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Augmented and Virtual Reality Market Estimated to Be Worth $1.06 Billion by 2018

(PRWEB) August 09, 2014

According to a market research report of “Augmented & Virtual Reality Market by Sensors (Accelerometer, Gyroscope, Haptics), Components (Camera, Controller, Gloves, HMD), Applications (Automotive, Education, Medical, Gaming, Military), Technology Types & by Geography - Global Forecast and Analysis to 2013 - 2018”, published by MarketsandMarkets, is expected to grow at a CAGR of 15.18% 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. Analysis for mobile based AR and non immersive VR is done separately.

Browse 86 market data tables and 39 figures spread through 254 pages and in-depth TOC on “Augmented Reality & Virtual Reality Market by Technology Types, Sensors Accelerometer, Gyroscope, Haptics), Components (Camera, Controller, Gloves, HMD), Applications (Automotive, Education, Medical, Gaming, Military) & by Geography - Global Forecast and Analysis to 2013 - 2018”

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Augmented Reality is a kind of virtual reality that augments the scene with additional information and generates a combined view for the user, which is the combination of the real scene and a virtual scene generated by the computer. Augmented reality technology is used in many applications such as e-commerce, medical, industrial, military, education, gaming and so on.

The awareness of augmented reality technology still lacks among many people. The technological advancements like computational power, consistency, and hardware in augmented reality products will help to overcome the existing bottlenecks. Currently, manufacturers of smartphones and tablets are incorporating powerful processors and sensors to increase the accuracy.

The technological advancements have completely changed the traditional approach of marketing and promotion. The advent of smartphones and internet combined with augmented reality provides users a highly convenient way to research and purchase goods and services from anyplace, anytime which gives good dimension to e-commerce applications. Augmented reality and virtual reality are the evolving digital technologies that deliver more enhanced, appropriate, and immersive shopping experiences to customers.

There are many advantages of using augmented reality technology in retail industry which includes virtual fitting rooms and 3D preview that let the customer to try product online. Augmented reality technology enables a new form of visualization which can also be regarded as an effective marketing technique. Specifically, augmented reality empowers advertising campaigns and can boost brand recognition.

Augmented reality brings further features to business and education and also numerous studies have previously shown the benefits of creating combined augmented reality environments. In business and education, augmented reality helps the user to acquire knowledge through entertainment. This technology is quickly spreading to other applications like gaming, medical as well.

Geographical split for every application is included in the report as the market share of different applications of Augmented Reality And Virtual Reality Market varies from one region to another. This report describes the overall market into four major geographical segments, namely, North America, Europe, APAC, and ROW. North America and Europe is the market leader in the overall Augmented And Virtual Reality Market, followed by APAC. In ROW, the Middle East, and Africa are coming up with this technology because of its benefits in wide range of applications.

The major companies included which offer AR & VR technology in various applications are Total immersion (France), Qualcomm Inc (U.S.), Metaio GmBH (Germany), Vuzix Corporation (U.S.), Layar B.V (The Netherlands), Wikitude GmBH

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