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  • 21 May 2019 20:02

Augmented Reality and Virtual Reality Market Scope

Rise in adoption of augmented and virtual reality solutions in military, education, automation, healthcare sector and also rise in penetration of smart phones & mobile gaming are anticipated to flourish the augmented and virtual reality market.

Augmented reality is an improved version of reality created through the use of technology to add digital image information whereas virtual reality is a use of computer technology to develop a simulated environment.

Augmented and virtual reality provides a cost-efficient and effective training and skills development solution in military application as it replicates real scenarios through solutions enabled by augmented and virtual reality. In addition, human participation in healthcare is unethical and could be harmful to the training of students or nurses or other medical professionals. Augmented and virtual reality-based solutions therefore provide valid tools for training medical professionals without compromising and harming one's life.

According to Acumen research, the Augmented Reality and Virtual Reality market is expected to grow at a market value of nearly 298 USD Billion by 2026, at approximately 62% CAGR.

AR applications are compatible across various platforms including iOS, Android, and Windows and the cost of app development varies between $50,000 and $250,000, accordingly.

The development costs for VR games and VR apps are very different. For the development of a VR app, the cost can range between $40,000 to $75000; and for VR games, the cost ranges from $50,000 to $100,000.

With the expansion in therapeutic imaging activities, oncology experts are also embracing computerized-reality advancements such as AR and VR. For instance, VR enables specialists and doctors to view precise images of body structures without invasive methods, making diagnostics an easy process also for the patients. Moreover, AR can be utilized for amplified imaging of tumor during chemotherapy.

The report also profiles 15 key companies, namely, Alphabet Inc., Atheer, Augmedix, CAE Healthcare, DAQRI LLC, Echopixel, Firsthand Technology, Koninklijke Philips N.V., Medical Realities, Microsoft Corporation, Mindmaze, Orca Health, OssoVR, Psious, Surgical Theater.

Market Segmentation | Device Type, Component, Technology, Platform, Device Application, Geography

Regional Scope | North America, Europe, Asia-Pacific and Rest of the World

Report Coverage | Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis

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