Huge investment in VR support accelerates innovations and expands application scope, says Frost study

Biosensors, speech recognition, movement mapping and space perception will give a significant boost to the market prospects of virtual reality (VR) technologies, finds Frost & Sullivan’s TechVision Team.

The rapid growth of the VR market is attracting substantial private and federal investments to innovative start-ups, mostly in the areas of video, services and solutions, games andapps. With technological advances and improvements in user experience, VR will become more ubiquitous in industries such as healthcare, automotive, education, manufacturing, retail, design, aerospace and defence, and entertainment.

The incorporation of biosensory technology, speech recognition, movement mapping and space perception in VR will give a significant boost to posture and gesture recognition. Such technologies will increase the adoption rate of VR, especially in healthcare, in the areas of virtual surgery, immersive therapy and dentistry. Due to the widening scope of its application, VR as a Service will be an important business model in the future.

Future Applications of Virtual Reality (Immersive Computing), from Frost & Sullivan’s TechVision (Information & Communication) Growth Partnership Service programme, finds that the global VR hardware and software market is expected to grow from US$1.37 billion in 2015 to $33.90 billion by 2022, at a compound annual growth rate (CAGR) of 57.8% between 2016 and 2022.

“Entrepreneurial support by ecosystem participants allows startup companies to adopt the role of demanding stakeholders,” noted Frost & Sullivan TechVision research analyst, Mohammed Jawad. “They have the potential to emerge with disruptive technologies, while being insulated from global economic slowdowns and concerns about obtaining huge capital investments.”

Though VR is growing rapidly, it is still out of reach for many sectors. Less than 1% of the world’s computers have the graphical capabilities needed for VR to perform efficiently. Furthermore, the ecosystem of VR relies on vital technology capabilities such as battery efficiency.

“As cross-country and ecosystem partnerships play a major role in developing capabilities, global market participants work with an extensive network of partners to meet customer needs,” noted Jawad. “Meanwhile, technologies such as real-time analytics and beacon will be enabled within the VR/augmented reality environment, as they will impact VR’s adoption in business applications.”

The companies that are likely to lead the next phase of growth within the VR space are 900lbs of Creative, Evox Images, ZeroLight, Osso VR, Deepstream VR and VRsim. These innovators will increase job opportunities, widen the market and have a greater impact on the economic growth of the region.

For more information on this analysis and to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan’s thought leaders click here.

Comment on this article below or via Twitter: @IoTNow_ OR @jcIoTnow

RECENT ARTICLES

OpenText Europe: AI for growth and sustainability

Posted on: March 19, 2024

OpenText, the information company, is set to host OpenText World Europe 2024 April 15 – 18, 2024, with a series of in-person customer conferences taking place in London, Munich and Paris. The event series will bring together industry leaders, innovators and customers to discuss how technology can enable global organisations to build for growth, experience and sustainability.

Read more

Surrey leads new £8 million FORT centre for advancing secure networks

Posted on: March 18, 2024

The Engineering and Physical Sciences Research Council (EPSRC) announced that Surrey’s 5G/6G Innovation Centre will lead a new £8 million Centre for Doctoral Training in Future Open Secure Networks (FORT). 

Read more
FEATURED IoT STORIES

What is IoT? A Beginner’s Guide

Posted on: April 5, 2023

What is IoT? IoT, or the Internet of Things, refers to the connection of everyday objects, or “things,” to the internet, allowing them to collect, transmit, and share data. This interconnected network of devices transforms previously “dumb” objects, such as toasters or security cameras, into smart devices that can interact with each other and their

Read more

The IoT Adoption Boom – Everything You Need to Know

Posted on: September 28, 2022

In an age when we seem to go through technology boom after technology boom, it’s hard to imagine one sticking out. However, IoT adoption, or the Internet of Things adoption, is leading the charge to dominate the next decade’s discussion around business IT. Below, we’ll discuss the current boom, what’s driving it, where it’s going,

Read more

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more