Rising demand of virtual reality among various industries due to the changing technological systems, introduction of 5G network is increasingly elevating the growth of virtual reality as the network provides ultra-low latency and a high bandwidth such that training, entertainment, etc., can be carried out at ease. Also, the 5G network is increasing the opportunities for companies and is connecting various verticals of different industries. Virtual reality is rapidly growing in the healthcare industry too for surgical training purposes, clinical assessments, examining the patient, therapies such as physical therapy can be provided to patients, rehabilitation, etc., and hence there is a high demand for virtual reality. . Similarly, one of the most prominent industry that uses virtual reality is automotive industry as the manufactures use virtual reality for finalizing the designs of a car instead of having to produce and manufacture its prototype; virtual training module industry provides new joiners training related to workstation so that accidents can be prevented and various other advantages are provided through virtual reality. The gaming industry is increasingly providing virtual reality technology for gamers to enhance their gaming experience for having a wide angle of the game. Hence, rising growth in the healthcare, automotive, defense and aerospace, gaming, etc., is elevating the growth of virtual reality market due to its importance and significance. Virtual reality is a versatile market and is increasingly used for various purposes, for instance, most of the companies are offering virtual reality to advertise and improvise the shopping experience of customers. Rising usage of virtual reality in the education sector to inculcate knowledge into the children is a big factor for lucrative growth of the market. Overall virtual reality is expected to grow rapidly and is set to reach new limits with each passing year due to new technological developments and advancements. Thereby, these factors are expected to increase the growth and disposable income as well as will provide future opportunities for the virtual reality market globally.
Several types of virtual reality include head-mounted displays, gesture-tracking devices, projectors and display walls and others. Among these types, the head mounted displays showed a high progress in market growth owing to its utilization in various gaming purposes. The device offers a stimulated environment, it is increasingly used during aviation, engineering, etc. Thereby, as the head-mounted displays provide high end quality, it is increasingly being used across various industries for various purposes.
Well established companies are focusing on investments in research and development sector to develop new techniques and collaborations for promoting the use of virtual reality. Thereby, the overall virtual reality market is anticipated to grow significantly in the following years due to the availability of a wide variety of product offerings by various companies due to the changing technology and user preferences. Some of the key players in the market include CyberGlove Systems, Inc., Barco NV, Oculus (Facebook Technologies, LLC), VIVE (HTC Corporation), Microsoft, Samsung Electronics Co., Ltd., Sensics, Inc., Sixense Enterprises, Inc., Ultraleap Ltd. and EON Reality, Inc.
Trends and Future Outlook:
- In the year 2021 Facebook Technologies, LLC has acquired BigBox VR which is a virtual reality game developer. And this acquisition was done to enhance the VR game experience and enhance the number of players and gaming speed.
- Facebook Technologies, LLC has introduced a new virtual-reality wristband that can be used to control the augmented-reality glasses. The wrist band provides interpretation of a user’s hand moments that are stimulated by the brain and also the behavior of an individual can be predicted such as likes, interests, dislikes and other factors in real time through the device predictions.