The augmented reality (AR) market is set to see significant growth until 2024, driven by the increase in healthcare devices, according to a report by Million Insights.
Last year, Markets and Markets predicted that the AR and virtual reality (VR) in healthcare will reach a value of almost $5bn by 2023 and noted that this will be driven by increasing penetration of connected devices, investment and the need to reduce costs. The latest research from Million Insights would suggest that, if anything, this projected market value has grown.
Additionally, the report noted that the market growth would be influenced by e-commerce, a general rise in investment in the AR market and the growing number of devices in the gaming and entertainment market.
"VR is a broad term used for computer generated 3D environment that enables a user to interact with artificial elements," explained Million Insights. "At present, AR is considered as a technology encompassing AR and telepresence. Under VR the environment is completely synthetic whereas in telepresence the depiction is completely real and in AR the real world is augmented with virtual things."
AR is arguably more effective for a number of companies, as research by Capgemini Research Institute pointed out: "Immersive technology delivers better efficiency, productivity and safety for enterprises and augmented, rather than full virtual reality, will lead the way for business operations."