Report: Augmented and virtual reality market to exceed $1bil by 2018

According to a new report from research firm Markets and Markets, the augmented reality and virtual reality market will reach $1.06 billion in 2018, with a compounded annual growth rate of more than 15 percent.

The immersive virtual reality market specifically is projected by reach $408 million by 2018.

The major driving forces of augmented reality technology and virtual reality are the advancement and in computer technology and internet connectivity,” the company said in its announcement.

Eon Reality iCube

The increased demand in virtual reality and augmented reality application in healthcare industry in particular will be a major driver of growth, according to the report.

Major players identified in this report include augmented reality device manufacturers  Qualcomm, Metaio, and Vuzix, and virtual reality hardware companies Eon Reality and  OculusVR, Inc., which was recently purchased by Facebook for $2 billion.

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Maria Korolov

Maria Korolov is editor and publisher of Hypergrid Business. She has been a journalist for more than twenty years and has worked for the Chicago Tribune, Reuters, and Computerworld and has reported from over a dozen countries, including Russia and China.

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  • etervo

    Healthcare industry in particular: https://www.youtube.com/watch?v=GayrTtJZ2M0

  • xchrisx

    I would normally agree with that, but since governments all over the world are making cuts left right and centre on a weekly basis now, and also hitting families financially more and more, i cant see there being a financial backing for this for a long time with regards to hospital, medical or any other government related organization, and far as private in home entertainment, well more and more of us are pushing towards caring more about paying bills with the cost of real living going through the roof :( I myself think it will be many years more than they predict for a fact. Very big shame our contries do not invest more in tech for the right reasons and heavily invest in it also for our children in schools.

  • http://www.augmentedrealityltd.com Brian Casson

    Augmented reality is still in its infantile state, in the most part currently providing gimmicks to the advertising industry, but all of this is about change. The combination of utilising wearable technology, linked to bespoke augmented reality software, provides an invaluable tool in providing clear and consise instructions to operatives in the workplace. In the field of surgery, for example, augmentation can pinpoint the exact location of veins, whilst relaying information of vital statistics of the patient displayed within the surgeons’ field of vision. Together with the ability to film the operation at close quarters directly from the surgeons prospective this will make augmented reality development an essential tool, particularly in training hospitals. I suspect that the use of augmenting technology will become standard practice in many other professions in the future. Whilst domestic use will follow, allowing us all to become DIY experts with the ability to interact with our environment whilst receiving both clear visual and audio guidance.