Owing to the rising disposable income of people and technological advancements, the demand and adoption of smartphones has risen considerably in the past few years. At the present time, approximately 3 billion people are using smartphones all across the world. India, the U.S., and China are countries which have the largest number of smartphones users, with each country surpassing 100 million user mark easily.
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Some of the major smartphone vendors across the globe are Huawei, Apple, and Samsung. This is growing penetration of smartphones is further providing platform for other innovative technologies such as virtual reality (VR) and augmented reality (AR). This is because devices such as smartphones and tablets are being hailed as the potential hardware interface for AR and VR technologies and products.
The AR technology allows the users to experience the real world that has been enhanced or augmented digitally in some way. On the other hand, VR completely removes the user from the real-world experience and replaced it with a world that completely simulated. As per a report by P&S Intelligence, the augmented reality and virtual reality market attained a value of $6.2 billion in 2017, and it is expected to generate a revenue of $94.4 billion by 2023, advancing rapidly at a 58.1% CAGR during the forecast period (2018–2023).
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Between hardware and software components for these technologies, the demand for hardware component was higher in the past. This can be ascribed to the growing requirement for high-performance AR devices, declining cost of products, and rising application areas.
Between AR devices, including heads up display and head mounted display (HMD), and VR devices, including projection-based device, head mounted display, and gesture control devices, the demand for AR devices is predicted to rise in the years to come. This is because of the fact that AR-based HMDs are gaining traction in different applications including education, automotive, gaming, and military. Moreover, the extensive adoption of mobile AR is expected to drive the demand for AR devices.
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