New York, NY -- (SBWIRE) -- 04/23/2019 -- The worldwide augmented reality (AR) and virtual reality (VR) market is growing on account of the increasing use of smartphones and tables, and advancements in computer technology and internet connectivity. In 2017, the sale of AR and VR devices and software generated a revenue of $6,158.5 million. Advancing at a mammoth 58.1% CAGR during the forecast period 2018–2023, the size of the domain is expected to grow to $94,395.8 million by 2023.

AR can be defined as a superimposition of computer-generated imagery on the real world as seen by people. On the other hand, VR completely replaces the real world with computer-generated imagery. When segmented by device type, the augmented reality and virtual reality market can be classified into AR devices and VR devices. Of these, the sale of VR devices generated over 60.0% of the total market revenue in 2017.

However, during the forecast period, the revenue contribution of AR devices is expected to grow at a CAGR of 73.8%. The reason for the faster growth and future market dominance of AR devices would be the increasing use of these in the healthcare, retail, and tourism sectors. An example of their use in the tourism industry would be by the National Museum of Singapore, where AR devices provide a reality-enhanced tour to visitors.

Similarly, the augmented reality and virtual reality market can also be segmented by component, wherein software and hardware would be the two resulting subdivisions. In 2017, more than 65.0% of the revenue was generated by hardware, which is expected to be the leading subdivision during the forecast period as well. However, the faster growth is predicted to be witnessed by the software component, due to the growing demand for engaging entertainment and media content.

Now, one of the primary reasons the augmented reality and virtual reality market is growing is the increasing use of tablets and smartphones across the world. The construction of smartphones is similar to that or VR and AR devices, which means that the latter can be easily powered by the former. Further, inputs can be fed to control VR and AR environment, such as for video games, from smartphones. Mobile phones are being increasingly utilized as a hardware interface by AR And VR firms, which are launching their products via mobile apps.

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Another growth driver of the augmented reality and virtual reality market is the rising use of such technologies by the e-commerce and retail firms. For instance, at several retail stores, visitors and prospective customers get an improved store navigation, product-viewing, and customization experience through AR, which results in increased sales. Further, AR and VR-based mobile apps also help in increasing brand visibility, such as these did for Carnival Cruises, which offered virtual tours of their cruise ships in 2016.

Across the globe, Asia-Pacific (APAC) is expected to be the fastest growing augmented reality and virtual reality market during the forecast period, advancing at a CAGR of 69.0%! The presence of leading market players, including Sony Corporation and Samsung Electronics, as well as increasing AR and VR demand in the defense and commercial sectors is expected to help in this regard. Further, the healthcare sector in APAC is also predicted to heavily utilize AR and VR for live surgery streaming, surgical training, pain management, and patient monitoring.

Therefore, we see that the increasing innovations in marketing strategies and requirement for enhanced consumer experience will be one of the primary growth drivers of the market for VR and AR in the future.