The
virtual
reality market is expected to
grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of
33.47% during the forecast period. The penetration of HMDs in the gaming and
entertainment sector, huge investments in the VR market, advancement of
technology and growing digitization, and availability of affordable VR devices
are the major factors fueling the growth of the overall market.
The
use of OLED micro displays will be a new advancement in the next few years in
the VR market. Commercially available VR headsets use smartphone displays.
These allow a large field of view through the use of simple optics. The major
disadvantage of using these displays is in their pixelated image
representation, courtesy to its insufficient pixel density and limited
resolution. Hence, the use of OLED micro displays can be of great advantage
with diagonals of about 1 inch or higher and HD resolution. This helps in
providing considerably improved image quality. Also, the fast display backplane
provides high imaging refresh rates of up to 120 fps with minimal latency.
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The
virtual reality software market is expected to lead by 2024. The enterprise
sector in the virtual reality software market would grow with the highest rate
courtesy to its use in industrial setups for prototype creation. This would
boost the VR market for enterprise applications. Content creation can transform
the way VR is used in many applications such as product designing, car
manufacturing, and interior designing.
Gesture-tracking
devices would be growing at the highest CAGR in the virtual reality market. The
gesture-tracking devices can be used prominently for medical training and
simulation, and also in therapy. Gesture-tracking devices are usually combined
with head-mounted displays and other fully immersive devices for active
interaction with the virtual environment.
Virtual
reality is used in enterprise applications mainly for the training of
personnel, providing information about the industrial facility, remodeling and
redesigning, and industrial simulations. Traditionally, training was conducted
using classroom methods; however, the introduction of virtual reality has added
a new dimension to the training methodology. Using virtual reality, a high
level of immersion can be achieved that can help a trainee understand things in
a better way.
APAC
is expected to lead the VR market by 2024 due to the high demand for VR devices
in the region and also due to the emergence of local manufacturers in China
providing VR devices at low cost. Owing to the presence of a number of display
panel manufacturers in the region, APAC witnesses an increasing adoption of latest
technologies. Consumer electronics, retail, BFSI, healthcare, transportation,
and sports and entertainment industries are expected to contribute
substantially to the growth of the VR market in APAC. These industries offer
huge potential for the VR market because of the increasing awareness among
consumers and the rising adoption of new technologies in various industries,
especially in countries such as China, India, and South Korea.
The
penetration of HMDs in healthcare and architectural applications offers growth
opportunities for the VR market players. With advanced interfaces, such as
HMDs, medical professionals can easily perform surgeries and also provide
post-operative care through VR simulation. HMD can thus make the medical sector
more proactive in treating patients. This technology is rapidly gaining
importance among medical professionals and is expected to play an important
role in assisting doctors and surgeons in the near future. The VR platform
provides a riveting view of the building design and an interactive, navigable,
and immersive experience so that the client and architect can understand the
structure and make suitable modifications prior to the construction.
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