LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global augmented reality (AR) and virtual reality (VR) gear market to grow at a CAGR of more than 41% during the forecast period, according to their latest report.
The research study by Technavio on the global augmented reality and virtual reality gear market provides segmentation based on technology (AR and VR), product (smart glasses, head mounted displays, VR cardboards, and VR headsets), end-users (consumers, enterprises, and military and defense), and geography (APAC, the Americas, and EMEA).
|Technavio analysts forecast the global AR and VR gear market to reach USD 34.41 billion by 2021. VR cardboards constitute the most popular product segment, generating over 48% of the total market revenue.|
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Technavio analysts highlight the following three key factors that are contributing to the growth of the global augmented reality and virtual reality gear market:
- Improving optical design
- AR and VR gear integrated with head and eye movement trackers
- Use of AR technology for effective advertising
Improving optical design
“Augmented reality gear is designed using state-of-the-art technology to provide the most realistic experience to its users. The vendors in the market utilize optical see-through displays, or the more advanced video see-through displays, to enable seamless integration of content being streamed with the reality of the user,” says Chetan Mohan, one of the lead analysts at Technavio for human machine interface research.
In contrast, VR gear uses an opaque display, and the information or content is directly projected in front of the user. Hardware developers in the VR gear segment predominantly use improved optics with multiple convex lenses to directly focus the content to the user’s retina, which enables one to view even 3D images.
AR and VR gear integrated with head and eye movement trackers
The latest advancement in AR and VR gear technology is the addition of eye movement trackers to make the experience more realistic when compared to previous models. AR and VR devices utilize software to plot the movement of the head (in AR gear) and eyes (in VR gear) on the X, Y, and Z axes to determine the best possible estimation circle over the pupil and the point of gaze, making for an enhanced experience. This is expected to greatly impact the market, attracting more consumers to adopt AR and VR gear such as virtual reality glasses and augmented reality headsets.
Use of AR technology for effective advertising
“The use of augmented reality for marketing is creating an opportunity for users as well as brands to connect with the product on a real-time basis, thereby driving purchases. AR advertisements are highly interactive and give customers the opportunity to find the best fit by allowing them to match requirements against interests while making purchases,” says Chetan.
The growing dependence of consumers on smartphones has compelled advertisers to focus on mobile advertising. This not only connects them with a larger audience but also enhances loyalty and thereby revenue. Many companies are increasingly adopting AR technology as a successful marketing tool, thereby driving market growth.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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