According to the new market research report “Virtual Reality (VR) Market by Technology (Semi & Fully Immersive), Device (Head-mounted display (HMD), Gesture Tracking), Component (Sensor, Display, Software), Application (Gaming, Entertainment, and Industrial), Geography – Trends & Forecasts to 2014-2020”, the Virtual Reality Technology Market is expected to reach $15.89 Billion by 2020.
VR technology is used in the gaming, entertainment, medical, industrial, aerospace, defence, education, and in many other applications. Several companies are investing heavily in the research and development of innovative virtual reality devices. Some of these big technology giants include, Facebook, which acquired Oculus VR in 2014, Sony Computer Entertainment (SCE), which is developing Project Morpheus, HTC Corporation and Valve Corporation with their jointly developed HTC Vive HMD, and Microsoft Corporation, which has revealed its Microsoft HoloLens augmented reality (AR) device.
The report describes the virtual reality market trends, drivers, and challenges with respect to the global virtual reality technology market, and forecasts the market size between 2015 and 2020, segmented on the basis of technology, device, component, application, and geography.
Consumer demand will likely grow when these devices start to launch towards the end of this year going into 2016.
Several companies are also collaborating in VR, such as Samsung and Oculus VR with the Gear VR, to pool resources and share technology to help with market penetration.
The next few years is going to see a global race to see who can produce the best VR experiences and VRFocus will be reporting back any news and announcements.