Virtual And Augmented Reality Market — New Market Opportunities Explored by 2024

Virtual and augmented reality is a suite of hardware, service and software components allowing end-users to visualize and experience virtual environment in real-time. The demand for virtual reality (VR) and augmented reality (AR) is expected to increase in the coming years owing to the growing demand for AR and VR service, affordable hardware cost, and increase in end-use application.
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The global virtual and augmented reality market is extremely competitive with leading players having extensive geographical reach. However, the threat of new entrants is low. Top players within this market are making huge investments in the research and development in this field so as to come up with innovative products and have a strong foothold in the market. With the presence of small players developing virtual and augmented reality products for niche application areas, this market is expected to become more dynamic, states Transparency Market Research (TMR) in its recent research report.
The global virtual and augmented reality market is witnessing and exponential growth on account of the increasing number of application areas across diverse industries such as education, health care, construction, retail, entertainment, media, gaming, automotives, aerospace, and defense. The major reason behind the expansion of the application areas of virtual and augmented reality is the substantial advancements in the software and hardware of virtual reality and augmented reality technologies.
The advanced virtual reality technology applications of head mounted display in vehicles has increased and is one of the key factors boosting the growth of the virtual and augmented reality market overall. The application of augmented reality in head mounted display is offering vehicle drivers much more control of vehicles and enhanced comfort and safety levels.

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