According to a new market report published by Transparency Market Research titled “Virtual and Augmented Reality Market (By Component – Hardware, Software, and Service; By Hardware – Head Mounted Display, Head Up Display, Glasses, Console, Sensor/Input, Others (Camera and Projector)), By End-use Application – Healthcare, Education, Retail, Gaming, Construction, Media and Entertainment, Automotive, Defense and & Aerospace and Others (Manufacturing and Energy) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 – 2027” the global virtual and augmented reality market is expected to reach a value of US$ 2,408,749.7 Mn by 2027. The market is estimated to expand at a CAGR of 86.0% during the forecast period from 2019 to 2027.
Virtual and augmented reality is a suite of hardware, service and software components allowing end-users to visualize and experience virtual environment in real-time. The virtual reality (VR) and augmented reality (AR) market is expected to witness a rise in demand owing to the growing demand for AR and VR services, affordable hardware cost, and growing end-use applications.
Furthermore, the demand for AR and VR services is expected to gain importance due to its adoption in multiple end-use sectors. High focus on technological innovation is expected to create demand for new VR and AR hardware devices. Since, the market is in its nascent stage, VR and AR is expected to witness high investment scenario from venture capitalists in the coming years.
VR and AR players are focusing on providing compact hardware solutions to their end-users, since it would help to increase the adoption rate of devices among end-users. Media and entertainment, and gaming are some of the prominent end-use sectors where VR and AR are expected to witness rapid adoption in the coming years. Currently, VR and AR players are looking for partnership with ecosystem players as part of their strategy in order to increase their market share globally.
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In 2019, North America was the largest market for VR and AR solutions, accounting for a highest share. The presence of a large number of VR and AR players and high consumer disposable income is expected to support the demand for VR and AR in North America in the coming years. However, this trend is expected to change in the coming years depending upon the VR and AR adoption in other regions.
On the basis of components, the hardware segment held the largest share of the VR and AR market in 2019. The demand for better VR and AR hardware devices such as head mounted display, glasses, console and sensor/input is expected to contribute to the growth of hardware segment over the forecast period.