The virtual reality market
is estimated at USD 6.1 billion in 2020 and is expected to reach USD 20.9
billion by 2025; It is anticipated to grow at a CAGR of 27.9% from 2020 to
2025.
Driver:
Penetration of HMDs in the gaming and entertainment sector post COVID-19
The use of HMDs has
been high in the gaming and entertainment sector. The gaming industry has had a
technological evolution with the emergence of VR and 3D technology. The use of
HMDs has helped in achieving a fully immersive experience for users and has
taken the gaming experience to the next level. The flawless transition achieved
with the use of VR HMDs has helped bring in a unique and enhanced experience to
the users. HMDs have a high penetration rate in the video gaming sector. Video
game users prefer HMDs for enriching experience and entertainment. HMDs project
digital images, enabling a 3D view, which enhance the user experience.
Therefore, the growing gaming sector would drive the market for HMDs and, in
turn, the VR. This market growth is expected, especially in North America and
Europe.
The COVID pandemic
is expected to support the growth of the VR market. The key players operating
in the market are focusing on increasing the sale of their products. For
instance, the VR technology of Sony owns some of the largest movie, music, and
gaming companies in the world. The company is planning to reshape entertainment
delivery during the lockdown and, eventually, post COVID-19. The company is planning
to promote VR concerts and other VR entertainment solutions to entertain
people. Such initiatives are expected to give a new dimension to the VR
business and boost the growth of the market.
Restraint:
Display latency and energy consumption affect overall performance of VR devices
The prime function
of VR-enabled devices is to generate images from a dynamic or a static source.
Latency can be defined as any delay that increases the real or perceived
response time compared with the required response time. Certain factors, such
as an imbalance in data processing speed between the microprocessor and input
or output devices, can cause latency in VR applications. Users perceive the
quality of the device on the basis of image quality it displays. A delay in the
projection degrades the overall quality of VR-enabled devices.
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There will be a
deviation of location from the exact position if there is an issue in the
measurement of the viewpoint. Thus, the VR system requires a minimal latency to
maintain the virtual entity at a stable position. The virtual object should not
delay over 15 milliseconds while adapting to a new situation as it causes
variation in the position of objects.
Energy consumption
is another problem in VR applications. Consumers, especially in the gaming
sector, require gadgets with long battery life. Sensors and other network
interfaces also consume energy. Due to these complications, VR systems cannot
be operated for a long duration.
At present, the
impact of this restraint is medium; however, it is expected to be low over the
next 3–4 years.
Opportunity:
Use of VR in aerospace & defense for training and simulation
The use of VR in
aerospace & defense would help users, especially for training and
simulation purposes. The use of VR would help in experiential training with
data-driven applications and in real-time. This helps improve the efficiency of
accurate skills transfer and also increases knowledge retention. VR is used to
train the ground crew for pre-flight checks and ground crew procedures before
the take-off. VR can be used to inspect the airplane before take-off, thereby
ensuring more safety.
Challenge: Developing user-friendly VR systems
VR technology
suppliers and developers face the challenge of developing user-friendly VR and
tracking systems. A user-friendly virtual environment allows a user to easily
navigate and interact with objects in the virtual environment. The VR system is
a combination of hardware and software components. VR devices track a user’s
movements through different sensors and array them on the virtual display. The
development of VR software and virtual content is a challenging task for
developers as the virtual content displayed must satisfy the user’s needs. This
would ensure easy acceptance and increase the penetration of VR devices among
the masses.
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