Immersive Virtual Reality refers to the technology that blurs the line between the physical and the digital world by creating a sense of being present in the virtual environment for the user.
Growing technological advancements emergence of consumer VR and the reducing selling price of devices are expected to drive growth over the forecast period. The rapid increase in smartphones is expected to drive growth of the mobile HMDs. Making the VR experience more realistic serves as a key driver for the growth of the market. However, lack of content and health-related issues such as simulation sickness, motion sickness, hygiene, and lack of comfort may restrain immersive virtual reality market growth. VR devices may pose inconvenience to certain users owing to their weight as bulky devices offer render users with a sense of fatigue and discomfort after prolonged use.
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The market can be segmented into Semi-immersive and Fully immersive based on the technology.
Semi-immersive technologies engage users in a partially immersive environment created by using a wide field of view to stimulate the feeling of immersion experienced by the user. Fully immersive technologies offer a direct experience with the help of devices such as headsets, gesture recognition devices, and controllers to create virtual environments.
On the basis of the device outlook the market is segmented into Head Mounted Display(HMD), Gesture tracking Devices(GTD) and Projectors and Display Walls (PDW). HMDs are currently dominating the global immersive VR market share.
On the basis of application, the market is segmented into Aerospace & defense, Medical, Retail, Consumer electronics and others.
The U.S. dominated the global industry by accounting for about 50% of the overall share in 2014 is expected to continue its dominance over the next five years. Europe is expected to witness the highest growth followed by Asia-Pacific due to its high anticipation among consumers for the technology.
The key players in this industry are Oculus VR, LLC, Sony Corporation, HTC Corporation. Some other prominent players are Google Inc., Samsung Electronics Co., Microsoft Corporation, EON Reality Inc., Vuzix Corporation, CyberGlove Systems Inc., Cyberith GmbH, Virtalis Limited, Sensics, Inc., Leap Motion Inc., Marxent Labs LLC, WorldViz, Jaunt, Inc., and Sixense Entertainment, Inc.
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