VR and AR market worth 1.06 billion by 2018

DALLAS, USA: According to a new market research report, "Virtual Reality & Augmented Reality Market - By Technology (Mobile & Spatial AR, Semi & Fully Immersive VR); By Sensors & Components (Accelerometer, Data Glove, HMD, ICs); By Applications (Medical, Military, Gaming), By Geography (2013 - 2018)", published by MarketsandMarkets, the market is expected to grow at a CAGR of 15.18 percent from 2013 to 2018 and reach 1.06 billion in 2018.

The data mentioned is for dedicated augmented reality and immersive virtual reality systems only. Separate analysis for mobile-based AR and non-immersive VR is done.

Augmented reality is a thriving technology where digital data merge with the real world. This technology superimposes the real world with computer generated data which completely changes the user experience. It changes what we hear, feel and see. The augmented reality technology uses virtual reality to amend the real world. Augmented reality and virtual reality can offer a wide range of emerging applications.

Augmented reality technology has shown ubiquitous growth in mobile phone technology featured with a camera and a GPS, which allow the users to experience the technology beyond their anticipation.

By 2015, augmented reality technology will be widely used in the education field for advanced learning and for teaching technologies. The augmented reality and virtual reality technology will be used to contribute to the projects with smart innovations in future due to its great fascination and potential.

Global dedicated devices augmented reality market is expected to reach $659.98 million by 2018, whereas the immersive virtual reality market is expected to reach $407.51 million by 2018. The mobile-based augmented reality and non-immersive virtual reality market analysis is done separately to maintain the mutual exclusiveness of data sets.

The major driving forces of augmented reality technology and virtual reality are the advancement of in-computer technology and internet connectivity. The increased demand in virtual reality and augmented reality application in the healthcare industry is a direct cause for a tremendous growth in AR and VR market.

The other driving force for virtual reality and augmented reality technology is the consumer demand in m-commerce industry. The technology used in augmented reality applications, i.e. marker-less, is at the apex and is expected to grow rapidly. A major driving factor in this marker-less is use of GPS and compass which are used commonly in smart phones. The technology used in virtual reality application, sensors used, emerging trends like goggles, contact lens, and further opportunities are described in detail in the report.