The phrase “virtual reality” has been used more frequently during the past year in relation to numerous different product categories. To capitalise on the rapidly growing use of virtual reality technologies, businesses are segmenting their product lines into new groups. According to Persistence Market Research, the global market for VR technology would be valued more than US$ 6 billion by the end of 2022.
The analysis includes a thorough forecast on the growth of the worldwide virtual reality market for the assessment period of 2017–2022. It is anticipated that a variety of factors will have an impact on the market’s explosive growth at this time.
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Virtual Reality Market: Opportunities & Challenges
In short span of time, VR technologies have extended their application purview beyond consumer electronics, retail and media & entertainment. In healthcare sector, virtual reality is being integrated with computed tomography to create three-dimensional imaging technology that provides data on real-time basis.
The resultant 3D view of the patient’s anatomy allows surgeons to observe the skeletal, muscular and nervous system clearly. New opportunities for virtual reality include, development of interactive virtual environment in employee training, increasing use of VR devices in distraction therapy and to develop social skills for autistic people, simulate the real spaces to enable architects in designing better interiors and reworking on layouts.
Although, developers of VR technologies and products are witnessing the emergence of new challenges, poising the mass adoption on the tenterhooks. Currently, the biggest challenge riddling the growth of the global virtual reality market is unaffordable prices. Changing cost structure of companies in the global virtual reality market has created high price points for mass adoption of virtual reality.
Even if the companies overcome the price factor, a majority of them struggle at creating compelling content. Moreover, consumers are demanding for a mobile VR experience, while safety hazards are becoming a key limitation. Since VR devices work effectively on high data transference, the need for uniform 5G spectrum cellular networks has gained traction. And, unfortunately, the lack of such uniformity within developed and developing regions, and across the globe, curbs its mass adoption.
Key Developers in Global Virtual Reality Competition Landscape
The report has profiled some of the leading companies in the global virtual reality market. Tech behemoths namely Sony Corporation, HTC Corporation, Samsung Electronics Co. Ltd., Microsoft Corp., and Google Inc., have been observed as leading players in the global virtual reality market. Through 2022, the market will also witness the active presence of companies such as Lumus Ltd, Vuzix Corporation, Oculus VR, LLC, Magic Leap, Inc., Unity Technologies, Inc., and Eon Reality Inc.