Lots of companies are gambling on one fact, that virtual reality (VR) will be a success. It’s a gamble that is worth billions to those companies that have invested in the new technology, like Facebook purchasing Oculus VR for $2 billion USD. Recent market research suggests that VR, augmented reality (AR) and industries affiliated with them could be worth $9.50 Billion by 2020.
A report published by Markets&Markets estimate the total value of the machine vision market is to reach $9.50 Billion by 2020 at an estimated to grow at a CAGR of 12.51% from 2014 to 2020, which includes an in-depth analysis of the market by component, product, technology, application, verticals, and geography.
The technology segment for machine vision systems market includes imaging technology, image sensors, laser technology, and augmented reality , while the component section relates to optics, hardware, software and peripherals.
There has been a great deal of support from both the public and private sectors, but while the entertainment and videogame industry might be garnering a large amount of the press it will possibly be other industry’s that ensure the markets success. From the military to the healthcare sectors which traditionally do make heavy investment in emerging technologies, the scope of the global market has flourished.
VRFocus will continue to follow the latest news and advancements in VR and AR as they happen.