Growing presence of social media has created major technological trends around the world. Smartphone boom and powerful network of web based services are keeping the global users more connected. Despite all these technologies, there is still a fine line between the virtual reality and physical presence. However, the latest technological leap in the semiconductor industry is creating innovative trends in the global market. Augmented reality (AR) comes across as a technological marvel of the futuristic approach that deals with closing the gaps between real-world environment and virtual reality (VR). The global augmented reality market is aiming at big and futuristic business opportunities in the years to come. These opportunities are expected to create potential growth prospects for the key players as well.
Concept of Augmented Reality
As mentioned before, this technology deals with providing live view of the environments with computerized graphics that support video, audio, GPS and other such sensory inputs. Integration of the graphics into the real-world environments is estimated to revolutionize the industry. The potent innovations of virtual reality are not expected to be supported by equally powerful augmented reality through the added graphic inputs like haptic feedback, sound effects, smells and location data. Strong growth in the smartphones industry around the world with rising consumer demands for the advanced technologies is driving the augmented reality market. This trend, according to the experts, is vital for the impressive growth trends in the market during the next few years to come.
AR/VR Market Components
In order to understand the growth opportunities and business prospects in the market, the researchers segment it on the basis of the types of technologies, sensors and other components, their applications and demand trends witnessed by different geographic regions. The types of technologies, as mentioned before are segmented into augmented and virtual reality. Augmented reality is divided into wearables, mobile devices based and video spatial display based technology. Types of virtual reality include semi immersive, non-immersive and fully-immersive. Major applications of these technologies include in the fields like automotive, medical and healthcare, retail and e-commerce, military, marketing and education. Growing demand trends and potential innovations from around the world are key factors.
Future of the Market
With the growing demand and constantly evolving application avenues, the global augmented reality market is looking forward to a steady growth. As per the latest research reports, the industry is expecting to rise up to $1.06 Billion by the end of the year 2018. During the next few years, the products in this market along with the demand ratio around the world are expected to witness a healthy rise at an estimated CAGR of over 15%. Increasing research and development activities, key investments from major market players and emerging applications are expected to drive the business opportunities for the market. However, the top players may have to consider the issues like awareness and privacy, image latency and hardware requirements.
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