Virtual and Augmented Reality Market Major Growth Driving Factors and Comprehensive Research Report, 2023

The global virtual and augmented reality market is estimated to witness a staggering CAGR by the year 2023. “Augmented reality and virtual reality held up as a key technology in business application across the aviation industry. Boeing uses AR headsets to stream real-time information in front of their eyes using voice and video generated commands. Its giant AR technology has allowed the company employees to project rendering of electronic units and examine risk assessment tests more effectively. It is estimated to be a lucrative market attributed to its high growth trajectory and its demand among potential suitors.”

The virtual and augmented reality market is driven by its increasing demand in healthcare and electronics industry. The growing prevalence internet connectivity and information technology have also supported the market expansion. Image latency and fraudulent activities are raising concerns related to user data privacy and protection. This is a vital factor responsible for the market hindrance. Increasing research & development initiatives is projected to serve as a major opportunity, boosting the growth of virtual and augmented reality market. The market is segmented into augmented and virtual reality technologies, based on its technology types.

Key Players:• Google
• Samsung Electronics
• Microsoft Corporation
• Sony Interactive Entertainment
• Oculus VR LLC
• HTC Corporation
• ZeroLigh
• EON Reality
• Nokia Corporation
• Barco
• Blippar.com Ltd
• Aurasma Ltd. (Hewlett-Packard Development Company. L.P)
• MindMaze SA
• Virtalis
• Manus Machinae

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The virtual and augmented reality market competition is escalating at a steady pace with the advent of technological innovation and several Merger & Acquisition activities across the industry. Furthermore, local and regional vendors are offering specific application products for varied end-users. The new vendor entrants in the market are finding it hard to compete with the international vendors based on quality, reliability, and innovations in technology.

Key Product:
• Hardware (Head Mounted Display, Head Up Display, Glasses, Console, Sensor/Input, Camera, and Projector)
• Software
• Service

Key Users/Applications
• Healthcare
• Education
• Retail
• Gaming
• Construction
• Media and Entertainment
• Automotive
• Defense and Aerospace
• Manufacturing
• Energy

Key Regions:• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Columbia)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Geographical segmentation has presented a detailed analysis of virtual and augmented reality market growth prospects across the regions of North America, the Asia Pacific, Europe, the Middle East, and Africa, and Latin America.

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Report content also includes:
• Analysis of the market including revenues, future growth, market outlook
• Historical data and forecast
• Regional analysis including growth estimates
• Analyzes the end user markets including growth estimates.
• Profiles including products, sales/revenues, and market position
• Market structure, market drivers and restraints.