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Research delivers insight into the Global virtual and augmented reality market projected to touch US$547.20 billion by 2024

IT Market Research

Virtual and augmented reality is a suite of hardware, service and software components allowing end-users to visualize and experience virtual environment in real-time. The demand for virtual reality (VR) and augmented reality (AR) is expected to increase in the coming years owing to the growing demand for AR and VR service, affordable hardware cost, and increase in end-use application.

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A new study titled “Virtual and Augmented Reality Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024” added recently to the repository of Market Research Reports Search Engine estimates that the global market for virtual and augmented reality is expected to increase its overall opportunity to worth US$ 547.20 by 2024. The report also says that the global virtual and augmented reality market is predicted to exhibit a robust CAGR of 92.50% during assessment period 2016 to 2024.

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The readers will find an executive summary in the report focusing on key details of global virtual and augmented reality market such as market share and CAGR. The next section of market overview provides introduction to the market and covers market dynamics to identify the factors driving the market and restraints to the growth of the market.

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According to the market, the significant advancements in technology is one of the factors driving the global market of virtual and augmented reality. The report identifies future opportunities available in the global market of virtual and augmented reality for new entrants and existing players.

The global virtual and augmented reality market has been segmented into component, end-use application and region for in-depth analysis. The component segment is further sub-segmented into hardware, head mounted display, head up display, glasses, console, sensor/input, other (camera & scanner), software and service.

According to the report, the hardware segment had led the global virtual and augmented reality market with close to 73% of market share during 2015 and expected to continue maintaining the top position for the next few years.

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The end-use application segment is divided into healthcare, education, retail, gaming, construction, media& entertainment, automotive, defense & aerospace and other (manufacturing & energy). Regionally, the market is sub-segmented into North America, South America, Europe, Asia Pacific and Middle East & Africa (MEA).

As per the report, North America region was at top position with nearly 80% of market share in 2015 and estimated to retain its position during the assessment period.

The report shares details for these segments in terms of introduction & definition, key findings & developments, key trends, historical & future market size from 2014 to 2024, comparison matrix and market attractiveness.

The readers will find details on competition landscape with profile of some of the major companies operating in the global virtual and augmented reality market. These companies are Google, Inc., Microsoft Corporation, HTC Corporation, Nokia Corporation, Blippar.com Ltd., MindMaze SA, Manus Machinae B.V., VirZOOM, Inc. and NuFormer Projection B.V.

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