Global Virtual Reality Market Research and Forecast 2018-2023

Posted by omrglobal on July 17th, 2018

Nowadays, it is becoming easier and cost-effective for an average user to interact with the world of computer graphics. This fascination of a new and novel experience has started with computer games and is expected to lasts forever. The novel technology that have become overwhelmingly popular in the current decade is called virtual reality (VR). The first VR technology was started in the 1960s with the development of VR-glasses. In 1990, Nintendo developed VR games and devices named ‘Virtual Boy’, which has provided a significant appearance of the current breakthrough technology and have started the advancement of global virtual reality market globally. Eventually, the companies started investing in the research and development of virtual reality hardware and software in the market.

Virtual reality is about simulating in the totally immersive environment within a computer. It lets the user to experience 3D models that are difficult to access in the real world. Through virtual reality, a user can assume and experience any identity in the virtual world with the help of VR devices and these virtual identities are known as ‘avatars’. The user wears a VR device on his/her head that consist of built-in display or oculars, powered by a smartphone, a computer or a gaming console. The deployment of specialized sensors in the VR headset, the virtual experience of the user becomes nearly reality. The virtual content is further integrated with the 3D spatial sound. The virtual environment lets the user to perform actions in the virtual environment without even affecting the real surroundings, which is regarded as the useful unit in the training purposes.

Virtual reality has drawn much attention of the market players as well as technology lovers in the last few years. The market has further augmented by the extensive media coverage experienced by the technology, causes it to grow rapidly. In the past few years, the rapid advancements, especially in the smartphone technology, have significantly raised the expectations for the development of VR technology in the near future. According to the experts, the virtual reality market has the potential to become one of the most developing and breakthrough technology in the coming decades. It has become a new turning point in the development of various multimedia technologies such as VR games. Eventually, technical constraints such as inadequate graphics, heavyweight, and a shortage of content hinders its development.

Browse full report at: Virtual Reality Market

VR has find applications in many developing sectors such as the Healthcare, defense, training & education, tourism, gaming, and entertainment, among others. In 2015, Marriott Hotels has launched a "VRoom Service" through which it will provide virtual reality device to its potential guests. Through the service, the guests can even take an experience of "VR Postcards", which contains an immersive views and stories about Chile, Rwanda or Beijing.In 2017, Six Flags has launched a VR Rollercoaster, which is one of the most popular innovations in the field of VR and has experienced a remarkable success. The rollercoaster functions as the conventional one; however, it outfitted users with a head-mounted display that delivers an immersive environment to the riders. Some of the rollercoaster features different planets, dragons, or even give an illusion of other flying objects.

Related Reports: ICT Industry

VR applications are inexpensive and technically daunting and are providing inroads into the industry development and training. VR has become the land of possibility for creation and development specifically in the education sector, where computer-based virtual reality learning is becoming fashionable and popular. These computer-based virtual learning environments (VLEs) are extensively becoming prevalent in the teaching, training, learning, and practice of physical sciences, medicine, and engineering among others. It provides an opportunity to the students and medical professionals to achieve the desired learning goals. Furthermore, its applications have thus emerged in education in universities as well as in schools as successful tools to for implementing conventional teaching methods.  

Undoubtedly, the global virtual reality market has gained interest of people in the past years. It provides a powerful, easy and the most intuitive way of human-computer interaction. It avails a benefit to the user to watch and manipulate the immersive environment in the similar way we act in the real world. Therefore, the virtual reality has many applications such as flight simulators, data visualization system, and architectural walkthrough were developed relatively fast. VR technology can be potentially developed in the teleoperating and collaborative medium, including the entertainment area. However, the VR technology is still in the developing state and the reason have not contributed much revenue in the market at an instant, while it is expected to generate an overwhelming market in the future.


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Also See: Virtual Reality, Reality Market, Vr Technology, Immersive Environment, Vr, Virtual, Technology
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