Virtual Reality (VR) Market and its Key Opportunities and Challenges

December 24 17:16 2019
The Virtual Reality (VR) Market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% as per a report by MarketsandMarkets.

The Virtual Reality (VR) Market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% as per a report by MarketsandMarkets. 

Why penetration of HMDs in healthcare and architectural applications could unravel more opportunities?

VR is gradually being used for practical purposes. In the medical vertical, HMDs are used mainly in medical training applications. This technology is rapidly gaining importance among medical professionals and is expected to play an important role in assisting doctors and surgeons in the near future. HMDs are widely accepted in the medical vertical. With advanced interfaces, such as HMDs, medical professionals can perform surgeries easily and also provide post-operative care through VR simulation. HMD can thus make the medical sector more proactive in treating patients, and the increase in accuracy is expected in the next 5–7 years.

VR technologies have a major application in the architecture and design segment. Building Information Modeling (BIM) is used in the architecture and design sector to get a 3D view of building design and surrounding spaces. This gives a clear view and reduces errors and cost during the construction phase by using VR visualization models.

The VR platform provides a riveting view of the building design and an interactive, navigable, and immersive experience so that the client and architect can understand the structure and make suitable modifications prior to the construction.

How developing user-friendly VR systems pose a major challenge?

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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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 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.

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 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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