Technology - - Sep 25,2017
High investments by technology giants and increasing demand for AR and VR technology in gaming are crucial factors boosting the global AR and VR market.
Augmented and Virtual reality has evolved so much that now it has been put into use in a wide field of applications. Some of the prime applications include video games (physical interaction with 3D models), presentations, television, theme park, and simulations (driving, flying etc.). It has been analyzed that games based on augmented reality such as Pokemon Go and Ingress have been witnessing increasing popularity among consumers in a very short span of time as these games offer a unique gaming experience, thereby leading to higher user engagement.
Recently, a new study has found that the global AR and VR market is projected to touch a value of US$ 120 Bn by 2025 end, and all set to expand at a notable CAGR of 42.2%. In terms of geographical presence, North America accounts for a relatively high revenue share in the global AR and VR market; while there has been also significant opportunities present in the MEA region.
Smartphones are considered as a prime device for the better experience of augmented and virtual reality. It not only facilitates gaming but also creates countless opportunities for augmented reality due to their technological features. In computer screens, it is quite challenging to create dimensionally accurate graphical overlays that are aligned with the real world, which can be easily handled by smartphones as they are integrated with MEMS sensors, display, high-definition cameras, GPS and accelerometers suitable for AR platforms.
The key players who have majorly impacted the market growth include Google Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., and Apple Inc. These companies are stepping up investments in research and development with regards to AR & VR technology. This is attributed to the growing demand for AR and VR technology from various sectors including healthcare and entertainment.
In order to expand its VR game offerings, Google recently acquired Owlchemy Labs- an Austin based game studio.
For more information on this report visit- http://www.mrrse.com/augmented-reality-and-virtual-reality-market