The virtual reality market is expected to grow at a CAGR of 38% between 2017 and 2027.
The increasing demand for HMD ‘head-mounted displays’ in the entertainment and gaming industry and the implementation of virtual reality as part of the marketing strategy. These are the factors that drive the global market demand for virtual reality. HMDs allow players to perform different movements to operate the game, making players experience the virtual world.
Many developers stick to HMD technology as they don’t need any other hardware to control the game. Besides, the market also looking for opportunities from the integration of 5G with virtual reality. However, the high manufacturing cost due to SoC integration is the biggest challenge facing the market vendors.
What is Virtual Reality?
As per some famous VR App Development Company, Virtual reality (VR) is the use of computer technology to create a simulated environment. Unlike traditional user interfaces, virtual reality places the user within an experience. Instead of seeing a screen in front of them, users can interact with 3D worlds.
Simulating as many senses as possible, such as hearing, touch, smell, and touch. The computer becomes the guardian of this artificial world. The only limits to near-real VR experiences are cheap computing power and content obtainability.
Virtual Reality (VR) Market Overview
The growth of virtual reality in the market is expected to reach $ 80 billion by 2025. Virtual reality technology has gained full recognition and adoption in recent years. Recent technological advances in this field have revealed new companies. Numerous players are emerging in this market, hoping to navigate mainstream adoption.
The launch of commercial virtual reality headsets is expected to accelerate market growth. Technological advancements in virtual reality are expected to generate virtual reality solutions with diverse capabilities, allowing consumers to experience maximum immersion. Making the VR experience more real serves as a critical driver for market adoption and infiltration.
As per leading game developers companies, virtual reality has often found its application attractive, with interactive video games. Virtual reality offers a platform to project things that would otherwise be too expensive or impractical to do.
Virtual Reality Development Growth Rate in Healthcare Industry
Virtual Reality development in healthcare is expanding by the day by providing many benefits such as surgery simulation, robotic surgery, and skills training. The main advantage of VR in healthcare is that it helps healthcare professionals acquire new skills and training on new operating procedures that can be practiced in a safe environment. In diagnostics, virtual reality allows doctors to gain better knowledge compared to MRIs and other methods.
This eliminates the need for invasive procedures or surgeries, unless absolutely necessary. Samsung Electronics, Google LLC, and Microsoft are the major players in the global virtual reality development market.
The Global Pandemic COVID-19 Impact on VR Technology – Insights
The World Health Organization has declared the coronavirus disease outbreak to be a pandemic, causing an immense impact on humanity and business. This pandemic has emerged as an opportunity for the computer and related technologies to fight the outbreak. Various tech giants and startups are working to prevent, mitigate, and contain the virus.
Additionally, the outbreak has led to an increase in virtual technology meetings and conferences, as several organizations have canceled their events and conferences. Furthermore, remote learning and virtual reality training have become must-have use cases due to the pandemic to minimize exposure risk.
Major Companies and Market Share Analysis
Companies are focusing on expanding their customer base in the industry. Therefore, mobile app developers and vendors take various strategic initiatives, such as partnerships, collaborations, and mergers and acquisitions with other major industry players.
For example, in April, Apple Inc. announced that it plans to acquire NextVR Inc., a virtual reality company. This acquisition is expected to fuel Apple’s virtual reality initiatives for sports and entertainment.
Similarly, in February, Facebook Technologies announced that it had acquired SANZARU, INC, and a video game development company. This acquisition is expected to expand Facebook Technologies’ virtual reality gaming offerings.
Mobile Hardware Expected to Get Major Hold on Virtual Reality
Mobile virtual reality is the most affordable experience for consumers—the users who are required to explore VR without spending a significant amount of money. Furthermore, according to Android developers, the portability and massive install base of smartphone users worldwide lead to its adoption on a large scale. Virtual reality headsets rely on the smartphone to display content and use numerous applications specially developed for it.
While mobile virtual reality is currently a less immersive experience than console and PC-based VR. However, it’s adoption is expected to increase over the forecast period due to several technological advancements in the mobile virtual reality space. With the growth of smartphones, there is enormous potential for the virtual reality market during the forecast period.
Top 3 Frequently Asked Queries
Q1. What is the expected Virtual Reality growth rate in the market as per CAGR?
The virtual reality development growth rate is expected to expand at 38% CAGR between 2017 and 2027.
Q2. Which industry is the highest end-user of Virtual Reality?
The entertainment and gaming industries are the precise end-users of Virtual Reality development.
Q3. Which region is expected to get the highest Virtual Reality market growth?
The virtual reality development market in North America is expected to prosper at a CAGR of 37% and a value of $ 1.3 billion by 2027.