Augmented & Virtual Reality Content & Application Market Overview
Augmented & Virtual Reality Content & Application Market is forecast to reach $855.9 million by 2026, growing at a CAGR 16.5% from 2021 to 2026. Augmented Reality is an enhanced version of reality that has been created using technology to add images, information, or both. Virtual Reality is a form of computer engineered simulated environment. Although conceptually similar, Augmented Reality has been in use for some time, particularly in the sports industry. Augmented & Virtual Reality Applications are used in many different ways. If we look at mobile apps alone, the majority would be for gaming, navigation, learning and information about nearby locations. If we were to consider AR / VR for more powerful devices that require more energy to handle tasks like computers and laptops. Moreover, Google launched an AR application for object measurement, which will help user measure real-life objects although it will provide estimates as the technology is still developing. These are expected to boost the growth of Augmented & Virtual Reality Content & Application Market.
Augmented & Virtual Reality Content & Application Market Segment Analysis - By Component
During the forecast period, software segment is expected to grow at a CAGR of 18.2% through 2021-2026. The demand for software is set to grow because of the high adoption boost provided by apps and platforms in the AR space. One of the major factors driving this demand is the increasing interest of big tech firms in augmented reality technology. Smartphones have been known as the market's most exciting product in the future. Currently, with the increasing use of smartphones and AR browsers, consumers have begun to accept this interaction between human and computer (HCI) and increased reality has gained more research interest and attention recently. The main factors that are expected to drive the market are the penetration of HMDs in the gaming and entertainment sector, huge investment in the market for virtual reality, technology advancement and increasing digitization as well as availability of affordable VR devices.
Augmented & Virtual Reality Content & Application Market Segment Analysis – By Application
Engineers can use AR headsets for on job improvisation centered to the fact that the human mind processes technical information more efficiently presented in a 3D format faster than having to translate it from a 2D perspective. VR is becoming an integral backbone of numerous drill programs for future accident and emergency doctors, aiding for better preparation of practitioners for surgery using VR systems, before having to commence actual patients. A classic business application example of AR headsets can be derived from the manufacturing process of Boeing, 78-7 Freighter. Google Glass is being employed by aircraft engineers during wire assembly process to visualize the information right before their eyes, with video and voice instructions, for efficient and faster operations. Amazon, uses AR technology to allow customers to project versions of furniture and electronics into their households to help analyze physicality. Aerospace and military training is well optimized with the application of augmented and virtual reality devices to create real-life situations for trainees and also to keep a detailed tracked of their performance. AR and VR device’s convergence with IoT can transform the situations to be more genuine and apt for effective learning.
Augmented & Virtual Reality Content & Application Market Segment Analysis - By Geography
North America is expected to dominate the global Augmented & Virtual Reality Content & Application Market with a share of more than 35.8% in 2020. Due to technological advancements and increasing customer lifestyle, the North America region is rapidly growing region. Head-mounted displays (HMD), in North America, are experiencing a high growth. In the defense sector, the increasing demand for this technology encourages manufacturers in the region to provide HMDs which will serve the purpose of simulation-based training. Moreover, Technology applications in healthcare field include innovative methods for assessing and monitoring a patient's disease. Several major players in the North America are offering technologies, which will support the healthcare applications and it is expected to boost the market growth of Augmented & Virtual Reality Content & Application Market.
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Augmented & Virtual Reality Content & Application Market Drivers
Increasing demand for AR devices in patient-care management, and medical training and education
AR can be used to help doctors interpret the body parts of the patient's simulated state, which is likely to help surgeons perform minimally invasive surgery. The use of AR modeling and 3D visualization in the healthcare field will be of great benefit. Using AR to improve fitness, teach complex subjects to students in healthcare, train doctors, manage pharmacy is driving growth of Augmented & Virtual Reality Content & Application Market.
Penetration of HMDs in the gaming sector
In the gaming and entertainment field the use of HMDs has been strong. Since the advent of VR and 3D technologies, the gaming market has undergone a technological evolution. Having HMDs has helped users achieve a completely immersive experience and has taken the gaming experience to the next level. The smooth transformation achieved with the use of VR HMDs has helped to offer the users a special and enhanced experience. In the video game market HMDs have a high rate of penetration. Consumers of video games choose HMDs to enrich the skills and entertainment. HMDs project digital images, allowing for a 3D view that enhances user experience. The rising gaming industry will also drive market growth for HMDs and, in effect, the augmented & virtual reality content & application market will grow.
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Augmented & Virtual Reality Content & Application Market Challenges
Overcoming social constraints to increase the adoption rateAR is a technology in the making as some AR apps have features through which a user can see any person's details in social media. Users do not accept AR devices being uncomfortable and futuristic in design and as the end of privacy. Smart glasses or HMDs work extremely close to the user's eye as computer screens which can adversely affect the retina or cause eye strain and headache. Because of its health effect, users are reluctant to easily embrace this product. This is anticipated to hamper the market growth of augmented & virtual reality content & application.
Augmented & Virtual Reality Content & Application Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Augmented & Virtual Reality Content & Application Market. Augmented & Virtual Reality Content & Application Market is expected to be dominated by major companies such as Alphabet, Samsung, Microsoft, Apple, BMW, Worldviz LLC, Qualcomm, Atheer, Daqri, Echopixel.
Acquisitions/Technology Launches
In July 2019, Google Launched AR measuring app. Measure uses ARCore’s spatial features to measure real-world objects. By simply pointing phone’s camera at the given item, it can get a reading of the distance from one corner to the other.
In May 2019, Sotheby’s Launches First Real Estate AR App. Sotheby’s International Realty Affiliates LLC has announced the launch of Curate by Sotheby’s International Realty, the first real estate-branded augmented reality (AR) app
Key Takeaways
For several different uses, Augmented & Virtual Reality technologies are used. If we look at mobile devices alone, gaming, navigation, learning languages and knowledge about nearby locations will be the majority.
One of the key factors driving this demand is the rising interest of major technology companies in augmented reality technology.
North America is a rapidly growing area for the Augmented & Virtual Reality Content & Application Market due to technical advancements and rising consumer lifestyle.
Digital images project HMDs, allowing for a 3D view that improves user experience. Rise in gaming industry will drive market growth for HMDs and, in effect, the content & application market for augmented & virtual reality will increase.
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