So, another month is upon us and that question has to be asked once again; ‘is this the month VR dies?’ Well, no. Of course it’s not. Anyone working within the immersive media industry (and thus, most likely you here reading this article) can tell you with a significant degree of certainty that VR is on an upward trend. But with a new report from another market research company, we can have some figures to back up those bold ‘VR is bigger than ever!’ statements we’re all making.
“Virtual reality (VR) is an interactive computer-generated experience in a simulated environment that mainly incorporates auditory and visual feedback, but also other types of sensory feedback such as haptic. This virtual setting may be similar to the real world, or it may be incredible, providing an experience of normal physical reality that is not possible,” reads the press release supporting the launch of the new report. As bland as a description of one of the most exciting new mediums in more than two decades, perhaps, but it does the job.
More interesting however, is the assertion that VR is growing outside of its assumed traditional games and film markets, with VR also beginning to penetrate the automotive industry. In addition to incorporating voice support, vehicles are now equipped with several advanced features to provide enhanced driver safety.
The release also highlights other areas of note, such as:
“Due to the ability of VR to enhance the world via head-mounted displays, the technology can be a useful training aid for medical applications, where VR is used to train doctors to perform procedures such as surgery. VR can also be used for patient monitoring.”
This study presents the virtual reality market’s sales volume, revenue, market share and growth rate for each key company, and also covers the breakdown data by regions, type and applications. history breakdown data from 2014 to 2019, and forecast to 2025. The study can be found online here.
And that statistic?
“Global Virtual Reality Market Size is growing with a CAGR of 34.5% during the forecasted period 2019 to 2025.”
Kevin Joyce was been working with immersive technology since 2013, establishing VRFocus.com as one of the leading AR and VR publications before joining Admix, a non-intrusive advertising platform designed specifically for immersive experiences, as Lead Evangelist.