Global Information & Communication Technologies (ICT) Sector Outlook
The global digital ecosystem has been continuously evolving over the last few years. The worldwide ICT sector has witnessed some key disruptions of late and governments of various economies are devising and implementing smart and inclusive regulations to govern sector penetration and facilitate technology connectivity to all parts of the world. Even as the world of technology prepares for a massive revolution with unimaginable advancements powered by machine intelligence, here are some of the key drifts presently trending the global ICT sector:
PMR utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports, and investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Key Questions Answered
By Technology Type
By End User
Increased convenience through virtual visits keeps Virtual Reality ahead in the healthcare AR VR market
VR technology is beneficial for not just doctors but also for patients; this technology offers great convenience to patients by enabling them to visit physicians virtually. This has driven the growth of the VR market in the healthcare industry to a large extent. According to this research report, Virtual Reality is ahead of Augmented Reality due to the advanced offerings of VR technology. VR allows a person to experience their presence inside a different world and interact with it in real time. Whereas AR is builds a visual world around but does not facilitate any interaction with this world. The healthcare industry has accepted VR widely, thereby leading to significant growth of the VR technology segment, which is expected to reach a market value of over US$ 9,900 Mn by the end of 2026. On the other hand AR technology is expected to reach a market value of just 2,000 Mn by the end of 2026. In terms of growth rate too, VR is expected to witness a higher CAGR of over 50% during the forecast period 2018-2026.
With a positive growth approach of the global market, many new start-ups likely to come up with innovative AR and VR products
There are a lot of factors contributing to the growth of the healthcare AR VR market including new start-ups that are inclined towards capitalizing on this highly prevalent technology. These start-ups are widening their scope of AR and VR applications by using this technology in new applications, providing new functionalities in their products. A similar case showed that a start-up company AccuVein has leveraged AR technology to develop the product that helps nurses scan veins in their patients’ body in order to reduce the missing vein cases. Also, usage of stick has helped finding the vein on the first stick 3.5X more likely. As these start-ups continue to increase, new products will keep getting developed thereby increasing the market numbers in the near future. The easy availability of VR and AR products and growing number of companies dealing with the technology has also lowered the prices of products. To gain competitive advantage, companies have lowered their prices and made it affordable for healthcare providers. Such moves will also help companies adopt these technologies.
Data privacy issues associated with AR and VR technology may become a serious issue hindering the growth of the global market
Every advanced technology available across industries comes with privacy issues. AR and VR technologies are no exception. While these technologies offer luxury and convenience, there is a lack of privacy. AR and VR devices and the data gathered by them are prone to leakage and people consider this a little risky to adopt. Some AR VR devices developed by companies do not integrate data encryption features, which leads to privacy concerns thereby violating HIPAA regulations. Gross violation of regulations may hamper adoption and hence revenue growth of AR VR devices in the healthcare market.
There are other issues too, which have restricted the adoption of AR VR devices in the healthcare industry, such as lack of quality content. Every new device or technology develops and improves gradually with time. Similarly, AR and VR devices are comparatively new in the industry and have many dissatisfied users worldwide. Currently, the performance of AR VR devices in healthcare is not up to the mark; for instance, a surgeon performing a surgery should be able to obtain the necessary information on the next step the instant he finishes the current one. If this information is not available quickly, the surgical process could be hampered. Such issues could restrain global market growth to a significant extent.