The Augmented and Virtual Reality Market for Aerospace and Defense Industry is estimated to surpass $2,327.9Million by 2024 growing at an estimated rate of more than 39.4% during 2018 to 2024 majorly driven by the need of efficient solutions for the training purpose in these industries coupled with rising IoT devices. Therefore, significant increase in use of augmented and virtual reality devices will accelerate the growth of the market.
What is Augmented and Virtual Reality?
The Augmented Reality and Virtual Reality are related to each other but have some major differences which can be experienced by the user and the involvement of the user in a given situation and these two technologies are efficiently being used in aerospace and defense industry.
Augmented reality is basically a technology in which is also an enhanced version of the real physical world by the use of visual elements. Augmented reality layers computer-generated enhancements to an existing reality in order to make it more meaningful through the ability to interact with it whereas Virtual reality (VR) can be defined is an artificial environment that is basically created by software, it is usually computer-generated simulation or recreation of a real life environment or situation which immerses the user by making them feel like they are experiencing the simulated reality firsthand, primarily by stimulating their vision and hearing.
The major applications of augmented reality and virtual reality in aerospace and defense industry are for education training and security. The increasing use of these applications will play an important role in future for enhancing the augmented and virtual reality market in aerospace and defense industry.
This report incorporates an in-depth assessment of Augmented and Virtual reality market in aerospace and defense by component, by device, by applications and geography. The major type of components encompassed in the scope includes 3D cameras, sensors and software components like software development kits and cloud-based services.
What are the major application for Augmented and Virtual Reality?
The various applications assessed includes education and training, security and others. These applications further includes the basic type of areas in which augmented and virtual reality is being used widely. The education and training includes segments like research, simulation/virtual learning environment, feedback and monitoring and others. And, the security segment includes military, simulation, planning and others. These applications are centered with real-time monitoring activities and decision making capabilities along with most important skills and tasks that need more practice, thus creating huge scope and opportunities for augmented reality & virtual reality technologies in the near future.
Market Research and Market Trends of Augmented & Virtual Reality
- Augmented and Virtual reality is increasingly being used in militaries globally for various applications like safety, simulation and visualization of battlefields. Augmented reality has led to the introduction of Mobile AR 1.0 that is the launch of standard smartphone hardware and smartphone cameras.
- Virtual reality technologies has led to the formation of advanced future with the introduction of tethered systems and standalone units. The tethered systems includes wearable on the head that is attached with a wire which is further attached to the processing unit.
- The emerging changes and advancements in aviation and aerospace industry has led to the formation of augmented reality technology and the one of the key trend which has led to the increasing use of augmented reality technologies in aerospace industry is that it has the ability to provide overlay information at any point of time when needed. It includes visualization of navigation systems, air-traffic control, weather, terrain and airspace information in a 3D overlay that makes easy to understand for the pilots.
- Virtual reality is the one of the most emerging trends today and is widely being used in aviation industry in order to provide entertainment in the air, it also provide training to the pilots as training through virtual reality technology introduces several experiences by only using lines of code.
- Therefore, augmented reality and virtual reality technologies has emerged and introduced the easiest way for training and maintain security in various applications of aerospace and defense industry and this technological advancements in AR and VR coupled with development and innovations in AR and VR devices such as displays and 3D cameras is likely to boost the penetration of these technologies into aerospace and defense industries
Who are the Major Players in Augmented & Virtual Reality market?
The companies referred to in the market research report includes Google Inc., Microsoft Corporation, Vuzix Corporation, Samsung Electronics Co. Ltd., and Qualcomm Inc. and so on.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
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- Get a quick outlook on the market entropy – M&As, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.