A recent report published by P&S Market Research, the global augmented reality (AR) and virtual reality (VR) market is expected to reach $94.4 billion (USD) in value by 2023. This includes the increasing smartphone penetration and the improving development in computer technology as major factors that will help drive the growth of the market. Depending on device type, VR devices have the largest market share accounting for more than 60% of the revenue in 2017.
VR devices included in the report feature head-mounted displays (HMDs), gesture control devices, and projection-based devices. HMD were contributed nearly 74% of the revenue in the VR market in 2017. The AR devices market is also expected to grow at a faster rate during the forecast period due to the increase in demand for the technology in the retail and healthcare sectors. These AR devices are further divided into head-mounted displays and head-up displays (HUDs) with these type of devices contributing the larges revenue in the market due to their advanced technology developments.
The software part of the market, which is a key element in ensuring successful application of VR and AR hardware, is also expected to have the highest growth rate during the forecast years due to the increasing demand for AR-based simulation products and videogames.
Companies such as Vuzix, a leading supplier of smart-glasses and AR technology and products for consumer and enterprise markets have been a big impact on the continued growth of the market. Providing solutions that offer cost-effective, mobile and user friendly wearable AR display. Paul Travers, President and Chief Executive Officer at Vuzix commented on the report and growth of the marketing saying: “Volume manufacturing of the Vuzix Blade Smart Glasses from our West Henrietta, NY facility has commenced. With FCC and EU certifications processes now complete we can commence broad shipping of our Vuzix Blade Smart Glasses to the application and enterprise Vuzix Blade Edge developer communities located within the USA, Canada and Europe,”
Other companies that were mentioned as key players within the growth of the marketing include Victory Square Technologies, Sony, HP and Himax Technologies. All of these, along with Vuzix, are providing the solutions and products that are seeing the market grow and impacting to the $94.4 billion market value by 2023.
VRFocus will be sure to bring you all the latest on VR and AR in the future so to stay up to date, keep reading.