The competitive landscape for the augmented reality (AR) and virtual reality (VR) devices is shifting toward more aesthetically pleasing form factor, which can be incorporated in the day-to-day lives of consumers. These technologies are compatible with devices such as smart glasses, head-up displays, head-mounted displays, and handheld devices among others.
A definite presence of smart phones and tablet computers, high mobility and versatility, an increasing interest of large tech corporations, and technological advancement can be deemed as the primary reasons for the enhancing growth rate of the global AR and VR market. The AR market is estimated to reach USD 161.1 billion by 2022 at a CAGR of 85.4 percent. The VR market is estimated to reach USD 17.8 billion by 2022 at a CAGR of 44.5 percent as per Research
This growth in the AR and VR market is attributed to increase in the awareness about these technologies among the consumers, mass scale adoption of AR and VR in various industry verticals, and integration of AR and VR to create mixed reality for future applications. However, health concerns, privacy issues, and the Chinese economic slowdown are restraining the overall growth of the global AR and VR market.