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.
According to TMR, the global virtual and augmented reality market is anticipated to expand at a stupendous and whopping CAGR of 92.50% between 2016 and 2024. On account of this exponential expansion by 2024, this market will cross the figure of US$547.20 bn.
On the basis of component, virtual and augmented reality market is currently being led by the hardware segment which is in fact estimated to retain its leading position throughout the forecast period on account of the high demand for technologically advanced mixed reality technologies such as head-up display in the automotive sector.
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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. T