Over the past year, the use of term “virtual reality” with several product categories has increased to a manifold extent. Companies are creating new segmentations in their product lines to reap from the surging adoption of virtual reality technologies. Persistence Market Research’s new report on the global virtual reality market projects that by 2022-end, the global market for VR technologies will be worth over US$ 6 billion. The study offers in-depth forecast on the expansion of the global virtual reality market for the assessment period, 2017-2022. During this period, a slew of factors are anticipated to influence the dynamic growth of the market.
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.
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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.
North America to Register Largest Adoption of VR Technologies
Key highlights from the report reveal North America as the largest market for virtual reality. In 2017 and beyond, the sales of VR devices in the US and Canada are expected to showcase impressive growth. By 2022, the North America virtual reality market will be worth over US$ 2.2 billion. The report also projects that media & entertainment will be the largest end-user industry in the global virtual reality market.
By the end of the forecast period, the global virtual reality market is anticipated to accrue revenues worth over US$ 1.7 billion by the sole application of VR technologies in gaming. The study also projects that global sales of VR sensors will gain steadfast traction throughout the forecast period. Developers of VR technologies are also expected to direct new advancements in the development of virtual reality software platforms.
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Market Players
- Sony Corporation
- HTC Corporation
- Google Inc.
- Microsoft Corporation
- Samsung Electronics
- Magic Leap, Inc
- Unity Technologies, Inc.
- Vuzix Corporation
- Eon Reality Inc
- Lumus Ltd