Augmented and Virtual Reality Market Worth $1.06 Billion by 2018
A new report on augmented reality (AR) and virtual reality (VR) shows that this space is expected to grow over 15% from 2013 to 2018 reaching over $1 billion dollars by 2018. And this is just for dedicated AR/VR systems.
The report, by leading global market research and consulting company MarketsandMarkets, describes augmented reality as a thriving technology which has shown growth so far using mobile phone technology, cameras and GPS. It estimates that by 2015, AR will widely be used in the education field for advanced learning and teaching.
Among the major drivers the report cites for growth are the advancements in technology, such as wearables, internet connectivity and an increased demand for AR/VR applications in the medical field.
North America and Europe are marked as geographic market leaders in the AR/VR space with some of the major companies to watch include Total Immersion (France), Qualcomm (US), Metaio (Germany), Vuzix (US), Layar (The Netherlands) and Wikitude (Germany).