Both augmented (AR) and virtual realities (VR) are appealing to various industries, owing to the advanced features they provide to its users. Some people consider the augmented and virtual reality as the same technology, but they are both quite different from each other. Although there is another reality known as mixed reality, which is the combination of both AR and VR.
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What is the market size and applications of virtual reality and augmented reality?
Augmented reality is basically the display of environment that enhance the real-world experience by using computer graphics, sound and video abilities.
Augmented reality offers the opportunity to place digital objects in a real-world environment. For example, to place various digital objects in physical shape. Some of the examples of augmented reality that are very popular these days include Pokémon Go app, Disney colouring book, L’Oréal makeup app, weather channel studio effects, and IKEA mobile app.
Virtual reality works in a completely different environment. It usually leads to another world, the digital world, where one is allowed to do anything. It provides the virtual experience of either a real-world or totally different one. VR can usually experience by wearing a headset to experience a virtual environment. Some of the examples that are quite common these days include Oculus, Gear, Cardboard, Vive Pro Eye, and PlayStation VR.
So the basic difference between AR and VR is that AR is the combination of the real-world and digital world, which provide the opportunity to play with real-world experience. As for VR, it does not have any interaction with the real world, and it takes a person to another digital world. Although that digital world can be the replica of real-world, it will be without any connection with the real world. This is why mixed reality is gaining attraction these days, which provide opportunities to work with both AR and VR.
Both AR and VR can be used in various industries such as health, automotive, telecom, military and defence, manufacturing, video games, entertainment, education, tourism, fashion, and real estate. The users can be facilitating from AR by using smart glasses, different software, handheld devices and smart headsets.
To use the VR user have to put on the headset usually connected with handles which help in performing actions in that digital world.
Some of the top players that play a role in the market development of augmented reality includes, Bornfight, CemtrexLabs, Gramercy Tech, Hyperlink InfoSystem, IndiaNIC, KitRUM, Novoda, Shockoe, Saritasa, ScienceSoft and Tintash.
Some of the players from the VR industry include EON Reality, Facebook, Google, HTC, Program-Ace, Quytech, Samsung, Sony, and VironIT.
Augmented reality market value will increase in the coming years given its advanced features and upcoming new developments to provide a more realistic view.
The average market assessment for the global augmented reality market was between US$ 1 billion to US$ 12 billion in 2018, and this value will reach to the average range of US$ 30 billion to US$ 50 billion by 2025.
Some major growth drivers behind augmented reality include trending of augmented reality entertainment, increasing use in various industrial applications, active use in military training, trends in various advance educational systems, and more usage in tourism departments.
The average global market size of virtual reality in 2018 was about US$ 6 billion. This value will reach in the range of US$ 50 billion to US$ 90 billion, by 2025.
AR is also used in the weather industry and is very entertaining.