Virtual reality is a three-dimensional, interactive and manipulative computer generated environment which simulates a real world experience. The global virtual reality market is anticipated to grow at a momentous 29.9 % CAGR during the forecast period of 2016 to 2027.
- The global virtual reality market is expected to reach USD 101.2 Billion by 2027.
- By component, the market was dominated by hardware in 2016. The software component is expected to show the highest growth rate.
- By device type, the market was dominated by head-mounted displays in 2016. The gesture tracking device is expected to show the highest CAGR.
- By technology, the market was dominated by fully immersive in 2016 and is also expected to show the highest CAGR.
- By vertical, the market was dominated by consumer electronics in 2016 and is expected to show the highest CAGR.
- Geographically, North America was dominating in 2016. Asia Pacific will show the highest growth rate
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The major driver of the virtual reality market are growing digitization, adoption of smart devices, explosive growth of gaming and entertainment industry, growing adoption of virtual reality in host of applications ranging from aerospace, defense, gaming, training, industrial, medical sector, consumer electronics etc.
Technological advances are the key to master the market leadership position. Head mounted displays are the most common used devices for virtual reality. However another technology called focus tunable displays is on verge of development and is expected to be functional. Focus tunable displays projects virtual content in multiple focal planes thereby improving user experience. Development of light field cameras is another advancement as they can re-focus pictures, by using a microlens array and special light field sensor which analyze the direction of light rays entering the camera permitting multidimensional light field to be recorded. The result is that the simulated image look as if captured from a different angle.
Eye tracking technology is another development which is expected to usher in a major change in the sector. Another development has been the development of systems to transmit vibrations and other physical sensations in order to create a lifelike experience.
The constraints on the market are high cost of installation and maintenance, lack of awareness, and discomfort associated with their use. The weight and ergonomics of most VR device need improvements and so does the computational power and reflexivity. Tethering is fast becoming a necessity and the ability of transmitting and simulating real time images need the development of advanced display and optics which are still below human limits of vision and sensation.
Nascent nature of technology and concerns over health are other factors constraining the market.
To generate an accurate assessment of the global Virtual Reality Market the report has been segmented by components, deployment, applications, end users and regions.
Based on components, the report has been segmented by HMD (Head Mounted Displays), Gesture Control Devices, Projector & Display walls, 3D Camera, Sensors and Semiconductors.
Based on types, the report has been segmented by Immersive, Augmented, Video Mapping, Disturbed, Tele-presence, and others.
Based on deployment, the report has been segmented by hardware, software and services.
Based on applications, the report has been segmented by aerospace & defense, gaming & entertainment, healthcare, tourism, robotics, aerospace and defense, automotive, education and others.
The major players in the global virtual reality market are Google Inc. (US), BAE Systems AB (Sweden), Microsoft Corporation (US), Blippar Inc. (UK), HTC Corporation (Taiwan), Vuzix Corporation (US), Qualcomm Incorporated (US), Oculus VR, LLC (US), EON Reality, Inc. (US), Starbreeze Studios (Sweden), Razer Inc. (Singapore), Metaio Gmbh (Germany), and others.
2012 – Oculus VR a division of Facebook Inc. developed first independent VR headset known as Oculus Rift.
July 2016 – Vuzix Corporation announced partnership with Sensory, to incorporate voice recognition in its M300 smart glasses.
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Smartphone based VR headsets expected to outstrip other platforms owing to their affordability, ubiquity and replacement rate.
VR headsets expected to be the fastest growing segment owing to their demonstrated track record and affordability over other devices.
Traditional gaming is expected to continue its dominance aided by the evolution of online gaming and micro transaction business models owing to its ability to capture all PC owners as compared to the small fraction with powerful gaming computers.
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