The global virtual reality market size is expected to reach USD 62.1 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 21.6% from 2020 to 2027. In recent years, technological advancements have paved the way for experiencing real-world life in a digital environment through Virtual Reality (VR) and Augmented Reality (AR).
Driven by artificial intelligence and automation, virtual reality is redefining the strategies taken by organizations in their course of operations. It is delimited as the application of computer technology to build a simulated environment that brings a digital world to the users. Smartphone, coupled with headsets, has been the most prevalent use of delivering digitally immersed experiences for years now. However, VR has shown some compelling industrial use cases, such as real-estate and tourism applications.
COVID – 19 outbreak is likely to give rise to VR-enabled tools and platforms. For instance, George Washington University Hospital (U.S.) is using VR technology to see into the patient’s lungs in the fight against the coronavirus. Moreover, VR platforms are offering solutions that support travel restrictions to fight against coronavirus outbreak. For instance, Imeve, a U.S.-based tech start-up, has developed the Avatour remote presence platform employed with VR technology. This platform transports the users to a remote location in real time and provides an adequate substitute for travel.
Furthermore, the necessitated adoption of the WFH (Work-From-Home) policy due to nationwide lockdown in several countries, virtual conferencing has become the preferred mode of communication among employees. Therefore, from accelerated lung diagnosis to virtual meet-ups in organizations, VR is at the forefront in the fight against this pandemic.
One of the significant challenges for the current VR technology is the requirement of encumbering display units and headsets, where the processing hardware for graphics generation is typically contained within the headset. However, the trend of untethered hardware devices is addressing the challenge. For instance, Apple Inc. is planning to launch a new VR and AR capable headset that will not be tethered to a smartphone or computer. Moreover, Facebook renewed its Oculus headset as the self-contained Oculus Quest version, which doesn’t need to be connected to a PC or smartphone.
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The semi and fully immersive technology segment accounted for the largest market share in 2019. Immersive devices enable users to achieve maximum isolation into the virtual world from a real-world dimension
Developers and hardware development companies are focusing on building VR instilled headsets to enhance the virtual experience, such as increased field-of-view and eyeball-tracking
Super-fast mobile networks and proliferation in 5G connectivity are anticipated to boost the adoption of VR in the entertainment industry
Asia Pacific dominated the global market with a share of 41.4% in 2019.
Grand View Research has segmented the global virtual reality market based on device, technology, component, application, and region:
VR Device Outlook (Revenue, USD Million, 2016 - 2027)
Head-Mounted Display (HMD)
Gesture-Tracking Device (GTD)
Projectors & Display Wall (PDW)
VR Technology Outlook (Revenue, USD Million, 2016 - 2027)
Semi & Fully Immersive
VR Component Outlook (Revenue, USD Million, 2016 - 2027)
VR Application Outlook (Revenue, USD Million, 2016 - 2027)
Aerospace & Defense
VR Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East and Africa (MEA)
List of Key Players of Virtual Reality (VR) Market:
CyberGlove Systems Inc.
Facebook Technologies, LLC
Samsung Electronics Co., Ltd.
Sixense Enterprises Inc.
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