Augmented Reality and Virtual Reality Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

New York, NY -- (SBWire) -- 08/08/2018 --Augmented reality (AR) refers to an interactive user experience with the real world in which the user's view of the physical environment is augmented with the help of computer-generated images. AR solutions superimpose virtual images on the user's view of the real world to lend an immersive aspect to the user experience. Virtual reality (VR), on the other hand, is a computer-generated simulation of the environment for a more immersive user experience. VR solutions allow the user to experience a virtual world with his or her senses and perception systems. The global AR and VR market size witnessed a massive growth since the last few years and it is projected that the market will grow at a very high rate during the forecast period. Soaring smartphone penetration, and advancement in internet connectivity and computing are the major factors driving the growth of the market.

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The market penetration of smartphones has reached an all-time high and the sluggish demand for tablets and PCs has motivated major tech companies to come up with the "next big thing" in the market. As a result, technology companies are betting on a variety of strategies for deploying VR and AR. While some are focusing exclusively on smartphones as a means of display, some are developing software and hardware for high-performance headsets that require PCs and graphics cards to run.

Some of the strategies that are being adopted by major tech players in the market are acquisitions, funding of start-ups, and introduction of their own product lines of AR and VR devices. Funding of AR and VR start-ups crossed a $3 billion mark in FY2017. The particular interest of tech corporations and venture capitalists in investments is taking the AR and VR market to new heights.

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Technological advancements in terms of hardware and software development and improvement are expected to cut down the price of AR and VR devices in the coming years. Development in the field of optics, such as light-field technology, is further expected to support the development of flexible and compact displays for smart glasses and headsets at an affordable price. AR and VR companies are providing software development kits to application developers at affordable prices. This is expected to increase the application base for these technologies. Moreover, due to the highly competitive nature of the market for semiconductor devices, the average selling price (ASP) of AR and VR devices is likely to decrease in the coming years. Thus, with the reduction in the price of AR and VR devices, their adoption is expected to increase, which, in turn, will support their market growth.

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