Augmented Reality/Virtual Reality is a technology that uses sensory devices to either virtually modify a user’s environment or completely immerse them in a simulated environment. Objects like specially designed headsets and glasses can be used for visual immersion.
It is the exploration of possibilities by a huge consumer base that the global augmented reality and virtual reality market has seen a surge in the rate of smartphone & mobile game users, an increase in adoption of augmented & virtual reality solutions in education, and expansion of gamer community drive the growth of the market in the year 2017.
Global Augmented and Virtual Reality market dynamics
According to sources, the global Augmented and Virtual Reality Market was pegged at $11.32 billion in 2017 and is expected to garner $571.42 billion by 2025, witnessing a CAGR of 63.3% from 2018 to 2025. The consumer segment which has held its lion share in 2017 with more than three-fifths of the total global augmented reality and virtual reality market share is expected to continue its dominance throughout the forecast period. However, the enterprise segment would grow at the fastest CAGR of 70% by 2025.
Based on industrial vertical, the gaming segment accounted for more than one-fourth of the total market share in 2017 and is expected to continue its lead throughout the forecast period. Moreover, the segment would grow at the fastest CAGR 68.10% during the forecast period.