In the recent years, the augmented reality and mixed reality devices have presented a plethora of applications in various industries such as healthcare, automotive, aerospace and defense, and education, among others. According to the market intelligence report by BIS Research titled, ‘Global Augmented Reality and Mixed Reality Market- Analysis and Forecast (2018-2025),’ the market for augmented reality and mixed reality is expected to grow at a CAGR of 65.1% and 72% respectively, during the forecast period. Investments from the leading market players and vast presence of original equipment manufacturers (OEMs) has contributed to the growth of the overall augmented reality and mixed reality market. Further, the established presence of smartphones and tablets has been one of the major driving factors for the industry. The same trend is going to be seen in the next two or three years owing to the technological advancements in this industry.
The augmented reality (AR) and virtual reality (VR) devices are moving towards a paradigm shift with the development of aesthetically pleasing forms which incorporates itself in the daily lives of the consumers. The latest VR devices are compatible with smart glasses, head-up displays, head mounted displays and handheld devices, and VR devices control the processing power of smart phones and computers to display VR contents. Due to this, the development of compact devices which are powered to display VR contents without being tethered to any computer are being developed and hence, the global augmented reality and virtual reality market is witnessing a huge growth.