Virtual reality may not have hit top gear yet, but the technology is well on the way to becoming a pioneering new way of delivering almost all types of audiovisual content. The technological sophistication of virtual reality technology means its uptake has been slow, but consistent demand in a wide variety of sectors has ensured steady growth of the virtual reality and augmented reality market. The varied applications of the global virtual reality and augmented reality market are likely to enable dynamic growth of the market in the coming years, with Transparency Market Research (TMR) predicting the global virtual reality and augmented reality market to exhibit a stunning 92.5% CAGR between 2016 and 2024.
Here’s a look at some of the key emerging applications of virtual reality and augmented reality technology:
Film and Television
The use of virtual and augmented reality technology has the potential to revolutionize the experience of watching visual media altogether. Virtual reality and augmented reality technology presents a significant advancement in terms of viewing experience and has thus become a key talking point in the world of film and TV. Virtual reality technology is likely to be featured in this year’s Tribeca Film Festival, which could be a crucial step in the steady rise in the demand for virtual and augmented reality technology from the entertainment industry.
The rising use of IPTV is also likely to be a major driver for the global virtual reality and augmented reality market in the coming years, as individual viewers can enhance their viewers immensely through the use of virtual reality technology.
Gaming has always been a key application sector of the global virtual reality and augmented reality industry and is likely to have a considerable influence on the way the virtual reality and augmented reality market develops in the coming years. Virtual reality and augmented reality technology provides a new dimension to the user experience in first-person games, the popularity of which is thus likely to remain an important driver for the global virtual reality and augmented reality market in the coming years.
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The utilization of virtual reality and augmented reality technology has the potential to alter the dynamics of the real estate industry to the same degree as internet listings did when they first became available. Virtual reality allows realtors to show prospective buyers a realistic view of the real estate, making it more convenient than ever for buyers to understand the real estate before completing the purchase.
Virtual reality and augmented reality technologies play a crucial role in the global healthcare industry, where they are being used to train medical students to perform delicate surgeries. The efficacy of modern virtual reality technologies means the virtual training is sufficient for most procedures. The rising demand for VR-based training in medical institutions is thus another key driver for the global virtual reality and augmented reality market.
Military and Defense
Like the healthcare sector, the armed forces are also starting to make extensive use of virtual reality technology in order to train soldiers in various combat scenarios. This requires extremely detailed and sophisticated virtual reality technology. The steady government support provided to military modernization programs has been an important factor in the steady growth of the virtual reality and augmented reality market so far, as the advanced research and development needed in the production of VR devices requires significant capital investment.
Hardware to Dominate, Developed Regions to Remain Key Consumers
The global virtual reality and augmented reality market is expected to be dominated by the hardware segment, including VR goggles, headsets, etc., in the coming years. In terms of the geographical hierarchy of the market, developed regions such as North America and Western Europe are likely to remain the key consumers and producers of virtual reality and augmented reality technology in the coming years thanks to the strong presence of the industry’s leading players.