The global virtual reality (VR) market is projected to witness substantial growth in the coming years owing to rising investments, technological advancements, and rapid digitization. Virtual reality creates a computer-generated 3D environment that enables the user to explore and interact, and the user becomes a part of the near-reality world. High adoption of smartphones and connected devices in various sectors is also expected to increase demand for the technology in coming years. Availability of affordable VR devices and growth of the gaming industry are also likely to augment the demand for these devices. For instance, head-mounted displays (HMD) are used in entertainment and gaming industry.
Increasing use of VR technology in education and training is expected to present several opportunities for the market. The technology helps the learner to understand and manage problems with strategic mapping. Public lectures, digital meetings, collaborative seminars, and real-time conferences are becoming possible with the help of this technology. It also finds its application in self-learning and training for military and medical professionals. Increasing medical applications, such as surgical simulation, patient care management, rehabilitation, and health management, are likely to contribute significantly to market growth.
Furthermore, technological developments and increasing efforts by players to incorporate more senses in virtual reality applications along with vision and sound to improve user experience can support market growth in coming years. E-commerce companies are adopting VR to attract users and enhance their shopping experience, which can, in turn, boost market growth.
However, high prices of VR devices and lack of skilled professionals to design 3D interface are likely to challenge the market in future.
Various types of software and sensors are used in VR technology. Hardware and software are together used to project 3D interface. VR software platform is expected to witness significant growth in the years to come. Head-mounted displays (HMDs) hold a prominent share in the market. Some of the HMDs, such as immersion VR and PlayStation VR, are gaining traction among the users. Various technologies such as head and eye tracking, optics, and displays are incorporated in an HMD device to create an immersive experience. Immersive virtual reality systems are extensively used in industrial sectors to create augmented reality museums for educational needs. Affordability of 360-degree cameras is also expected to augment its use in smartphones as an independent accessory. High penetration of smartphone and tablets is likely to boost the growth of immersive VR, particularly in mobile HMDs. Development of new generation mobile HMDs that connect user’s mobile devices with a thin cable is likely to have a positive impact on the market. For instance, Spectra7 Microsystems Inc. introduced its new DreamWeVR products and reference designs for mobile tethered AR/VR/MR head-mounted displays. The company has 36 patents in the field of active cables. The Company’s IC’s are useful for restoring the display and camera data signals.
North America is a leading region in the market due to continuous technological research and development, and high commercialization of VR in the region. Increasing use of smartphones and development of smart electronic devices are driving regional growth. The U.S. is a key contributor to regional market growth. Growing use of the technology in healthcare applications in the region is also expected to support the market growth. Asia Pacific is anticipated to witness momentous growth in the coming years owing to adoption of novel technologies and technological improvements. Presence of panel manufacturers and growing spending in commercial and defense applications are also anticipated to increase the use of the technology in the region.
Countries, such as Japan, China, South Korea, and Japan, are expected to support regional growth. Growth of automotive and healthcare sector is expected to boost the growth of AR and VR technology in Japan.
Some of the key players operating in the virtual reality (VR) market are Qualcomm Technologies, Inc.; Hewlett-Packard Development Company L.P; Apple Inc.; Total Immersion, Inc.; and Samsung Electronics Co. Ltd.
Research Support Specialist, USA