Virtual Reality Market expected to reach USD 55 Billion by 2024

Virtual Reality the word itself defines its meaning that is ‘virtual means near’ and the ‘reality means what a people experience as human beings’. Therefore, the term ‘virtual reality’ mostly means ‘near reality’. In simple words, virtual reality can be defined as an artificial surroundings which is created with the help of technology and presented in such a way to the user that the user get to believe it as a real environment and accepts it wholeheartedly. Virtual reality could of course mean anything but it generally refers to a picky type of reality emulation. According to Renub Research Global Virtual Reality Market will be an opportunity of USD 55 Billion by the year 2024 and is expected to grow with a double digit CAGR over the forecast period (2018-2024).

Everyone in this world knows the world through their senses and perception systems. Since, the childhood we (people) learned that we have five senses, i.e. touch, sight, smell, touch and sound; but the truth is human beings have many more senses than all these, for example a sense of balance., Virtual reality is mostly experienced through two of the five senses – sight and sound on a computer.

How does Virtual Reality technology work?

It is very difficult to make human brain accept a virtual, an artificial environment as a real one. So in order to make human brain accept it as a real, it has to not only seem real but also feel real too. The main theme of virtual reality is reproducing the vision. Every VR headset requires perfecting their approach in generating a 3D environment. Looking realistic can be accomplished by generally wearing a head-mounted display (HMD) which helps in displaying a recreated image, 3D virtual surrounding without the boundaries viewed on a Television or on any display. While feeling real can be accomplished with the help of palmtop input devices like motion trackers that base interactivity on the user’s movements.

Usage of Virtual Reality

It is hard to believe that the virtual reality have been in use for since last three decades. The initial applications of virtual reality technologies have been found in the military aircraft arena, where the pilot fight simulations with head-mounted displays.

Today, Virtual Reality (VR) is gaining significant popularity in the tech world due to its immense technological advantages. Gaming is obviously the most-known applications of virtual reality, but its potential doesn’t stop here. Virtual Reality technology can be applied in many other fields which include: Military, Education, Healthcare, Entertainment, Fashion, Heritage, Business, Engineering, Sports, Media, Scientific Visualizations, Telecommunications, Construction, Film, Virtual Reality Programming languages and others.

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Increasing digitization, increasing demand for head mounted displays (HMDs) in entertainment and gaming sectors, technological advancement and increasing investment in the virtual reality market are some of the major growth factors which can be attributed to its significant growth in the recent future. In addition; factors like increasing popularity and cost-efficient benefits of virtual reality technology based solutions will also drive Global Virtual Reality Market to touch the new heights of glory in the near future.

Market Summary

On the basis of Application, Live Event virtual reality market accounts for largest market share. Other software application markets covered in the report are Retail, Healthcare, Real Estate, Education, Videogames, Engineering, Military and Video Entertainment.

• Country-wise report covers the market of both Software virtual reality and Hardware VR. Countries covered are as follows North America, Asia, Latin America, Europe, China, Japan, United States and Rest of the World.
• The market has also been bifurcated on the basis of Hardware VR into the Consumer and Enterprise. As of now, the Consumer segment holds the majority of the total share.
• Companies analyzed in the report are Samsung, Facebook (Oculus), HTC and Sony.

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