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.

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 manufacturersÂ Â Qualcomm, Metaio, andÂ Vuzix, and virtual reality hardware companiesÂ Eon RealityÂ andÂ Â OculusVR, Inc., which was recently purchased by Facebook for $2 billion.

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Maria Korolov

Hypergrid Business editor and publisher Maria Korolov is a science fiction novelist. During the day, Maria Korolov is an award-winning freelance technology journalist who covers artificial intelligence, cybersecurity and enterprise virtual reality. See her Amazon author page here and follow her on Twitter, Facebook, or LinkedIn. Email her at [email protected]. Her first virtual world novella, Krim Times, made the Amazon best-seller list in its category. Her second novella, The Lost King of Krim, is out now. She is also the publisher of MetaStellar, a new online magazine of speculative fiction.