VR Headset Sales Rose Substantially From Last Year

The notion of virtual reality (VR) was established in the 1950s, and its development for entertainment purposes is already obvious. Currently, major corporations like Samsung Electronics, Apple, Facebook, Amazon, and Microsoft, are creating various VR devices and doing research and development. Virtual reality systems are made up of VR headgear, a computer, and video. Chairs, gloves, and sensors have just been added. Head-mounted goggles are referred to as VR headsets. They come with a speaker or headphones.

Market Expansion 

Virtual reality (VR) is a virtual experience that is either comparable to or entirely distinct from reality. VR seeks to provide the user with a sensory experience that may include sight, touch, hearing, smell, or even taste. The industry as a whole is rapidly expanding, with the worldwide VR market expected to rise from less than five billion US dollars in 2021 to more than 12 billion US dollars by 2024. The anticipated growth is likely to benefit both the business and consumer segments, including the growing development of the VR gaming industry. Sales of augmented and virtual reality (AR/VR) headsets are expected to reach 5.5 million units in 2020, according to estimates. Furthermore, forecasts predict that AR and VR headset sales will skyrocket in the next years, with both technologies anticipated to sell more than 26 million units per year by 2023.

What is AR/VR technology?

AR/VR technology employs sensory sensors to either virtually change or totally immerse a person in a simulated world. Virtual reality headsets generally provide total visual immersion into a simulated environment, whereas augmented reality headsets add virtual features to a user’s actual environment. To know more about these technologies, you can refer here.

Companies are investing in AR/VR

With AR/VR market revenues expected to reach about 19 billion dollars by 2020, several of the world’s largest technology corporations have begun to devote considerable resources to creating their own devices. Microsoft has made a significant investment in the technology, with the firm possessing over 10,000 AR/VR patents spanning hundreds of patent families. In addition to Microsoft, businesses such as Sony, Intel, and Google have hundreds of patents in the AR/VR patent fight.

Virtual reality is maturing and reaching a wider audience. “While gaming remains at the core of consumer VR, new use cases like virtual concerts and virtual workouts are starting to appeal with customers,” Jitesh Ubrani, research manager for IDC’s Mobile Device Trackers, said. “Meanwhile, many businesses are increasing their usage of virtual reality, with use cases such as teaching, collaboration, design, and manufacturing gaining traction. The commercial category is expected to expand from 38%of the global market in 2020 to 53% by the year 2024.”

“Both consumer and business buyers are showing interest in virtual reality,” said Tom Mainelli, group vice president, Device & Consumer Research at IDC. “However, a series of factors conspired to make the first half of 2020 difficult in terms of headset unit quantities, despite rising demand. As manufacturing ramps up and new devices enter the market, we anticipate a significant rise in shipping volume in the second half of this year, and VR should return to healthy growth in 2021.”
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