LONDON--(BUSINESS WIRE)--The global virtual retinal display (VRD) market is expected to grow at a CAGR of 3.51% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global VRD market for 2016-2020. To calculate the market size, the report considers revenue generated from shipment of VRD devices for VR and augmented reality (AR) applications.
Technavio’s research study segments the global VRD market into the following regions:
Global VRD market: segmentation by geography 2016
| Geography | Market share (%) | |||
| Americas | 91.7% | |||
| EMEA | 5.2% | |||
| APAC | 3.1% | |||
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Source: Technavio |
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Americas: largest VRD market
The Americas accounted for almost 92% of the global VRD market in 2016, followed by EMEA. The US is the leading country in the region, followed by Canada. The US is expected to continue to be a leading technology provider due to the presence of companies such as Avegant, Magic Leap, and MicroVision. As the technology is new, these companies will try to capture the American market first, then later try to penetrate the other regions. So, for the next five years, the Americas will be the dominant region for VRD devices. There are several projects related to smart glasses and HMDs lined up, and there is a huge demand for AR technology in the US.
Sunil Kumar Singh, a lead analyst at Technavio for displays research asserts, “The Americas is also one of the earliest adopters of AR, and there are a number of apps being developed for iOS and Android. This gives good potential for VRD technology providers such as MicroVision to penetrate the Americas.”
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Global VRD market in EMEA
MEA is not expected to have much of an impact for VRD devices and technology, as many big players in the market such as Blippar, Metaio, and Wikitude are located in Europe. The UK is one of the key leading countries in the region and globally. In addition, there are several companies in Israel involved in the defense, military, and aerospace sectors where VRD can be effectively used. Also, several government-funded projects in these sectors are encouraging new vendors in Israel to enter the market. “Some of the other leading countries in Europe include Germany, France, Switzerland, and Austria. BMW, Volkswagen, and many publishing companies have employed AR technology and created huge interest among consumers. This might also help in the adoption of VRD technology,” adds Sunil.
Global VRD market in APAC
APAC accounted for only 3% of the global VRD market in 2015. This is because, there are only a few companies involved in AR technology in this region, with the highest number being located in Japan. The revenue contribution from APAC is not expected to show any major changes during the forecast period, except for the outsourcing of software development to India. The final products are sold in EMEA or the Americas. However, APAC is expected to lead the market in terms of mass production of AR devices like mobile devices, HMDs, or smart glasses during the forecast period.
Competitive market scenario
The global VRD market is at a nascent stage. There are not many vendors involved in the market but so far MicroVision and Avegant are the only vendors that have gained recognition in the market. Magic Leap is yet to release its product, and the product is likely to adopt MicroVision's VRD technology. MicroVision also provides VRD technology to other vendors. Avegant provides VRD-based devices. As VRD has a large number of advantages such as high clarity and low power consumption over LCD and other display technologies, VR and AR vendors might consider VRD instead of LCD or LED for manufacturing VR and AR devices.
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