The Virtual Reality (VR) is a digitally generated experience where a three-dimensional environment is replicated with the real-world. The technology bargains an immersive experience to the viewers with the support of VR devices, such as headsets or glasses, gloves, and bodysuits. The technology has brought an alteration in the gaming and entertainment industries by enabling the users to experience immersion in a greatly virtual realm. In addition, the augmenting utilization of this technology in instructive training, such as for training mechanics, engineers, pilots, soldiers in defence, field workers, and technicians, in the oil & gas and manufacturing segments is propelling the market growth.
According to the report analysis, ‘North America Virtual Reality (VR) Market by Component, Technology, Device, Platform, Industry Vertical, End User, and Country 2020-2026: Trend Forecast and Growth Opportunity’ states that Apple Inc., Atheer, Inc., Cyberglove Systems Inc., EON Reality, Inc., Facebook Inc., Google Inc, , Hewlett-Packard Development Company. L.P, Leap Motion, Inc., Meta Inc., Microsoft Corporation, Nintendo Co., Ltd, Oculus VR, LLC, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd, Sixense Entertainment, Inc, Sony Corporation, Total Immersion, Inc., Virtuix, and Zappar Ltd. are the foremost companies which presently functioning more effectively for leading the highest market growth and dominating the great value of market share around the globe more positively over the forthcoming duration.
Also providing training and fulfilling educational determinations, the technology is widely accepted around the industries for several other purposes. For instance, in the automotive industry, it enables the engineers to experiment with the design and structure of a vehicle at the perception stage before initiating expensive prototypes of the vehicle. The technology is also being utilized to deliver the treatments to patients with mental health challenges with the support of VR exposure therapy. Moreover, the tourism industry enables the potential consumers to go on a virtual tour of landmarks, famous locations, restaurants, and hotels with the usage of VR technology. Thus, the increasing adoption of VR across numerous industries for many applications is propelling the growth of the market.
Not only has this, the investments by the technology vendors are generating the advancements in the field of display technology, which is going to transform the visualization of the traditional methodology. With technology giants, such as Google, contributing the considerable amounts in tech start-ups for the improvements of VR devices and other prominent players underwriting in their R & D over this sector, the future of the market will be more competitive.
The customers are widely utilizing the VR applications, which are based on dissimilar purposes, such as the automobile, gaming, and media and entertainment industries. The newest technologies across the customer electronics sector are boosting the growth of virtual reality for several applications around the marketplace. For instance, customers are moving toward virtual reality in gaming with great definition, stunning graphics, and motion with the high-end audio. Therefore, in the near years, it is predicted that the market of virtual reality will increase around the region more positively over the forthcoming duration.
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COVID-19 Impact on Global Virtual Reality in Automotive Market: By Component (Hardware, Software and Content); By Application(Designing and Prototyping, Training, Virtual Reality Showrooms and Research and Development) and Region –Analysis of Market Size, Share and Trends for 2014 – 2019 and Forecasts to 2030
Ankur Gupta, Head Marketing & Communications