ALBANY, New York, November 18, 2016 /PRNewswire/ -- Transparency Market Research has released a new market report titled "Virtual and Augmented Reality Market (Component - Hardware (Head Mounted Display, Head Up Display, Glasses, Console, Sensor/Input, Camera, and Projector), Software, and Service; End-use Application - Healthcare, Education, Retail, Gaming, Construction, Media and Entertainment, Automotive, Defense and Aerospace, Manufacturing, and Energy) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024" According to the report, Virtual and Augmented Reality Market will expand at an exponential CAGR of 92.5% over the period between 2016 and 2024, rising to US$547,207.68 mn by 2024. In terms of components, the hardware sector presently leads and will continue to account for a large chunk of the market's overall revenue over the forecast period as well. Geographically, North America dominated the global market in 2015, accounting for a nearly 79% of the overall market. Get PDF Sample Brochure for Professional & Technical insights athttp://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=10556Dizzying Rate of Technological Progress Makes Market More Promising The pace of technological progress and introduction of innovations in the fields of virtual reality and augmented reality has quickened significantly faster as compared to many other technology-driven sectors. With vast improvement in the competency of hardware elements to the revolutionary improvements in software applications supporting VR and AR hardware, the landscape of the global virtual and augmented reality market has sizably altered and improved in the past few years. Recent advances in the fields of both virtual and augmented reality, such as the recently launched virtual reality goggles by Fove Inc., which contain infrared-based eyeball movement tracker, or the Manus VR hand gloves, which can help end-users to visualize ones' hand in the virtual environment, underscore the field's potential in the near future. TMR believes that such constant innovations will be the key force compelling consumers to adopt VR and AR systems and solutions on an increased rate in the near future.