Market Reality: Analysts Continue to Paint Rosy Picture for Augmented Reality Industry
While the numbers may not always seem to agree, the message remains the same: augmented reality is a growth segment. This week's edition of Market Reality starts with two new reports outlining the expected good fortunes for the industry and concludes with an example of a company capitalizing on their own growth.
A new report by Allied Market Research projects the global augmented reality and virtual reality market to grow to $59.5 billion by 2022, compared to valued at $760 million in 2015.
The report, titled "Augmented and Virtual Reality Market: Global Opportunity and Forecasts, 2014–2022," credits video games for growth to date, but notes that the healthcare segment and other industries that benefit from training simulations to fuel future growth.
"Augmented and virtual reality offers a cost-effective and efficient solution in training and skill development as it replicates the real scenarios by using augmented and virtual reality enabled solutions," said Allied Market Research analyst Sumeet Pal in a news release.
Meanwhile, in their own news release and accompanying report, Markets and Markets posits that the augmented reality software market will grow to $35.2 billion by 2022, up from $2.1 billion last year.
Their verbosely-titled research report concludes that augmented reality software for consumers, namely sports and entertainment applications and games, will continue to lead in market share during this period, though commerce solutions for education and e-commerce will see high growth.
Based in San Francisco, mCloud leverages augmented reality, deep analytics, and machine learning through its AssetCare software to enable their clients to manage industrial energy assets in the field. Universal Ventures is a mineral exploration firm based in Vancouver, Canada, where mCloud maintains a technology center.
"We intend to be the 'first stop shop' for entrepreneurial high-growth industrial cloud software companies that are seeking to be part of mCloud's AssetCare suite of cloud solutions to realize maximum shareholder value," said Russel McMeekin, Chief Executive Officer of mCloud, in a news release.
McMeekin will also serve as CEO of the new company when the transaction is completed.
Every Friday, Next Reality reviews the latest headlines from the financial side of augmented and mixed reality. This weekly Market Reality column covers funding announcements, mergers and acquisitions, market analysis, and the like. Check out previous editions of Market Reality for more news you may have missed.