Analysts are predicting that the global augmented and virtual reality market will reach an estimated $66.68 billion by 2022.
According to a press release, the market accounted for $2.67 billion in revenue in 2015 and is estimated to have compound annual growth rate of 58.3 percent from now until 2022.
The market is predominately comprised of software applications and hardware devices for 3-D visualization, which is then used for applications such as entertainment and gaming and for training purposes in the defense, medical and industrial sectors.
The report found that head-mounted display will be the largest market in the device sector because of the increase in gaming, entertainment and medical applications. And North America will lead the way in the geography segment as the largest revenue generating market, while Asia-Pacific is estimated to be the fastest emerging market.
The report also covers some of the key players in the market, including Google Inc.; Qualcomm Inc.; Oculus VR, LLC; Magic Leap, Inc.; Osterhout Design Group (ODG); Cyberglove Systems,LLC; Samsung Electronics Co., Ltd.; Microsoft Corporation; Blippar Inc.; Meta Company; Vuzix Corporation; Infinity Augmented Reality Inc. and Metaio GmbH.