VR Market Synopsis
Looking at the current hype around this technology, it would be pretty safe to say that the global virtual reality market will experience considerable growth in the coming years. Back in 2015, the industry was successful in generating a whopping revenue of 45 billion. During the forecast period of 2018-2022, the market is estimated to grow at the impressive CAGR rate of 57%.
There are a number of growth drivers that collectively lend a hand in the development of the market. One of the key drivers for the market is the growing necessity of digitization. These days more and more sectors are becoming digitized. Due to this, the market is getting benefitted.
Secondary growth propellers for the market can be listed as technological innovations, upsurge in the demand for head mounted displays in the gaming and entertainment industries and higher expenditure in the research and development of VR market.
VR Market Key Players & Strategies
Some of the biggest names of this market can be listed as Metaio Gmbh, Oculus VR, EON Reality, Inc., Google Inc., and Microsoft Corporation. The major strategies used by these brands is heavy investment in product development and strategic expansion.
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Virtual Reality Market – Brief Insights
Virtual reality is one of the common topics of discussion these days. It has been termed as one of the most noteworthy advancements of science. Virtual reality or VR is basically a computer assisted lifelike situation that aims at providing the users a realistic experience. The world or scenario created by this technology can be an imitation of the real world or it can also be an imaginary world. As the usage of phones and other smart devices is growing gradually so is the virtual reality market. People are always looking for exhilarating larger than life experiences and this fact has worked wonders for this market.
At present, for experiencing this technology virtual reality headsets or multi-projected environments are used. Both of these are used along with props in order to create sounds, images and other sensations that turn an individual’s physical environment into a better & virtual one. The viewer using this technology can actually move around and look and talk with virtual entities. Such lifelike effects are created by the use of headsets and a head-mounted display.
This technology is not just limited to phone and other mechanical devices, virtual reality effects can also be created in a room. The room just needs to specially engineered & designed. It also requires a number of large screens for better effects.
The global Virtual Reality Market has been segmented into five distinct parts. They include, technologies, types, applications, components, geographies & end-users.
On the basis of technology, the market has been divided into full-immersive, non-immersive and semi-immersive.
On account of types, the industry is further fragmented into video mapping, tele-presence, immersive, disturbed and augmented.
When it comes to applications, the market is split into diagnostic & surgeries, aerospace & defense, tourism and gaming & entertainment.
Gesture control devices, projector & display walls, sensors and semiconductors, HMD and 3D camera form the components segment.
Geographically, the market for virtual reality is spread across regions like Europe, North America, Asia Pacific & Rest of the World.
The end-users segment comprises of testing, entertainment, software developers, hospitals and military personnel.
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One of the most promising innovation in the gloabal virtual reality market has been the introduction of Inner Optic. It has revolutionized the way doctors operate. It utilizes spatial technology to assist the needles to target locations. This device has helped in enhancing the accuracy of needle-based procedures, reducing chances of injuries and saves a lot of time.
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