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Emerging Applications of Augmented Reality/Virtual Reality Will Create Market Revenue of $55.01 Billion by 2021
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The immersive technology market, including augmented and virtual reality, is expected to see huge growth in the next 5 years. Technological advancements such as 5G and artificial intelligence will transform the augmented and virtual experiences in the future. 5G will bring improved mobile broadband along with advanced capacity, more uniform experience with steadily high data rates, and lower latency which will improve the screen and equipment quality of AR and VR devices. Some of the significant impacts of 5G across sectors could be enabling virtually crafted workplaces and fully interactive and emulating in-office work environments. Video streaming of AR and VR content in moving vehicles like cars and trucks is a possibility. Similarly, recent developments in deep learning will elevate real-time image and speech recognition, lessen the cost of local processing and storage, multiply network bandwidth, enabling richer data streams, and also enabling cloud availability. Artificial intelligence will thus, facilitate innovative kinds of VR as well as AR experiences and platforms in future for collaboration and interaction; thus, disrupting both enterprise and well as consumer sectors. The AR and VR market revenue is expected to reach $55.01 billion by 2021. Growth will mainly be derived by AR and VR applications in manufacturing and simulation modeling. Advancements in technology such as 5G, artificial intelligence, edge computing, and robotics are expected to transform the augmented and virtual reality experiences in the near future. This transformation will give rise to future opportunities in sectors such as media, gaming, telepresence, retail, medicine, and education. The hardware market of AR and VR will grow tremendously by 2021, mainly due to a 10-fold increase in AR and VR headset shipments by 2021. VR application in the manufacturing sector is projected to increase by 98.9% between 2017 and 2021. AR application in the education and training sector will see tremendous growth by 2021 due to rising investments in smart cities development and defense security applications. Another significant trend is the high-growth prospects of the Asia-Pacific region in AR and VR applications, mainly supported by the Chinese market, which is expected to grow at a rate of 80% between now and 2021. The application landscape will observe segments such as AR gaming, connected cars, live streaming, and pay-per-view events that are already being adopted now and the this is expected to offer a major revenue source in the AR and VR application market.
This study will highlight the revenue analysis across types of devices, application areas, regional prospects, software, and hardware. This research service will also provide a peek into the future use cases of VR and AR technology and also help in identifying the future opportunities across AR and VR applications.
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