Global Mobile Augmented Reality and Virtual Reality Apps Market to Grow at a Stunning CAGR of Over 74% Through 2020, Says Technavio
The global mobile augmented reality (AR) and virtual reality (VR) apps market is expected to grow at a CAGR of more than 74% during the period 2016-2020, according to Technavio’s latest research.
The market is categorized into six industry segments, gaming and entertainment, marketing and advertisement, retail, industrial, healthcare and wellness and others. The gaming and entertainment, and others segment accounted for more than 60% of the total market share in 2015.
EMEA dominated the market in 2015, and it is likely to experience more than tenfold revenue growth during the forecast period. The growth of the market in this region is supported by Western Europe, which accounted for more than 70% of the revenue share in EMEA. Many prominent brands in the mobile AR industry such as Blippar, Metaio, and Wikitude are based in Europe. The UK is one of the key leading countries worldwide.
AR technology is widely used by many companies in the defense, military, and aerospace sectors in Israel. Some of the other leading countries in the region are Germany, France, Switzerland, and Austria. Companies such as BMW and Volkswagen use AR technology to increase customers’ interest in their products by giving them a virtual experience of products.
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