Expanding Application Areas and Rising Hardware Technology Investments to boost Virtual Reality Market

Published Date : Dec 27, 2017

ALBANY, New York, December 27, 2017 – MarketResearchReports.biz has announced the addition of a new report, titled “Global Virtual Reality Market: Industry Analysis & Outlook (2017-2021).” The report on the global virtual reality market offers an elaborate assessment of various factors and trends driving and restraining the market, lucrative prospects, major challenges, recent technological advancements and competitive dynamics. The study offers comprehensive insights into notable investment trends, recent product innovations, and major strategic alliances and partnerships influencing the growth of the market. Furthermore, the research takes a closer look at prominent strategies adopted by various players to strengthen their position in the market. The global virtual reality (VR) market is projected to rise at an impressive pace during the forecast period of 2017-2021.

The global virtual reality (VR) market is majorly driven by the rising number of application areas in several end-use industries and a burgeoning number of VR users in various parts of the world. The vastly rising number of smartphone users in various emerging and developed nations is a prominent factor boosting the VR market. The substantially rising investment in the development of hardware and software of VR technology is a crucial factor accentuating the growth of the market. The rising popularity of VR technologies for gaming and entertainment is a key factor boosting the market. The adoption of VR technologies is aimed at providing better immersive experience to users. Recent advances in display and imaging technologies are further expected to provide a robust fillip to the market.

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The emerging demand for head-mounted displays (HUD) in cars, coupled with their integration with augmented reality technology, is accentuating the growth of the market. Recent research and developments in human-machine interface also bode well for the overall virtual reality market in the coming years.

The rising investment on VR hardware development in several developing and developed regions boost the functionalities of the VR and is anticipated to accentuate the growth of the market. In addition, the constant launch of new products and the advent of innovative technologies also bodes well for the market. The rising number of use cases of virtual reality technology in areas such as healthcare, retail, education, construction, media, defense and aerospace and automotive, is expected to unlock exciting opportunities for market players. The growing number of niche application areas also augurs well for the market.

The lack of standardization in technologies, the high expense of VR-enabled products, and the mounting security issues are notable factors acting as bottlenecks to the growth of the market. Nevertheless, the increasing investments on hardware and the growing commercialization of VR technologies is expected to reduce the cost of the VR-enabled devices. In addition, the advent of innovative technologies in VR is also expected to accentuate the growth of the market over the assessment period. Manufacturers of virtual reality technologies are focused on addressing the security concerns, which bodes well for the market. The growing number of strategic alliances and partnerships is positively impacting the growth trajectory of the market over the forecast period. Furthermore, the advent of disruptive technologies is expected to drive product innovations in the coming years.

The rising disposable incomes of young generations in several emerging economies is boosting the market. Advancements in 3D imaging technologies are anticipated to open up exciting prospects in the virtual reality market. In addition, the burgeoning demand for wearable devices, notably in healthcare, is expected to accentuate the growth of the market in the coming years.

Some of the leading players operating in the virtual reality market are HTC Corporation, Microsoft Corporation, Google, and Facebook, Inc. The study takes a closer look at their investment profiles and major product offering.

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