Although VR is experiencing cold in the capital market and public opinion, VR games are driving the AR/VR market demand. At the same time, some technology companies like Google, Microsoft, Apple, and Samsung are also increasing product development and innovation to meet the growing demand for AR and VR products. According to the FMI Global AR and VR Market Report, the gaming industry in 2017 is expected to account for one-third of the AR and VR markets.
The report said that in 2016 the global AR/VR market reached 517.6 million U.S. dollars, the compound annual growth rate is expected to be 42.2%, and by 2025 it will reach 120 billion U.S. dollars. The adoption of AR and VR technologies by games, entertainment, media, smartphones, and technology companies is the main driver of this growth.
With the overwhelming success of games like Pokémon Go and Ingress, the market is exacerbating the need for this unique gaming experience, giving AR more user engagement. Healthcare is another area where AR technology is used, and AR technology will become more and more popular in this area.
Various micro-electromechanical system (MEMS) sensors such as GPS and accelerometers on smart phone cameras and mobile phones are very convenient for AR platforms. The mobile market is huge and it is witnessing rapid growth in this area. In turn, the mobile market will also affect the AR field.
Currently, VR dominates the VR/AR market, and its compound annual growth rate is 40.5% during the forecast period. However, FMI expects AR to be more effective during this period. Therefore, compared with VR, AR market has a higher compound annual growth rate. In the VR/AR market, the compound annual growth rate of head-mounted displays is expected to be 44%, and the momentum is expected to continue until 2025.
In terms of regions, North America’s current dominant VR/AR market is the main revenue, which is expected to reach US$1.956 billion in 2017 and will continue to play a leading role during the forecast period. However, the region with the highest annual compounding rate growth is Middle East and Africa, and the compound annual growth rate during the forecast period is expected to reach 55%.
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