Skyquest Technology
Virtual Reality Market Size, Share, Growth Analysis, By Component (Hardware (Sensors) [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors]), By Device (Head Mounted Displays, Gesture Tracking Devices (Data Gloves, Other Gesture Tracking Devices), Projectors and Display Walls), By Technology (Non-Immersive Technologies, Semi-Immersive and Fully Immersive Technologies), By Region – Industry Forecast 2024-2031
Virtual Reality Market [https://www.skyquestt.com/report/virtual-reality-market] The market size is expected to be valued at USD 15.75 billion in 2022, expand from USD 19.15 billion in 2023 to USD 91.54 billion in 2031, and grow at a CAGR of 21.6% during the forecast period (2024-2031).
Continuing technological advancements and increasing consumer adoption fuel the virtual reality market
The virtual reality market is predicted to witness a significant increase in the sales of virtual reality and augmented reality headsets in the coming years. The use of virtual reality is on the rise and is becoming more commonplace as its benefits grow across multiple industries, including education, healthcare, and advertising. Thus, with the expansion of applications, companies are also realizing the importance of VR in various areas of usage, which is impacting the market growth.
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While virtual reality immerses consumers in a completely virtual environment, AR or augmented reality overlays virtual content onto the real world. This creates a perfect and smooth blend between the digital and physical worlds. Today, the world is experiencing the combination of AR and VR technologies – an emerging mixed reality that strikes a perfect balance. From AR-based smart glasses to the blend of augmented reality in virtual reality networks, new possibilities for digital creation, exploration, and communication are being revealed. In 2024, virtual reality and artificial intelligence will break records as AI algorithms improve communication and immersion in virtual environments. From active adaptive experiences and content creation to natural language processing and smart avatars, VR systems are enhanced by live, responsive, personalized, human-like interactions to transform training, therapy, entertainment, and more.
Cable-free headsets are the future of the virtual reality market
Currently, the industry is looking for applications that go beyond tourism, leisure and marketing and are more budget-friendly for users. In addition, virtual interfaces need to be improved to avoid issues such as clipping, where some objects pass through; or to reduce the motion sickness-like effects that VR can cause in individuals, such as dizziness caused by inconsistent body movements. Large technology companies are now aiming to develop their own headsets that will allow users to see high-resolution images without cables. Virtual reality headsets with 8K vision that integrate robust processors are in the works. In the near future, the market will also be able to offer VR with AI and the latest 5G standards. In addition, a very unpredictable possibility is that consumers will be able to receive real-time images and watch them as if they were watching them live.
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* In January 2023, leading consumer electronics manufacturer HTC launched the “HTC Vive XR Elite,” unveiled at CES. This is the latest headset in the technology giant’s product portfolio. This latest device is specifically made to deliver mixed reality and virtual reality with (XR) extended reality.
* In October 2022, Virtualitics, an AI and data discovery company, announced two new patents for streamlining the research of highly complex data sets. This is the latest announcement by the company, among many other breakthrough methods in data analysis.
* In June 2024, Snap Incorporation unveiled the latest in generative AI technology, which will allow users to watch highly realistic special effects when taking photos using their mobile cameras.
*As of January 2024, Samsung and Google are planning to deliver a mixed reality headset device that is scheduled for release by 2024. Samsung will be responsible for manufacturing and design, Google will be responsible for software development and the operating system, and Qualcomm will be responsible for the chipset.
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Rapid advancements, increasing applications, and growing focus on accessibility represent the scenario of the Virtual Reality market. With constant modernization, today VR is considered as more than just a technology. Its primary role is to reshape several industries and rethink our views on reality. Be it entertainment, education, or healthcare, Virtual Reality is perfectly integrated with every aspect of human life, providing immersive experiences that are not only socially enriching but also transformative.
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