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

Chengdu making strong push to foster next-gen AI technology

Posted on: November 27, 2020

Chengdu, capital city of Southwest China’s Sichuan province, is working to develop a national pilot zone for advancing next-generation artificial intelligence.

Read more

Facilio and Belimo join forces to advance IoT-driven connected building environments

Posted on: November 27, 2020

Facilio, an AI-driven property operations & maintenance (O&M) platform, and Belimo, a global market provider in HVAC field devices, announced a strategic collaboration to enhance the buildings industry by delivering connected and sustainable environments.

Read more