Social VR Market – Introduction
- Companies and social platforms are using virtual reality solutions to enhance the experience of social platforms. The social VR app is integrated with a virtual reality headset to provide a virtual meeting room and social event experience.
- Social media users or participants appear as virtual characters or Avatars in virtual environments to attend organized social events, virtual parties, and virtual team meetings. Adoption of video conferencing and online meeting platforms is increasing among enterprises to reduce the travel time of employees and expenses on commercial meetings.
- The social VR system allows the participant to choose their virtual characters for participating in virtual social meeting events. The social VR is a next-generation social platform to enhance the meeting experience for users and companies.
- Demand for social VR systems is increasing among social media platform companies to provide advanced platforms to interact with others in a virtual environment as they interact in real life.
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Key Drivers of the Social VR Market
- Increasing demand for an advanced social platform with VR technology is expected to drive the growth of the social VR market. Advancements in technology regarding communication standards are expected to boost the growth of the social VR market.
- Adoption of social VR helps to minimize the business expenditure by investing in the separate video or VR based communication channel and is expected to create better business opportunities for providers of social VR.
Key Players Operating in the Global Social VR Market
- Wookey Projects, Inc.
Wookey Projects, Inc. was founded in 2013 and is based in Liverpool, United Kingdom. The company is a global virtual reality solutions provider for attending live events on virtual platforms. It offers a VR solution for PCs and VR headsets to attend events and video game events.
- vTime Holdings Ltd
vTime Holdings Ltd. was founded in 2013 and is a global social media platform providing company. The company offers solutions in augmented reality, virtual reality, and mixed reality for residential and commercial sectors and is available on multiple platforms.
Other key players operating in the global social VR market include Bigscreen, Inc., VRChat Inc., HTC Corporation, Facebook Technologies, LLC, Google LLC, and Microsoft Corporation.
Global Social VR Market: Research Scope
Global Social VR Market, by Component
- Hardware (Headset)
- Software/Application
- Services
- Implementation & Integration
- Support & Maintenance
Global Social VR Market, by End-user
- Commercial
- Residential
- Government
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