The major factors driving the augmented reality and virtual reality technology are the advancement in internet connectivity, and computer technology. The increased demand of augmented reality and virtual reality applications in healthcare industry is a major cause for the tremendous growth of the augmented reality and virtual reality market. The other driving force for virtual reality, and augmented reality technology is the user demand in mobile-commerce industry. The driving factor for the “marker less” augmented reality market includes the use of GPS and compass, which are used commonly in smartphones. The emerging trends of goggles, contact lenses, and other such devices are the key reasons for the growth of the global virtual reality market.
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Augmented reality is the combination of virtual reality and real life. The augmented technology covers the real world with computer generated data, which entirely changes the consumer experience. It changes what we see, feel, and hear. Augmented reality is a direct, indirect, or live view of a real-world environment, whose features are supplemented by a system generated sensory input involving video, graphics, and sound or GPS data.
Virtual reality involves the creation of a virtual world that interacts with consumers. This virtual world is designed in a way that it appears more realistic to the users, while they can’t differentiate between the real and virtual. Moreover, virtual reality could be experienced by wearing a virtual reality helmet, or goggles similar to oculus rift (which is a virtual reality headset device that completely engages users within the virtual world). Oculus rift is expected to be one of the key drivers for the global augmented and virtual reality market, with its launch in the first quarter of 2016. In virtual reality the user is secluded from the real world, and is immersed in a world that is completely fictional. With augmented reality, users continue to be in touch with the real world, while interacting with virtual objects around them. The virtual reality is mainly used for video games, and social networking in a virtual environment, such as PlayStation Home.
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The global augmented reality and virtual reality market can be segmented on the basis of various technologies, components, and application. On the basis of technologies, the global augmented reality market can be segmented into marker based augmented reality (AR) and mark-less based AR. On the other hand, the virtual reality can be segmented into projected virtual reality, immersive virtual reality, non-immersive virtual reality, and cave automatic virtual environment (CAVE) sometimes referred as Chicago Automatic Virtual Environment. The components used in virtual reality system are haptic interface, tracker, auditory interface, sensor, and 2D and 3D simulation software. Sensor, tracking system, and display are the key components used in the augmented reality system. On the basis of applications, the global augmented reality and virtual reality market can be segmented as retail, military, marketing, e-commerce, automotive, medical and defense, and education.
The technology giants are making huge investments in the global augmented and virtual reality market, such as Facebook’s $2 billion acquisition of Oculus virtual reality (VR) headset. Samsung through innovation with Oculus VR has also produced virtual reality devices for use, along with its top leading smartphones.
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