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.

Maria Korolov

Maria Korolov is a science fiction writer who covers cybersecurity, AI and extended reality as a tech journalist at her day job.
Check out her author page on Amazon or follow her on Twitter, Facebook, or LinkedIn. 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.