27th Feb 2020: The virtual reality (VR) market is anticipated to witness a significant growth on account of increasing demand for Head Mount Displays (HMDs) in the entertainment and gaming sector. Using VR technology, a user can interact with objects in a virtual space, which is gives an experience similar to communicating in the real world. This technology offers immersive experience to the user with the help of specific software and hardware. VR can be experienced with the help of various devices such as video/display walls, gesture-tracking devices, head-mounted displays, and projectors.
VR based Technology to benefit Defense and Electronics Sector
Based on technology, the market has been segmented into semi-immersive, fully immersive, and non-immersive VR. In 2016, the semi & fully immersive VR technology was the largest segment in terms of size. It is expected to be the dominant segment over the forecast period (2017 - 2025) due to high demand for HMD based VR devices. These devices include optics, display, head, and eye tracking.
Immersive virtual reality systems have various number of applications that can be used in industrial sector to visualize information and in educational sector to create augmented reality based products and museums. It is also used in the defense sector to simulate environments for training crisis response squad, soldiers, and pilots to help them deal with potentially dangerous situations.
Surging demand for latest smartphones and tablets is expected to drive the growth of immersive virtual reality systems. With reduction in the costs associated with the technology, its application has increased across many industries.
Market insight
The rise in demand for VR is due to its increasing usage in commercial applications such as gaming and technology. Investments by the technology giants like Google in the field of display technology is changing the traditional methodology. With technology giants investing heavily in tech startups for developing virtual reality and prominent players of the market actively engaging in R&D, the market is anticipated to be more competitive.
Key participants of the virtual reality market are Leap Motion; Inc.; Barco, Alphabet Inc.; CyberGlove Systems LLC; Oculus VR LLC; and HTC Corporation.
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