As stated in a recently published information by Credence Research “Virtual Reality (VR) (Consumer (Gaming, and Entertainment), and Enterprise & Public Sector (Retail and industrying, Engineering and Design, Healthcare, Military, and Others (Education, etc)) industry – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022” the virtual reality industry is expected to exceed US$ 30.0 Bn by 2023, witnessing a double digit compound annual growth rate during the forecast period.

Industry Insights

The virtual reality (VR) technology traces its roots to the latter half of the previous century. In spite of being around for decades, the technology did not receive the expected acceptance in the initial years. However, after all years of hype surrounding the latent potential of the technology, it is expected to become mainstream in the coming years. We expect VRs capability to improve during the forecast period 2016 – 2023 with further improvements in processors, screen resolutions, content development for specific formats.

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Competitive Insights:

The global virtual reality industry is highly fragmented across different end-use segments, requiring manufacturers and technology developers to understand unique differences and requirements of each industry separately. The leading top 4 players in the global mobile augmented reality industry account for less than 45 percent of the global industry revenue. Some of the leading players identified in the global virtual reality industry include Oculus VR, Inc. (Facebook Inc., the U.S.), Sony Corporation (Japan), Samsung Electronics, Co. Ltd. (South Korea), Vuzix Corporation (the U.S.), Sensics, Inc. (the U.S.), Microsoft Corporation (the U.S.), EON Reality, Inc. (the U.S.), and Sixense Entertainment, Inc. (the U.S.) among others. The global virtual reality industry also includes large number of niche players, which account for trivial industry share individually. The global mobile augmented reality industry is supported by technology development and innovation. The competitive rivalry among current industry players is comparatively high.

Key Trends:

Growing demand for virtual reality-based wearable displays (ex – head mounted displays) in consumer applications
Declining price of hardware components
Proliferation of mobile devices and advancements in their computational capabilities
Hand tracking, head tracking, and eye tracking functionalities have become more commonplace in consumer VR devices
Emergence of VR app store
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