reality market during the forecast period

APAC comprises China, Japan, India, South Korea, and Rest of APAC. Being an emerging economy, APAC is witnessing major changes in the adoption of new technologies and advancements. Owing to a large number of display panel manufacturers in the region, APAC witnesses an increasing adoption of latest technologies. The rising investments in commercial and defense applications and its security applications would also boost the growth of the AR and VR market in this region. Also, the growing healthcare and automotive market in Japan would drive the growth of AR technology.

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