Virtual Reality (VR) Market – Growth, Trends And Forecast (2020 – 2024)
Virtual reality blurs the line between digital and physical worlds, thereby, generating a sense of being present in the virtual environment for consumers. Several multinational corporations, such as Sony and HTC, are venturing into this market space.
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Top Companies in the Global Virtual Reality (VR) Market:
Oculus VR LLC, Sony Corporation, Samsung Electronics Co. Ltd., Google LLC, Lenovo Group Ltd., Pico Interactive Inc., StarVR Corporation, FOVE Inc., Unity Technologies Inc., Unreal Engine (Epic Games Inc.), Crytek GmbH, Autodesk Inc., Eon Reality Inc., 3D Systems Corporation, Dassault Systemes SE among others.
VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes to navigate it toward mainstream adoption.
The launch of commercial virtual reality headsets is expected to accelerate the growth of the market. Technological advancements in VR are expected to generate a plethora of VR solutions with diverse capabilities, which allow consumers to experience the utmost immersion. Making the VR experience more real serves as a key driver for market adoption and penetration.
Virtual reality has often found its application compelling, with interactive video games or even movie and television series. Virtual reality serves as a platform to project things that are otherwise too dangerous, expensive, or impractical to do.
Investments by the technology vendors are creating an advancement in the field of display technology, which is likely to change the vision of the traditional methodology. With technology giants, like Google, investing considerable amounts in the tech startups for the development of VR devices, along with other prominent players investing in their R&D over this segment, the future of the market is expected to be more competitive.
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Key Market Trends:
Mobile Hardware expected to Hold Major Share
Mobile virtual reality (VR) is the most affordable experience for consumers who want to explore VR without spending a substantial amount of money. Additionally, the portability and massive install base of smartphone users, across the world, lead to its wide-scale adoption. VR headsets rely on the smartphone to display content and use numerous specially developed apps for the same.
For instance, Matterport VR Showcase is a virtual reality app compatible with Samsung Galaxy series (Android KitKat 4.4+), for which the Oculus Gear VR app needs to be installed on the device.
In 2016, approximately 87% of the virtual reality headsets sold worldwide were mobile phone-based, meaning a user’s smartphone mounted on the headset and operated as the screen. Popular mobile phone VR headsets include the Google Daydream View and Samsung Gear VR.
While VR for mobile is currently a less immersive experience than console and PC-based VR, its adoption is expected to increase over the forecast period, due to a host of technological advancements in the mobile VR space. Also, with the growth of smartphones, there is massive potential for the VR market, over the forecast period.
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Influence Of The Virtual Reality (VR) Market Report:
-Comprehensive assessment of all opportunities and risk in the Virtual Reality (VR) market.
-Virtual Reality (VR) market recent innovations and major events.
-Detailed study of business strategies for growth of the Virtual Reality (VR) market-leading players.
-Conclusive study about the growth plot of Virtual Reality (VR) market for forthcoming years.
-In-depth understanding of Virtual Reality (VR) market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital market latest trends striking the Virtual Reality (VR) market.
Finally, Virtual Reality (VR) Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. Virtual Reality (VR) industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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