fbpx

Transparency Market Research Values VR and AR Market At $547 Billion

Transparency Market Research (TMR) have conducted a study that puts the value of the global virtual evolved packet core market at $15,900 million (USD) by 2026.

Transparency Market Research Virtual Evolved Market

The study looked into the expected growth of the market to reach the demand for flexible networks, increasing smart phone usage and the rising numbers of LTE subscribers. All of these add to the forecast growth of the sector by 36.3% which puts the value at around $15,900 million (USD) by the year 2026. The need for high speed networks that offer reliable connectivity and mobility is always on the riase and the solutions are expect to aid in the market value. Advancements in networking such as 5G, LTE and VoLTE will ensure that the market is able to keep up with demand and deliver the requires networking connectivity and infrastructure.

Transparency Market Research VR/AR Market Shares

Elsewhere, the global virtual reality (VR) and augmented reality (AR) market is set to see explosive grow by 2024 with a forecast value of $547.20 billion (USD). AR technology is expect to see a faster rate of growth due to the demand for devices in media and entertainment, healthcare, gaming and the manufacturing sectors. TMR also point towards North America continuing to be the top market for VR and AR with an 80% market share over the rest of the global market. The Asia Pacific market is also expected to see large growth over the forecast period but will likely not overtake North America in total market share.

TMR puts the hardware segment at the top of the pile in their report as well although software, hardware and services will all contributed to the market growth. The hardware segment of the global market accounted for 73% in 2015 and this kind of number is expected to remain the dominate one by 2024. The demand for improvements in sector points towards head-mounted displays (HMD), consoles, input/sensors and glasses as the main focus for the market moving forward. Sectors such as education, healthcare, construction, manufacturing and the defense and aerospace sectors are among the main end users of VR and AR technology.

If you are interested in reading the complete reports you can find them on the TMR website.

For more stories like this be sure to stay tuned to VRFocus.