According to a new market research report of “Augmented Reality & 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 2014 - 2018”, is expected to grow at a CAGR of 15.18% from 2014 to 2018 and reach 1.06 Billion in 2018. The data mentioned is for dedicated augmented reality and immersive virtual reality systems only. Separate analysis for mobile based AR and non immersive VR is done.
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The augmented reality (AR) and virtual reality (VR) is experiencing heavy penetration in the training and infotainment market. The major reason behind heavy penetration is the wide spectrum of application areas for these technologies. Early in 1960’s virtual reality based machines started to be patented and were considered as the beginning of VR. It is the three dimensional interactive world produced by a computer. The term “augmented reality” was introduced as a variation of VR; it is a form of technology used to enhance real time object by imposing virtual image over it. AR application was first used for the development of virtual advertisement on television then it expanded its applications in gaming and entertainment.
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Augmented reality is a thriving technology where digital data merge with real world. This technology superimposes the real world with computer generated data which completely changes the user experience. It changes what we hear, feel and see. The augmented reality technology uses virtual reality to amend with the real world. Augmented reality and virtual reality have can offer many wide range of emerging application.
Augmented reality is still under progressive stage and focuses on wearable technology like goggles, contact lens and so on which will be commonly used in future. Many research and development are taking place in application areas like healthcare, education, military, enterprise, and so on. The increase of demand in VR application in healthcare industry shows a tremendous growth and it act as a major driver for the market. The market growth has resulted in exponential increase in the number of companies operating in the AR/VR domain. The companies which provide virtual reality and augmented reality tools to the developers are reinforcing their position due to the increase in the competition.
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Augmented reality is one of the major and most innovative technologies of the decade. It provides information and entertainment which overlays on the physical world. The potential of augmented reality technology is wide and endless but still it’s under development stage and most of the potential are unexploited. This technology proved to be very comfortable and user friendly. For the last decade, augmented reality has been focussed on gaming which will send the users quickly to another immersive world. The augmented reality is believed to be a promising technology which will augment the user gaming skills by new ways to control actions and 3D movements.
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