Virtual Reality (VR) in technical terms can be described as the simulation of the real-world environment designed by the adoption of high-performance computing hardware and software. The virtual environment is created with the help of high-end expensive devices such as head mounted displays for visualization and sensing devices such as accelerometers, magnetometers, and gyroscopes. Based on the usage of sensing capabilities VR market can be classified into 3 types: non-immersive, semi-immersive and fully immersive. The virtual reality technology market is driven majorly due to the increased adoption of the training and simulations based environment. For instance: VR based simulators can be adopted for the flight training purpose by pilots also can be used by medical students for understanding the anatomy of specific organs. Increased usage of headset mobile devices in the media and entertainment sector has fuelled the market growth.
However, expensive hardware devices required for the functioning in virtual reality may form a significant factor in hindering the market growth. The scope of virtual reality has not remained restrained in the gaming market, increased application in the retail and educational sector with high investment has resulted in the innovation of products thereby providing new market opportunities.
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The global virtual reality technology market is segmented on the basis of components, technology, device type, and applications. On the basis of components used, the virtual reality market is segmented into hardware, software, and services. Based on the technology, the market is bifurcated into: fully, semi and non-immersive technology, while on the basis of device used the market is segmented into head-mounted displays and gesture control devices. On the basis of applications, the market is segmented into: gaming, medical, commercial and others.
North America is expected to continue the lead in the market owing to the presence of prominent players in the gaming sector. Though virtual reality now has been implemented in other sectors, the largest share is still captured by the gaming sector. Asia-Pacific is projected to grow at a faster rate mainly due to the expansion in the IT sector in the countries such as India, China, and Japan. The virtual reality market is analyzed across: North America, Europe, Asia Pacific, Latin America, Middle East and Africa (LAMEA).
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The major key vendors in the virtual reality market are: Oculus VR LLC (US) ,Sony Corporation (Japan) , Samsung Electronics Co., Ltd. (South Korea) , HTC Corporation (Taiwan), EON Reality, Inc. (US) , Google Inc. (US) , Microsoft Corporation (US), Vuzix Corporation (US) , Cyberglove Systems Inc. (US) , Sensics, Inc. (US), Leap Motion, Inc. (US), Sixense Entertainment, Inc (US).