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Virtual Reality Market
Virtual Reality Industry Future Scope
Virtual Reality (VR) witnessed tremendous growth in the past few years. This technology has the potential to change our lives, the way we socialize, and the way we work. VR is a completely immersive computer-generated world with innovations like Ready Player One that gives us a real-world view. In addition, the developments in VR are mesmerizing. In 2016, over 85% of the virtual reality headsets sold worldwide were mobile-based, and the most common mobile VR headsets are 'Google Daydream' and 'Samsung Gear VR.'
VR tech has gained widespread recognition following the growing adoption of the technology in the past few years. Given this, a number of players are emerging in the market with the goal of navigating VR towards mainstream adoption. Furthermore, the introduction of commercial virtual reality headsets is expected to stimulate market growth, and investments by technological giants such as 'Google' are likely to lead to advancements in the field of display technology. Moreover, with growing investment in research and development by key players, Market Research Future (MRFR) projects the global virtual reality market to be more competitive in the coming years and is estimated to hit USD 35.75 Billion by 2030 at a 31.53% CAGR during the forecast period (2017–2030).
Virtual reality has often found its application enthralling, with interactive video games or even movies and television series. Where it is too dangerous, costly, or impractical to do in reality, virtual reality is seen as an ideal alternative. With the growing demand for cloud gaming and innovative gaming consoles, demand for immersed environment gaming is rising rapidly.
One of the most common uses of VR headsets is in gaming applications. Companies like Oculus, HTC, and Sony, have built a variety of items that consumers can use for an overall immersive gaming experience. However, there are other applications for VR products, like remote assistance and training.
Investments by technology vendors are creating innovations in the field of display technology, which will shift the vision of conventional methodology. With technology giants like Google investing significant amounts in technology start-ups to grow VR devices and other main players investing in their R&D across this segment, the future of the industry will be more competitive.
Consumers are extensively using VR applications, which are based on a variety of purposes, such as the automobile, gaming, media, and entertainment industries. The new developments in the consumer electronics segment are driving the development of virtual reality for multiple applications across the marketplace. For example, consumers are moving towards virtual reality in gaming with high definition, stunning graphics, and motion with high-end audio.
Virtual Reality (VR) is one of the main multidisciplinary technology trends, incorporating computers, various sensors, graphic images, communication, measurement and control of multimedia, artificial intelligence, and other technologies. The coronavirus pandemic has had a positive effect on the virtual reality market share. When the pandemic hit, and the travel screeched to a halt, the globetrotters felt deprived.
However, numerous VR service companies, such as Amazon Explore and the new Airbnb virtual reality service, have hit the market with cost-effective and fun services. In 2020, evolving communication systems and two-way video became primary social channels. COVID 19 has stimulated progress in many VR and virtual travel companies that have already offered 360 technology and immersive experience to figure out how to do it on a much wider scale.
Moreover, with many individuals compelled to work remotely as a result of the COVID-19 outbreak, the very idea of how organizations work together is increasingly changing. This is expected to increase the demand for virtual reality. As of now, employees are communicating on video conferencing platforms, such as Zoom, and Slack, Teams, and other texting apps. Nowadays, VR is providing what consumers are looking for and has the potential to play a major role in the future of learning and development. In addition, with virtual simulation, a person can feel the real-life-like experience at a fraction of the cost. However, the advancement in virtual reality is still in progress, and there are high expectations on what the future holds for VR.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
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