Individual experience has become the core of the consumer-driven world. Better the experience, more the chances of prosperity for companies. By making that their core agenda, companies are now gearing up for the integration of technologies that would alter the course of conventional take on sectors such as healthcare & life sciences, education, and gaming. Augmented reality and virtual reality are branches of such advancing techniques which by fusing the real and the virtual are taking the experiential temper of the user a notch higher. Virtual reality gets its trigger from the slightest of the behavioral changes and mimics the surrounding to produce an alternate space on a 3D scale. Augmented reality makes the virtual and the real-world parley in sync with the user. It dishes out the best of both worlds to enhance the experience. In doing so, it incorporates simple gadgets such as smartphones and tablets to blend them with software or software-defined kit platforms. The global augmented reality and virtual reality market is finding it in a perfect position to soar higher with blistering CAGR of 73.3% during the forecast period (2018-2025) and mount a one-of-a-kind valuation of USD 767.67 billion by 2023. Report of Market Research Future (MRFR) has its focus mainly set on segmental analysis and detailed discussion of the drivers for a better understanding of the augmented reality and virtual reality market.

The augmented reality and virtual reality market is heavily relying on the burgeoning gaming industry. Head-mounted displays are in trend and generating substantial traction due to its percolation in the gaming industry that spans across from arcades to smartphones. Various market behemoths have included the technology in their marketing strategy to lure in more customers. E-commerce and retail sections are also profiting much from the platform which spells prospects for the market in the coming days. In addition, 5G technology is on the verge of being integrated into the regular system which is bound to drive the augmented reality and virtual reality market ahead. At the same time, 360° VR video is stirring up the market by impacting sectors such as pilot & driver training, space study, underwater exploration, and surgery. A holistic purview of the factors corroborates the predicted market valuation.

On the basis of product type, the augmented reality and virtual reality market can be segmented into non-immersive systems, semi-immersive projection system, and fully-immersive head mounted systems. Non-immersive systems is leading the market with considerable margin and is touted to be the fastest as well in the coming years.

On the basis of application, the augmented reality and virtual reality market can be segmented into education & training, video games, media, tourism, and social media. Video games is presently heading the market with education & training sector projecting a potential to score the highest CAGR during the forecast period.

Approaching the augmented reality and virtual reality market from a region-based perspective reveals a detailed description of the U.S., Europe, China, Japan, South East Asia, and Central & South America markets. The U.S. is leading the market with a valuation of USD 5.37 billion as of 2018 due to intensive infrastructure and extensive research & development facilities. China's market is the second largest and is going to gain good momentum during the forecast period. Europe's market is touted to beat China's market by 2025 with a better hike in CAGR during the review period.

Significant players to impact the augmented reality and virtual reality market are Google LLC, Blippar.com, EON Reality Inc., Augmented Pixels Inc., HP Inc., DAQRI LLC, Wikitude GmbH, Terminal Eleven (SkyView), Zapper Limited, awe.org Pty Ltd., Virtalis Limited, Facebook Inc., Samsung Group, Microsoft Corporation, and Sony Corporation.

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