Global Location-based Virtual Reality Market Expected to Grow with a Significant Rate by 2024 Top Players : Survios, EXIT Realty, VOID, Hologate, SpaceVR,

How big will the virtual reality market become?

Industry Overview – AR and VR market

The global augmented reality (AR) and virtual reality (VR) market is projected to reach USD 112.8 billion by 2024, registering a CAGR of 56.8% during the forecast period. Increasing responsiveness about this technology among the consumers in both developed as well as developing an economy, rapid acceptance of AR and VR technology among various industry domains along with an amalgamation of AR and VR to develop the mixed reality that can be implemented for prospective applications, propelling the growth of the market.

VR enables utilization of computer technology in order to develop a simulated environment. On the contrary, AR coats computer-generated developments over an existing reality that enhances interaction ability of this system.

Market Segmentation – AR and VR market

  • Insight by Component

Based on component, the global augmented reality and virtual reality market is divided into data hardware and software, wherein the hardware category accounted for a larger share in 2017. However, the software category is expected to witness faster growth during the forecast period owing to the increasing demand from media and entertainment industry to meet the evolving needs of the consumers such as that of simulation games which are based out of AR technology.

  • Insight by Device Type

On the basis of device type, the global augmented reality and virtual reality market is categorized into AR devices and VR devices. Among the two categories, the AR devices category is expected to witness faster growth during the forecast period owing to high demand for AR and VR technology from healthcare and retail domain in a developed economy that enables doctors and nurses to identify vein locations in patients.