Virtual Reality And Augmented Reality Market To Be Huge By The Year 2020
Virtual Reality has begun to experience tremendous growth and Augmented Reality is starting too as well.
BCC Research estimates that the VR and AR market which was worth about $4.5 billion in 2015 is expected to grow by 2500% by the year 2020 as it will reach $105.2 billion.
BCC Research analyst, Sinha G, said, “Many of the AR/VR applications being developed for smartphones and tablets are designed to enhance communication with the real world, which aligns with context-aware computing technology. For example, in sensor-based smart cities. As a result, the increase in sales of smartphones and tablets has acted a driver for the virtual and AR market.”
Virtual Reality and Augmented Reality applications will be used in education, military, adult content and in story narration, even though gaming is the most known use of VR at the moment. The market is going to look different over time as many more companies enter the VR world and new devices are introduced.
There has already been a lot of funding in VR, but there’s sure to be much more funding of companies as consumers begin to speak on what they do and don’t like.