Market Trends of Immersive Virtual Reality Industry
This section covers the major market trends shaping the Immersive Virtual Reality Market according to our research experts:
Head Mounted Displays is Expected to Have Significant Share
- A head-mounted display is a secondary display that can be easily worn on the head by the user to get live video from the primary thermal sight. HMDs are designed specifically for situations where the user requires hands-free situational awareness. Head-mounted displays designed for virtual reality are typically larger than their AR or MR headsets. HMD can be installed on an outdoor helmet or worn on the head with a head strap.
- Further, the demand for virtual reality plays a vital role in enhancing the user's gaming experience. Thus, the HMD market is driven by the high demand for VR HMDs in applications such as PC games, consoles, and smartphones. The market is also driven by the key vendors putting out more products and software that work together.
- HMDs are not only used in virtual reality gaming; they've also been utilized in military, medical, and engineering contexts, among various others. For example, Vuzix, a smart glasses and augmented reality technology company, announced a partnership with L3 Harris Technologies to make a waveguide-based optics engine for military head-mounted systems.
- Immersive technologies are becoming widely popular, and 360-degree videos are a raging emerging trend in the current market scenario. Three hundred sixty-degree videos give users a full panoramic view of the video. Viewers can further click manually through the video and directly interact with different aspects of the stream instead of just watching it. 360-degree content allows viewers to wear a VR headset and look around a 360-degree video in all directions to get a real-life experience. This market study is anticipated to expand exponentially over the forecast period.
- Moreover, the entertainment field is currently making the best possible use of immersive virtual reality's HMD. With increasing innovation, research, and development, it has the potential to thrive in the entertainment industry for many more years to come.
- For instance, in February last year, Sony unveiled its new virtual reality (VR) headset for the smash-hit game console PlayStation 5. The headset includes vibrating feedback with eye-tracking and a 110-degree field of view with a 4K HDR resolution of 2000x2040 per eye using an OLED screen with a frame rate of 90/120 Hz. The headset also includes controllers, which provide haptic feedback for immersive gaming.
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North America Occupies Major Share
- North America occupies the major share due to the presence of immersive virtual reality players and budding start-ups, which creates a huge opportunity for the market to grow. It has also been a pioneer in adopting innovations, which gives North America an edge over other regions.
- Moreover, there is an increasing potential for immersive VR technology to be used in defense, military, and law enforcement contexts. It helps provide training simulations that can be used to prepare personnel for various scenarios by simulating actual vehicles, soldiers, and combat environments. These technologies can also provide information and situational awareness in real-time, enhancing the ability of personnel to make quick and informed decisions.
- The United States has the highest military expenditure in the world. In the budget proposal for the current fiscal year, as released in March last year, the Biden administration sought USD 813.3 billion for national defense. Such investments in enhancing military types of equipment are boosting the demand for immersive VR in the region.
- Users can use virtual reality to bridge the gap between educators and students. Distance learning systems that use virtual reality can bring educators and students together in the same room with digital representations of themselves. In April last year, VictoryXR, a provider of augmented and virtual reality (AR/VR) content for schools and educational institutions, announced ten "Metaversities" would be launching in the United States, with several educational institutions planning to roll out digital twin campuses in order to provide learning options for students in the metaverse. In addition, each student will receive a Quest 2 VR headset for use during their course.
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