Virtual reality is the term used to describe a three-dimensional, computer generated environment which can be explored and interacted, that a user can manipulate and explore while feeling as if he was in that world. The effect is commonly created by VR headsets consisting of head-mounted goggles with a screen in front of the eyes, but also can be created through specially designed spaces with multiple large screens. In the area of gaming, VR systems also possess gaming controller or other device which can transmit vibrations and other sensations. The fascinating environment can be similar to the real world in order to create a lifelike experience grounded in reality or sci-fi. Modern VR displays are based on technology developed for smartphones which includes gyroscopes and motion sensors for tracking head, hand, and body positions; small HD screens for stereoscopic displays; and fast processors. Based on these components in 2012 Oculus VR a division of Facebook Inc. developed first independent VR headset known as Oculus Rift.
The major growth driver of Virtual Reality Market includes growing digitization, advancement of technology, increasing demand for head mounted displays in gaming and entertainment industries, and rising investment in virtual reality market among others.
Vuzix Corporation, one of the leading suppliers of video eyewear and M300 smart glasses, has announced in July 2016 that it has done partnership with Sensory, a silicon valley-based company, to deliver voice recognition on the M300 to improve the efficiency on work by the users.
The market for virtual reality network is led by North America followed by Europe and Asia Pacific. Virtual reality has been rapidly adopted in this region, owing to the extensive R&D and presence of several VR companies in this region. Most of the companies offering VR technology are located in the U.S.
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The competitive landscape of Global Virtual Reality market is formed by major players in the market and some of the new entrants. The virtual reality has driven many areas like Aerospace & Defense, Gaming & Entertainment, Diagnostics & surgeries and many more. North America leads the market for Global Virtual Reality. Many of the technical giants from North America like Facebook, Qualcomm, Google, and Microsoft are in to virtual reality market .In October 2017, Microsoft launched major update for Windows 10 which will support Mixed Reality. Microsoft also today announced that Samsung is bringing a virtual reality headset for room-scale VR to its platform. The Samsung HMD Odyssey will feature full support for Microsoft’s Mixed Reality Platform and feature two AMOLED displays, inside-out tracking, a built-in microphone (for Cortona support) and the usual Windows motions controllers. During this process Samsung partnered with the Austrian headphone and microphone manufacturer AKG to offer built-in headphones. In April 2017, Facebook has unveiled a stand-alone virtual reality headset designed to extend the appeal of the company’s Oculus technology to the masses known as Oculus Go. The headset is lightweight and features a high-resolution LCD screen and speakers built in to deliver “spatial audio.
Europe has the potential to become a leading region in VR market. In February 2017, LucidWeb, a Belgian VR and WebVR consulting and development agency partnered with Silicon Valley-based venture firm, The Venture Reality Fund and started working together to gain European market. In Asia Pacific region china leads the market for virtual reality. Chinese tech companies have already carved out their own niche in the VR space, creating their own eco-systems, demand, content, platforms and more – to cater to their domestic market. One such company is Superb Medical Skills. The company has developed China’s first VR “live” surgery application, supported by more than 3,700 practitioners from all over the country to deliver clinical training to both doctors and trainees through VR headsets.
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Global Virtual Reality market holds some of the key players like Google Inc. (US), Microsoft Corporation (US), Blippar Inc. (UK), Vuzix Corporation (US), Metaio Gmbh (Germany), Qualcomm Incorporated (US), Oculus VR, LLC (US), EON Reality, Inc. (US), Starbreeze Studios (Sweden), Razer Inc. (Singapore), HTC Corporation (Taiwan), BAE Systems AB (Sweden).
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