The booming gaming industry and rapid penetration of the internet act as the key drivers of the Augmented reality and virtual reality market. The increasing application of augmented reality and virtual reality in healthcare, retail, entertainment, media, manufacturing, aerospace, defense, and education will boost the growth of the AR VR market during the forecast period. When reality is getting sour, more and more people are switching toward AR and VR to get a taste of new experiences. These are simply groundbreaking technologies through which one can enhance their real-life environment. Through Virtual Reality, you can entirely exchange your surroundings with a virtual one and replace your environment with a simulated one. Similarly, with Augmented Reality, you can augment your surroundings by adding digital elements to your reality through devices like smartphones.
The AR and VR size is expected to grow by US$162.71 billion, progressing a CAGR of 46 % from 2020 to 2025, according to Technavio’s latest market report. Technavio categorizes the global AR and VR market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies engaged in developing and producing application and system software. It also includes companies offering database management software. The global application software market covers companies engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software.
Right now, this industry is booming, as it should be. People were able to escape their own reality using VR and AR technologies when much of the world became captive in their own houses. Therefore, it is no surprise that AR and VR are champions in the entertainment industry, particularly in gaming. However, it goes beyond that. Tourism, retail, and healthcare are slowly integrating these technologies into their operations.
Virtual reality is a simulated experience that can be similar to or completely different from the real world. The technology aims to create a sensory experience for the user, sometimes including sight, touch, and hearing. Augmented reality is an enhanced version of the real physical world that is achieved through the use of digital visual elements, sound, or other sensory stimuli delivered via technology. Mixed Reality (MR) technology offers efficient and cost-effective immersive solutions to solve your real-world industrial problems. The MR-Powered Wearable Goggles are capable of understanding the surrounding spaces and trigger contextual digital infographics overlays on top of the physical environments. MR technology provides On-the-job assistance through interactive audio-visual guidance and remote support to the industrial workforce, which greatly increases production efficiencies by reducing errors.