WELLESLEY, Mass, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Due to the acceleration of startups through increased funding from major players, the future of virtual reality technologies is anticipated to skyrocket from 2018 onward. According to the BCC Research report Virtual and Augmented Reality: Technologies and Global Markets through 2023, the VR and AR technologies market was valued at $8.8 billion in 2017 and is predicted to reach $142.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 60.4%.
Computer-generated environments let users interact with virtual realities, or artificial 3D landscapes, through headsets and gloves. Augmented realities let users interact with real-world environments that are superimposed with computer-generated sensory inputs such as sound, video, graphics or GPS data.
Key market participants discussed in the report include Microsoft, Alphabet (Google), Sony, HTC, Oculus, Vuzix, Daqri, Eon Reality, and Osterhout Design Group (ODG), among many others.
Research Highlights
- The market is driven by the decreasing cost of hardware and the increasing use of head-mounted displays systems in gaming, healthcare, education and other applications.
- Smartphones and computer graphic systems are forecast as major contributors to market growth.
- North America accounts for the largest share of the global VR market, followed by Europe and the Asia-Pacific region.
“The impressive growth of VR and AR in gaming and other applications has contributed significantly to the market over the last two decades,” the report notes. “In 2014, the acquisition of Oculus by Facebook was a game-changer for the VR industry. Major tech giants such as Google released interim virtual reality products like the DIY headset, which uses Google Cardboard and Google Daydream with smartphones. Companies like Samsung have taken this concept further with products such as Galaxy Gear, containing smart features such as gesture control.”
Gaming and Education Drive VR and AR Technologies
Accounting for 41.2% of the overall market, gaming was the dominant application type in 2017. The market was estimated at $3.6 billion in 2017 and is forecast to reach $47.2 billion by 2023. The education sector is expected to become the most prominent application of VR and AR technologies. The education sector was valued at $797.7 million in 2017, and this sector is expected to grow at a CAGR of 69.3%, reaching $17.9 billion by 2023.
About BCC Research
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