A report published this week by market research company MarketsandMarkets shows that the growing importance of haptics – the technology that acts as the link between virtual applications and physical sensations – will see the worth of the market increase dramatically over the next five years.
It is perhaps understandable considering the rise of virtual reality (VR) technology and the forthcoming head-mounted displays (HMDs) from Oculus VR with its Oculus Rift CV1 and Valve with the HTC Vive along with the Samsung Gear VR, a HMD from Sony Computer Entertainment (SCE) in Project Morpheus, the Razer-backed OSVR and HoloLens technology from Microsoft. And that’s not forgetting the continued escalation of research into different ways to use VR technology in scientific fields such as medical research and industries such as the automotive and entertainment (videogames, cinema) industries.
The sheer level of that growth, though, an estimated CAGR (compound annual growth rate) of 25.39%, will still likely surprise people. All of this results in an estimated market worth of $29.84 billion USD (£19.32B GBP / € 26.59B EUR) by 2020.
Part of the reason for this large market growth, the report say is due to that development is a truly global affair with ‘a number of tier-one players’ launching new products, others forging new partnerships for research and commerce and the staggering of products at different price levels which makes the industry more accessible. It is this flexibility and demand across a wide variety of fields that is making the industry a prime candidate for investors.
This great news for those early investors such as Facebook and will only go to encourage additional investment from major companies. What other major players may look to get involved now?
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