Virtual reality and augmented reality are the predominant technologies in the market, which deals with virtual components. They offer a great instance of interactive experiences, by adding a new dimension of communication between digital devices and the real world. Growing demand for smartphones and mobile gaming and escalating adoptions of augmented and virtual reality solutions in various sector such as education are driving the growth of the market. Both the realities are increasingly being used in training and teaching to rapid pace the adoptions in industries work with expensive tools and equipment. Virtual reality allows people to do anything without the risk associated with real-world training. Whereas augmented reality provides a way to pass the information to the students in real-time on objectives and best practices.
A newly compiled market research report from IndustryARC titled, “Augmented and Virtual Reality Market: Competitive Intelligence; By Devices; By Content; By Application and Entertainment Industry – Forecast (2019 – 2025)”, the global augmented and virtual reality market size was around $11 to $13 billion in 2018 and is projected to grow at a CAGR of around 35% to 38% during the forecast period 2019 to 2025. The collaborative experience of the environment with the real-world objects by computer-generated perceptual information will provide an integrated platform for smart glasses, Virtual retinal gyroscopes, and motion sensors in gaming devices which results in the visual, auditory, haptic, somatosensory, and olfactory in the feedback for the consumers. Augmented and virtual reality offers cost-efficient and accurate solutions in skill development and training, as it replicates the real scenarios by using augmented and virtual reality enabled solutions. Conversely, both create a virtual environment similar to the real world, where a trainee can understand and tackle challenges with strategic mapping.
Virtual and augmented reality play a key role in introducing enhanced products by which key players are estimated to accentuate on product innovation through continuous investments in product development to further result in the advancement of Augmented and virtual reality technology. Gaming held a major share in augmented and virtual reality market as of 2018 and was around 37% to 41%. In the gaming industry, Augmented reality assortments digital content with the physical world and allows users to scan the physical environment by providing a greater experience by adding virtual computer-generated information. The launch of various AR apps will enable unique interaction with the real world. This will propel the augmented and virtual reality growth in the gaming industry. North America holds the major share in the global augmented and virtual reality market and is estimated to grow at a CAGR of 34% during the forecast period of 2019 to 2025.
Global Augmented and Virtual Reality Market Companies: Recent Developments
Some of the key players operating in the augmented and virtual reality market are Google, Microsoft, Oculus VR (Facebook), Sony, Samsung Electronics, HTC, PTC, Wikitude, GmbH, Magic Leap, Osterhout Design Group, Daqri, Blippar, Maxst, Zugara, Vuzix, Visteon, Eon reality, Upskill, and Continental.
Vuzix Launched the Consumer Version of the Blade Augmented Reality Smart Glass
- In 2019, Vuzix developed Blade Smart Glass, which is a wearable smart display with virtuous viewing experience and only fashion forward full-color glasses in the market today for consumers, which support app developers and applications directly running on glasses.
World’s First Augmented Intelligence Biometric-Enabled Smart Glasses Platform was Launched by Vuzix and ST Engineering
- This platform is built to boost the productivity of enterprise customers, face the burgeoning urbanization, and enhance global public safety. The Platform as a Service developed by ST Engineering is a pay-per-use application integrated with Vuzix Blade to empower non-intrusive and hands-free identification.
- The Vuzix Smart Glasses and ST Engineering based biometric-enabled platform provides a great way for enterprises and refugee agencies to mobilize frontline and also empower field workforces with up to 50% improved yield as a result of efficient work progressions.
- Eon, the lead in augmented and virtual reality-based knowledge transmission for industry and education, proclaims the distribution partnership with Antique. This distribution partnership permits Eon as a primary distributor for AVR platform development among the people all across Oceania and for education in Australia and New Zealand. Eon’s AVR platform offers a wide variety of solutions for numerous educational and enterprise databases and also enables an efficient way for modern training and working experience.
Upskill brings enhanced multi-device and augmented reality experience to AWE Europe
- Upskill expansion of its early access program for Skylight for Microsoft HoloLens to global customers at Augmented World Europe (AWE). Moreover, Upskill prolonged its latest versions of Skylight and device support for both Android and iOS. These Expansions allow users to impact the Skylight AR across many devices from aided smart glasses reality and also to mobile devices for remote access.
Augmented and virtual reality are prime technologies, which deals with virtual components.
Virtual and augmented reality makes corporate teaching easier, cost-effective, and accurate for trainers in the real world. Growing usage of these technologies in the gaming industry will boost the growth of the augmented and virtual reality market in the near future.
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