Dublin, June 01, 2016 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "Augmented Reality and Virtual Reality Market by Device Type (HMD, HUD, Handheld Device, Gesture Tracking, Projector and Display Wall), Component (Sensor, Display, Camera, and Software), Vertical, and Geography - Global Forecast to 2022" report to their offering.
The market for virtual reality technology was valued at USD 1.37 billion in 2015 and is projected to reach USD 33.90 million by 2022, at a CAGR of 57.84% between 2016 and 2022
The virtual reality technology comprises 3D artificial environment, in which a user can interact with the virtual world. The global augmented reality market was valued at USD 2.35 billion in 2015 and is estimated to reach USD 117.40 billion by 2022, at a CAGR of 75.72% between 2016 and 2022.
This technology is used in various applications such as gaming, entertainment, and for simulation and training purposes in aerospace & defense, medical, industrial, commercial, and consumer verticals. The estimated growth rate of AR technology is higher than VR technology due to the interest shown by many established players.
"Increased adoption of HMDs for gaming, entertainment, and medical among other applications would contribute to the growth of the AR and VR market"
The increased use of HMDs in the AR and VR market is due to growing gaming and entertainment sectors. The market for HMDs is growing gradually with their increasing use in the gaming application. Companies such as Oculus VR, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), and Microsoft Corporation (U.S.) are developing HMD devices that are technologically advanced and cost effective. Apart from HMDs, gesture tracking devices, projectors, and display walls are also used in various VR applications for simulation and training purposes.
Augmented reality-based HMDs are used for various purposes in automotive, tourism, military, gaming and education among others. The huge adoption of mobile augmented reality would help in the dynamic growth of this market. Also, the growing investments by the large tech companies would be a driving factor.
The major key players offering various products in the augmented reality and virtual reality market include
- Blippar Inc.
- Cyberglove Systems LLC.
- Daqri LLC
- EON Reality, Inc.
- Google Inc.
- Infinity Augmented Reality Inc.
- Magic Leap, Inc.
- Meta Company
- Metaio GmbH
- Microsoft Corporation
- Oculus VR, LLC
- Osterhout Design Group (ODG)
- Qualcomm Inc.
- Samsung Electronics Co., Ltd.
- Vuzix Corporation
For more information visit http://www.researchandmarkets.com/research/qhwzv3/augmented_reality