Over the past year, the term “virtual reality” has become more prevalent when it comes to a number of product categories. Companies are segmenting their product lines into new markets to capitalize on the rapidly expanding use of virtual reality technologies. A recent forecast by Persistence Market Research projected that by the end of 2022, the global VR technology market would be worth more than US$6 billion.
The analysis gives a detailed forecast of the growth of the global virtual reality market for the assessment period 2017-2022. A variety of factors are expected to affect the explosive growth of the market during this period.
Virtual reality market: opportunities and challenges
In a short time, virtual reality technologies have extended their scope beyond consumer electronics, retail, media and entertainment. In healthcare, virtual reality is being integrated with computed tomography to create three-dimensional imaging technology that provides real-time data.
The resulting 3D view of the patient’s anatomy allows surgeons to clearly observe the skeletal, muscular and nervous system. Emerging opportunities for virtual reality include the development of an interactive virtual environment in employee training, the increasing use of VR devices in distraction therapy and to develop social skills for people with autism, simulating real-life spaces for enable architects to design better interiors and rework layouts.
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However, developers of VR technologies and products are witnessing new challenges emerging, which puts mass adoption on hot coals. Currently, the biggest challenge hindering the growth of the global virtual reality market is the unaffordable prices. The changing cost structure of businesses in the global virtual reality market has created high prices for the mass adoption of virtual reality.
Even though businesses overcome the price factor, the majority of them struggle to create engaging content. Additionally, consumers are demanding a mobile virtual reality experience, while security risks are becoming a key limitation. Since VR devices operate efficiently on high data transfer, the need for uniform 5G spectrum cellular networks has gained traction. And, unfortunately, the lack of uniformity in developed and developing regions, and across the world, is holding back its mass adoption.
Key Developers in the Global Virtual Reality Competition Landscape
The report has profiled some of the leading companies in the global virtual reality market. Tech giants, namely Sony Corporation, HTC Corporation, Samsung Electronics Co. Ltd., Microsoft Corp. and Google Inc., have been observed as prominent players in the global virtual reality market. Through 2022, the market will also see the active presence of companies such as Lumus Ltd, Vuzix Corporation, Oculus VR, LLC, Magic Leap, Inc., Unity Technologies, Inc. and Eon Reality Inc.
Global Virtual Reality Market: Segmentation
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