Global Virtual Reality (VR) Landscape to Witness Emergence of New Challenges for Mass
Adoption; North America will continue to be Largest VR Market during 2017-2022
Over the past year, the use of term “virtual reality” with several product categories has increased to
a manifold extent. Companies are creating new segmentations in their product lines to reap from the
surging adoption of virtual reality technologies. Persistence Market Research’s new report on the
global virtual reality market projects that by 2022-end, the global market for VR technologies will
be worth over US$ 6 billion. The study offers in-depth forecast on the expansion of the global
virtual reality market for the assessment period, 2017-2022. During this period, a slew of factors are
anticipated to influence the dynamic growth of the market.
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Virtual Reality Market: Opportunities & Challenges
In short span of time, VR technologies have extended their application purview beyond consumer
electronics, retail and media & entertainment. In healthcare sector, virtual reality is being integrated
with computed tomography to create three-dimensional imaging technology that provides data on
real-time basis. The resultant 3D view of the patient’s anatomy allows surgeons to observe the
skeletal, muscular and nervous system clearly. New opportunities for virtual reality include,
development of interactive virtual environment in employee training,
increasing use of VR devices in distraction therapy and to develop social skills for autistic people
simulate the real spaces to enable architects in designing better interiors and reworking on layouts
Although, developers of VR technologies and products are witnessing the emergence of new
challenges, poising the mass adoption on the tenterhooks. Currently, the biggest challenge riddling
the growth of the global virtual reality market is unaffordable prices. Changing cost structure of
companies in the global virtual reality market has created high price points for mass adoption of
virtual reality. Even if the companies overcome the price factor, a majority of them struggle at
creating compelling content. Moreover, consumers are demanding for a mobile VR experience,
while safety hazards are becoming a key limitation. Since VR devices work effectively on high data
transference, the need for uniform 5G spectrum cellular networks has gained traction. And,
unfortunately, the lack of such uniformity within developed and developing regions, and across the
globe, curbs its mass adoption.
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Key Developers in Global Virtual Reality Competition Landscape
The report has profiled some of the leading companies in the global virtual reality market. Tech
behemoths namely Sony Corporation, HTC Corporation, Samsung Electronics Co. Ltd., Microsoft
Corp., and Google Inc., have been observed as leading players in the global virtual reality market.
Through 2022, the market will also witness the active presence of companies such as Lumus Ltd,
Vuzix Corporation, Oculus VR, LLC, Magic Leap, Inc., Unity Technologies, Inc., and Eon Reality
Inc.
North America to Register Largest Adoption of VR Technologies
Key highlights from the report reveal North America as the largest market for virtual reality. In