About Virtual Reality
Virtual reality (VR) is defined as a three-dimensional computer-generated environment. VR is implemented using a computer technology and a range of systems, including headsets and special gloves, that make the user a part of the virtual world. VR provides an immersive experience by connecting the user to the VR world. The user experiences a feeling of involvement, which is intelligently designed by experts. VR is a combination of hardware, software, and sensory synchronicity to achieve a sense of presence. VR has gained immense popularity worldwide because of the development of immersive films and 360-degree videos. VR systems allow a three-dimensional view of images.
Technavio’s analysts forecast the global virtual reality market to grow at a CAGR of 48.89% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global virtual reality market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Virtual Reality Market 2017-2021
Technavio recognizes the following vendors in the global virtual reality market: 360 Labs, Netflix, Samsung Electronics, Google, Koncept VR, Jaunt, DODOcase, I AM CARDBOARD, KNOXLABS, OnePlus, PowisVR, Unofficial Cardboard, ZEISS VR ONE, HOMIDO, Mattel, Samsonite IP Holdings, MR.CARDBOARD, Facebook (Oculus VR), HTC, Open Source Virtual Reality, Sony, Zebronics, FOVE, LG Electronics, CyberGlove Systems, MANUS VR, NeuroDigital Technologies, Virtalis, Dexta Robotics, Synertial, Spinview Global, VRscape, AppReal, and Erminesoft.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Use of inside-out tracking technology in VR headsets. High-end headsets use external cameras and sensors that provide mobility to VR users. Some of the affordable mobile systems do not have any positional tracking. Inside-out tracking places cameras on the device that is being tracked and determines how its position changes in relation to the external environment. The movement in the headset is coordinated with the help of sensors. The technology provides freedom of space. The user is not restricted to a certain play space, which increases a user's mobility in the virtual world. The sensors in the headset can read cues such as depth and acceleration, which are then translated into virtual motion. Thus, mobile users and high-end camera users can do much more with their headsets, while being less prone to motion sickness in the process.
According to the report, one of the major drivers for this market is Declining prices of VR hardware. With the increasing adoption of VR technology, the prices of various VR hardware components, such as VR headsets and VR cardboards, are expected to decline during the forecast period. VR headsets could be the next generation of personal entertainment devices. The ASP of VR headsets was $519.23 in 2016, and it is expected to decline to $164.21 in 2021. This drastic decline in the ASP of VR headsets will likely boost the sales of these devices. VR headsets are expensive mainly because of their displays, which account for the majority of the manufacturing costs.
Further, the report states that one of the major factors hindering the growth of this market is High VR app development costs. A VR project is a combination of several different components, which can be a bit complex. There are several cost factors to be considered while developing VR apps. They include the costs incurred during the creation and distribution of VR content and the cost of hardware and software. 360-degree cameras are used to create realistic panoramic content. The cost of creating a panoramic video is usually low compared with computer-generated graphics. The true value of VR games depends on the interactive content offered.
360 Labs, Netflix, Samsung Electronics, Google, Koncept VR, Jaunt, DODOcase, I AM CARDBOARD, KNOXLABS, OnePlus, PowisVR, Unofficial Cardboard, ZEISS VR ONE, HOMIDO, Mattel, Samsonite IP Holdings, MR.CARDBOARD, Facebook (Oculus VR), HTC, Open Source Virtual Reality, Sony, Zebronics, FOVE, LG Electronics, CyberGlove Systems, MANUS VR, NeuroDigital Technologies, Virtalis, Dexta Robotics, Synertial, Spinview Global, VRscape, AppReal, and Erminesoft.