Demand for Enhanced User Interaction and Workplace Stimulates Virtual Reality Market Growth
Date : Feb 25, 2020 Author : PMR Editorial Staff Category : Technology
Virtual reality (VR) is shaping the manner individuals interact with the objects and surroundings.
Virtual reality (VR) is shaping the manner individuals interact with the objects and surroundings. The onset of virtual reality is apparent in various sectors, including education, healthcare, and entertainment. In medical settings, healthcare professionals leverage virtual reality to offer training to employees to prevent surgical errors. Organizations are relying on virtual reality to conduct digital meetings, and conferences, thereby saving time. Demand for virtual reality is also significant in the e-Commerce industry to enhance the purchasing experience. In marketing, brands are utilizing virtual reality to attract an expanded customer base. Furthermore, architects are using VR to design better designs and structures.
On the flip side, the market for virtual reality is hindered by high costs associated with VR. Wired headsets are not suitable for natural settings. A majority of enterprises are struggling in creating catchy and creative content. In addition, virtual reality devices require fast-paced connectivity, such as 5G network, which is yet to become mainstream in developing regions. Market players are looking to include more senses in the existing VR, apart from sound and vision, to improve the user experience. To expand the applicability of VR devices, they are developing wireless standalone headsets.
Persistent Market Research, in its new market intelligence report, opines that the global virtual reality market is projected to grow at a double-digit CAGR over the forecast timeframe (2017-2022), surpassing US$ 6 Bn. Increasing demand for better user interaction in diverse applications remains the prime driver, while rising adoption in workplaces to improve productivity is another leg of growth.
Media & Entertainment Industry Remains Key Revenue Generator
The media & entertainment sector continues to offer lucrative opportunities to VR market players, where revenues worth of about US$ 1.8 are garnering significant attention. Under the end use category, VR devices are finding maximum application for gaming purposes. On the other, the adoption rate of virtual reality devices is robust in the healthcare vertical, where they are utilized in training professionals and trainees to perform complicated medical surgeries and procedures. Integrated with computed tomography, VR delivers 3D imaging that offers real-time data. The 3D view of the patient’s anatomy enables medical specialists to monitor the muscular, skeletal, and nervous systems accurately.
Market Players Eye North America for Worthwhile Opportunities
North America will maintain its hegemony in the global virtual reality market, majorly represented by the US and Canada. Towards the end of the forecast period, the regional market is expected to generate over USD 2.2 Bn revenue. On the other hand, Europe and Asia Pacific Excluding Japan (APEJ) are also creating potential prospects for market players. Surging IT infrastructure development, and increasing usage of smart gadgets are responsible for the growth potential in these regions.