According to Stratistics MRC, the “Global Virtual Reality Market” is accounted for $7.90 billion in 2018 and is expected to reach $91.00 billion by 2027 growing at a CAGR of 31.2% during the forecast period. Some of the key factors propelling the market growth are growing digitization and availability of affordable VR devices, penetration of HMDs in the gaming and entertainment sector, huge investment in the virtual reality market. However, health concerns relating to low resolution and lack of movement is the restraining factor for the growth of the market.
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Virtual Reality (VR) is transforming the way concerning the objects and environment around us. Virtual presents a 3D computer-generated environment that a person can explore and interact with and the person becomes a part of the near-reality world. Virtual reality is gaining major popularity across various sectors such as education, entertainment, healthcare, real estate, etc. It is being used to offer training to employees and doctors to avoid any mistakes. Digital meetings and conferences in real-time are becoming possible with Virtual Reality. This is making it more expedient for architects to evaluate designs and see how the structure will look in real. Thus, realism and immersiveness are the major factors in this technology. There are various commercial applications of this technology in high-performance computers, virtual reality games applications, consumer electronics, medical, and many more.
Opportunity: The penetration of HMDs in healthcare and architectural applications would provide ample opportunities for market growth.
VR is gradually being used for practical purposes. In the medical sector, HMDs are used mainly in medical training applications. This technology is rapidly gaining importance among medical professionals and is expected to play an important role in assisting doctors and surgeons shortly. HMDs are widely accepted in the medical vertical. Due to the presence of advanced interfaces, such as HMDs, medical professionals can perform surgeries easily and also provide post-operative care through VR simulation.
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Virtual technologies own a major application in the design and architecture segment. Building Information Modeling (BIM) is used in the architecture and design sector to get a 3D view of building design and surrounding spaces. This reduces errors and costs during the construction phase by using virtual reality visualization models. The virtual platform provides a riveting view of the building design and an interactive, navigable, and immersive experience so that the client and architect can understand the structure and make suitable modifications prior to the construction.
Driver: The use of HMDs in gaming and entertainment is driving market growth.
The use of head-mounted display (HMD) has been high in the gaming and entertainment sector. The gaming industry has had a technological evolution with the emergence of 3D and virtual reality technology. The use of HMDs has helped in achieving a fully immersive experience for users and has taken the gaming experience to the next level. The flawless transition achieved with the use of VR HMDs has helped bring in a unique and enhanced experience to the users. In the video gaming sector, head-mounted displays have a high penetration rate. Video game users prefer HMDs for enriching experience and entertainment. HMDs project digital images, enabling a 3D view, which enhances the user experience.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. Asia Pacific comprises China, Japan, India, South Korea, and Rest of APAC. Being an emerging economy, Asia Pacific is witnessing major changes in the adoption of new technologies and advancements, owing to the presence of several display panel manufacturers in the region, The region is witnessed an increasing adoption of the latest technologies. The increase in the number of players in this region would boost the growth of the virtual reality market. Additionally, the virtual reality market in the Asia Pacific region is expected to grow at a high rate in sectors such as healthcare, commercial, and consumer. The high growth in consumer and commercial markets is the major factor driving the growth of the virtual reality market in APAC.Some of the key players in virtual reality market include Sony, HTC, Google, Vuzix, Apple Inc., Microsoft, Samsung Electronics, Eon Reality, Facebook, Inc, CyberGlove Systems, Sensics, Sixense Enterprises, Merge Labs, Qualcomm Technologies, Inc, Dessault Systems SE, Lenovo Group Ltd., Autodesk Inc., and Magic Leap, Inc.
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Samsung Electronics: In July 2018, Samsung Electronics launched “A Moon for All Mankind” (AMFAM), an immersive, consumer-focused 4D lunar gravity virtual reality (VR) experience developed in collaboration with NASA. With the Samsung Galaxy S9+ and Gear VR powered by Oculus, the users immerse themselves in a visual and physical VR experience which recreates a fictional moon mission, allowing consumers to experience lunar gravity.
Qualcomm Technologies, Inc: In March 2018, Qualcomm released Qualcomm Snapdragon XR1 Platform. The XR1 Platform is a dedicated Extended Reality (XR) platform which offers high-quality XR experiences and enables OEMs to develop mainstream devices. The platform has special optimizations for augmented reality (AR) and virtual reality (VR) experiences with artificial intelligence (AI) capabilities to offer better interactivity, power consumption, and thermal efficiency.
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