A new report showed it will see a CAGR of 63.2 percent between this year and 2025.
The “Augmented Reality (AR) and Virtual Reality (VR) Market to 2025 – Global Analysis and Forecast by Technology, Components, and End-user Industry” results have been released. This virtual reality market and augmented reality marketplace research showed massive growth from this year through 2025. In fact, it estimated that those markets would reach $130.01 billion by 2025. Comparatively, they were estimated to have been worth $4.25 billion last year.
The report also included a spectrum of insight into the factors believe to be driving this rapid growth.
The augmented reality market and virtual reality market are based on similar but not identical technology. They are both applied over the real time environment, only in AR you can see your surroundings and in VR you can see only the digital universe. AR is meant to allow you to experience the actual world around you in conjunction with additional digital components. Augmented reality is not dependent on special devices such as headsets or helmets. It can be experienced through a smartphone screen, for example. Virtual reality, on the other hand, needs special gadgets.
The AR and virtual reality market has been propelled forward by certain specific drivers.
Due to the fact that the majority of people are now carrying smartphones, the augmented reality market has been seeing steady growth for some time. AR applications are growing numbers. There have been uses in toys, as well as smartphone apps. These mobile apps have had applications in the industrial, retail, architectural, consumer electronic, manufacturing, medical and other markets.
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Among the most well known mobile apps using this technology at the moment is Pokémon Go. Still, that application is hardly alone. This mobile game has actually arrived at a time in which the technology was already becoming relatively well established.
The prediction for the future of AR, according to the report, will be a meaningful role in the Internet of Things (IoT). The report speculated that AR will be central to data visualization and analysis.
It also predicted that both the augmented and virtual reality market drivers will include application in new areas. They will include product design training, assembly, manufacturing facility design, emergency response, field services, assembly for small and aircraft technician training and even medical inspections. The reason is that they provide exceptional simulation experiences.