Augmented Reality (AR) and Virtual Reality (VR) Market Expected to become USD 112.8 Billion by 2024 by VynZ Research

AR and VR Market Size of USD 112.8 billion by 2024

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Augmented Reality And Virtual Reality Market Industry Overview The global augmented reality (AR) and virtual reality (VR) market is expected to witness immense growth at a CAGR of 56.8% during the forecast period with its market size reaching USD 112.8 billion by 2024. The market is driven by the factors such as increasing responsiveness about this technology, rapid acceptance of AR and VR technology among various industry domains and the amalgamation of AR and VR to develop mixed reality that can be implemented for prospective applications. The market for AR and VR market is primarily driven by technological development, rapid growth in the adoption of tablet computers and smart phones, excessive concentration of major tech players in the AR and VR system worldwide.

Augmented Reality And Virtual Reality Market Growth Drivers The major factors that are driving the growth the AR and VR market includes excessive dissemination of tablets and smartphones among the population of various emerging as well as emerged economy is enabling a steady stage for AR and VR products. It has been observed that the AR and VR systems are becoming accessible to the consumers through various mediums such as platforms and devices. Furthermore, smartphones are extensively being utilized as input expedients for monitoring the VR situation, especially for the virtual reality gaming applications. Moreover, the increasing penetration of smartphones and tablet computers is extensively contributing towards the growth of AR and VR market across the globe. The tablet-based and mobile based AR and VR technology is observing rapid application form the key players operating in education, interior designing, e-commerce, architecture and furnishing. These factors are thereby attributing towards the rapid growth of AR and VR market globally. ÂŠ 2018 VynZ Research All rights reserved

Augmented Reality And Virtual Reality Market Geographic Overview: North America accounted for the major share in the AR and VR industry in 2017, globally as the players in the region are continuously investing capital for the advancement of technology. Geographically, AsiaPacific is expected to witness the fastest growth during the forecast period. The growth of this market is attributed towards increasing investment in defense and commercial domain in this region. Existence of large number of display board industrialists along with technological enhancements are the key factors bolstering the growth of AR and VR market. Explore

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Augmented Reality And Virtual Reality Market Competitive Insight The market structure for global AR and VR market is fragmented and some of the key players operating in the AR and VR market across the globe include Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc. and Sony Corporation.

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