The global virtual reality market was valued at USD 15.9 billion in 2024 and is projected to reach USD 38.0 billion by 2029; it is expected to register a CAGR of 19.1% during the forecast period. The growing penetration of the Metaverse and Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors are attributed to the ever-increasing demand for virtual reality system.
Meta (US), Sony (Japan),
Samsung Electronics Co., Ltd. (South Korea), Microsoft (US), Unity Technologies
(US), Barco (Belgium), Penumbra, Inc.
(US), HTC Corporation (Taiwan), PICO Immersive Pte.ltd (US), and DPVR (China),
Quytech (India), FOVE, Inc (Japan), Innowise (Poland), Ultraleap (England),
WorldViz, Inc. (US), Vection Technologies (Australia), MindMaze (Switzerland),
Virtuix (US), Firsthand Technology (US), Merge Labs, Inc. (US), HQSoftware
(Estonia), XRHealth IL Ltd. (US), Space VR
(US), CyberGlove Systems Inc. (US), Vighnesh Inc. (India), are some of the key players in the Virtual
reality market.
Meta formerly known as
Facebook is a social metaverse company that builds technology to help people
connect, find communities, and grow businesses. Meta Platforms owns and
operates a variety of social media, social networking, and messaging services,
including Facebook, Instagram, WhatsApp, and Messenger. The company also owns
the virtual reality (VR) company Oculus VR. One of its most notable products is
the Oculus series, which includes Oculus Rift, Oculus Quest, and Oculus Go.
These VR headsets have garnered widespread acclaim for their immersive
experiences, high-quality visuals, and broad content library. In education,
Meta's initiatives have introduced interactive and engaging learning tools,
enabling students to explore historical sites, conduct virtual experiments, and
receive personalized tutoring.
The company operates
through two segments, namely, Family of Apps (FoA) and Reality Labs (RL). The
FoA segment includes Facebook, Instagram, Messenger, WhatsApp, and other
services. The RL segment includes augmented and virtual reality-related
consumer hardware, software, and content.
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Sony
Sony includes a diverse
portfolio, including businesses like Game and Network Services, Music, Image
Sensing Solutions, Pictures, Electronic Products and Solutions, Financial
Services, and a wide range of other businesses. The company is renowned for its
PlayStation brand, which includes gaming consoles (PlayStation 5, PlayStation
4), game development studios, and an online gaming service called PlayStation
Network (PSN).
The Game and Network
Services majorly includes the PlayStation platform. PlayStation is not only
confined to games but provides a wholesome music and movie entertainment
experience. The Music business is associated with the production and publishing
of music; the electronic products and solutions include TVs, cameras,
smartphones, and audio equipment. Image sensing technologies create solutions
to enhance image quality for various industries, and Financial Services are
responsible for insurance and nursing care.
Sony offers AR
smart-glasses and projectors, and VR PlayStations. The smart-glass incorporates
a holographic waveguide technology that provides lenses offering AR with higher
transparency and brightness. Sony also developed a stacked event-based vision sensor
that detects luminance change in every pixel. It provides a pixel size of
4.86µm and HDR performance of 124dB with a resolution of 1280x720. A key
product in the VR space for Sony is the PlayStation. It is the biggest
community of interest for Sony. The recent launch of PS5 and upgrades in the VR
space have enriched the gaming experience of users manifold. For high
responsive applications like electronic viewfinders (EVF).
Samsung Electronics Co.,
Ltd.
Samsung Electronics Co.,
Ltd. is a leading manufacturer of
smartphones and semiconductors, and also produces a wide range of other
electronic products including TVs, home appliances, and memory chips. The
company operates through four business segments: Device eXperience (DX), Device
Solutions (DS), SDC, and Harman. Samsung Electronics Co., Ltd. has been a
significant player in the virtual reality (VR) market. One of its most notable
ventures in VR is the Samsung Gear VR, a virtual reality headset developed in
collaboration with Oculus VR. The Gear VR was designed to work with Samsung
Galaxy smartphones, providing users with an immersive VR experience using their
mobile devices.
In the VR market, the
company’s main products are headsets that are compatible with the majority of
the company’s smartphones. along with the traditional headsets. The Gear VR
gained popularity for its affordability and ease of use, leveraging Samsung's widespread
presence in the smartphone market.
Microsoft
Microsoft is a global
company that develops and markets software, services, and hardware devices. It
is known for creating technology that enables people and businesses to realize
their full potential by creating new opportunities, greater convenience, and
enhanced value to people's lives.
Microsoft's VR business
is primarily focused on its Windows Mixed Reality (WMR) platform, which offers
a range of VR headsets, such as the HP Reverb G2, that provide industry-leading
visual quality, spatial audio, motion tracking, and ergonomics These headsets
are designed to work with compatible PC hardware and support hundreds of
popular games and VR experiences from the SteamVR library and Microsoft Store.
Developers can use official documentation to create WMR applications, while the
SteamVR app porting guide assists in optimizing and testing experiences for WMR
headsets.
Unity Technologies
Unity Technologies is a
prominent player in the virtual reality (VR) space, offering developers a
robust platform to create immersive VR experiences. Unity, a cross-platform
game engine widely used for VR and augmented reality (AR) development, enables
developers to build 3D environments and add interactive elements like audio,
video, and animations. Unity's VR Project Template serves as a starting point
for VR development, configuring project settings and pre-installing necessary
packages for VR development. Additionally, Unity offers a range of features and
packages like the XR Core Utilities, Unity Input System, and XR Hands package
to enhance VR development.
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