VR boom shows no sign of slowing
According to a published report by Fortune Business Insights, titled, "Virtual Reality Market: Global Market Analysis, Insights, and Forecast, 2018-2026," the global Virtual Reality Market is anticipated to reach US$120.5 billion by 2026, as against US$7.3 billion in 2018, thereby exhibiting a CAGR of 42.2% during the forecast period.
Virtual reality (VR) is advancing at a fast pace, gradually paving its way into the automotive sector as, besides the integration of voice assistants, vehicles today are integrated with several advanced features that leverage VR tech to offer improved driver safety.
Virtual reality has the ability to stimulate the environment via head-mounted displays, helping a user to interact and explore.
The demand for virtual reality applications is increasing in healthcare, gaming and entertainment media, automotive, manufacturing, and other industries.
Of these, gaming and entertainment media covers 40.5% of the global market share.
The adoption of VR technology is also likely to increase in the education and healthcare industry, boosting market size.
The technology can be used for providing training, monitoring patients, and practising surgeries, and research studies are beginning to show that VR may be the future of online learning.
For instance, an education technology start-up called 3rdFlix raised around US$5 million from Exfinity Ventures to create a live learning experience.
Companies plan to invest more in semi-immersive technology than non-immersive, with an aim to create a better user experience.
Spurred by these factors, the global virtual reality market share is expected to increase considerably in the near future as growing technological advancements are likely to generate plenty of VR solutions, allowing real-time experience to customers.
Owing to rising investments, and research and development activities, the software segment is also expected to be on the rise.
Some of the biggest names in VR include:
- Oculus VR (Facebook)
- Samsung Electronics
- Eon Reality
- Leap Motion
- Sixense Enterprises
- Dassault Systemes SE
- Lenovo Group
- Magic Leap
Recently, Dassault Systemes offered help to students of the University of Switzerland by making them aware of the latest technologies and industrial process.
With the help of virtual reality, the company helped more than 700 engineering students to work with ENOVIA for collaboration, CATIA for multi-disciplinary systems design and documentation, 3DEXCITE for high-end 3D visualisation, and DELMIA for manufacturing simulation and robotics.
Companies are increasingly investing in virtual reality technology to stay ahead of the competition.