Burnaby, British Columbia, Canada, October 16, 2015 --(PR.com
)-- According to recently released TechSci Research report, “United States Augmented Reality & Virtual Reality Market Forecast &Opportunities, 2020,” Augmented Reality (AR) and Virtual Reality (VR) market in the United States is projected to register growth at a CAGR of over 37% during 2015-2020. The market is expected to witness tremendous growth on account of rising demand for AR and VR products in defense, consumer electronics, automotive and aviation industries. Over the last few years, AR and VR products, especially head-mounted displays and smart glasses, have witnessed significant innovation, globally. This has led to robust growth in the adoption of these products by consumers and industries alike.
In 2014, defense sector in the US emerged as the largest buyer of these devices,wherein, demand for AR and VR products is being driven by national security concerns due to rising terrorism and security threats within the country, and efforts to reduce costs incurred on soldier training and simulation activities. Moreover, the demand for AR and VR devices in the automotive sector is also surging owing to the growing need for driver assistance in luxury and sport cars. BAE Systems, Inc., Thales Defense & Security, Inc., Rockwell Collins, Inc., are the leading manufacturers and suppliers of augmented reality & virtual reality devices in the United States.
“Defense segment is expected to maintain its dominance in the United States AR and VR market over the next five years as well. Further, other sectors such as logistics & warehousing and tourism are also expected to witness higher adoption of AR/VR devices. The use of AR devices in logistics & warehousing for minimizing operational cost by improving process efficiency in freight loading, parcel loading and unloading, picking, dynamic traffic support, etc., along with growing AR installations in museums, is expected to augment market growth in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.