Virtual Shopping Grows Prominent During Ongoing Coronavirus Crisis
Virtual reality (VR) and augmented reality (AR) technologies are scaling during the ongoing COVID-19 pandemic. Virtual shopping is a fast growing phenomenon, which is creating revenue opportunities for companies in the virtual and augmented reality market. With the help of AR systems, individuals can shop for products and see how they look inside their home. However, manufacturers in the virtual and augmented reality market need to consider travel and trade restrictions in countries hit by the third wave of coronavirus such as in Canada, India, Germany, and Brazil.
Virtual shopping has emerged as one of the most profitable business models during the pandemic, which allows people to buy furniture by browsing a retailer online. Virtual catalogues and video-format customer reviews are boosting product sales. Customers are choosing apparel using AR systems.
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Lack of Proven Business Models Needs Focus of App Developers
The virtual and augmented reality market is projected to advance at an astonishing CAGR of ~39% during the forecast period. However, challenges in the AR app development need to be addressed by startups and companies in the highly competitive market landscape. The lack of proven business models and AR app design & development standards is emerging as hurdles for companies. Despite these challenges, companies are focused on expanding the user experience and make it more convenient for individuals. Moreover, endless business opportunities in education, entertainment, and gaming are helping companies to overlook the challenges in the AR app development.
Companies in the virtual and augmented reality market are increasing their focus in AR navigation apps to simplify movement in cities.
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Digitized Classroom Sessions Help Increase Attention Span of Students
VR is transforming the education landscape. In order to increase the attention span of students, VR has the potential to transport students from their classrooms to Roman ruins and allow them to mix volatile chemicals in science class without the hassle of handling costly lab equipment. Digitized classroom sessions are translating into revenue opportunities for startups and companies in the virtual and augmented reality market.
Software company vSpatial highlights that digitized classroom sessions are allowing teachers to create detailed recordings of lessons with the help of 360 Degree cameras. Companies in the virtual and augmented reality market are increasing awareness about digitized classroom sessions in case a student misses a class, who is able to use VR recordings to keep pace with other students.
VR Gaming Systems Offering Real-life Experience, Comfort to Users
VR gaming sets have gauged high sales during the coronavirus outbreak worldwide. Such trends are generating incremental opportunities for companies in the virtual and augmented reality market and has led to the popularity of Oculus Quest All-in-One VR gaming system that includes a headset, two touch controllers, 15W adaptor, and AA batteries.
Manufacturers in the virtual and augmented reality market are increasing the availability of VR gaming sets that are designed to be balanced, adjustable, and comfortable for users. These gaming sets are offering a real-life experience to users with the help of VR headsets.
AR Helps to Showcase 3D Construction Models to Clients for Prior Understanding
The ever-increasing construction industry is creating business opportunities for companies in the virtual and augmented reality market. AR is being used for project planning, project presentation as well as for communications in the construction industry. AR is making it possible for architects, engineers, contractors, and builders to layer certain details & elements onto a building plan so that stakeholders obtain a better understanding of the project.
Companies in the virtual and augmented reality market are leveraging growth opportunities in the construction industry, as engineers and contractors are able to showcase 3D (3 dimensional) models and even provide tours, which give clients a solid idea of what the building would look like after completion.
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Virtual and Augmented Reality Market: Overview
- The latest research report published by Transparency Market Research pertains to the global virtual and augmented reality market for the historical period of 2018–2019; 2020 is the actual year, and the forecast period is 2021–2031. Increasing penetration of tablet computers, smartphones, and technology implementation among enterprises, and the focus of vendors on price reduction of virtual and augmented reality devices are the key factors leading to the growth of the virtual and augmented reality market. Increasing application of virtual and augmented reality in verticals such as aerospace & defense, manufacturing, healthcare, education, gaming, construction, retail & eCommerce, media & entertainment, and automotive is anticipated to propel the market during the forecast period.
- In terms of revenue, the global virtual and augmented reality market is estimated to exceed value of US$ 1.7 Trn by 2031, expanding at a CAGR of ~ 39% during the forecast period
Rise in Demand for Virtual and Augmented Reality Devices and Applications in Healthcare Sector: A Key Driver of Market
- Virtual and augmented reality plays a vital role within the healthcare sector. Virtual and augmented reality technologies are used to deliver the virtual sight of a patient to a surgeon to help the surgeon conduct endoscopic surgery. Virtual and augmented reality technologies are used to build immersive mobile apps faster by using tools such as ARKit & AR core, which enables programmers to construct virtual and augmented reality apps for healthcare that sense their position in the physical environment and helps to display static or three dimensional models. The tool Unity is a powerful game engine and the platform to build virtual and augmented reality projects, and to render three dimensional elements superimposed in augmented reality experiences. The benefit of this tool is that it helps to create experiences for different platforms such as Windows, Android, IOS, Linux, and Mac. The use of virtual and augmented reality for training doctors, improving fitness, managing pharmacy, teaching difficult subjects to medical students, and caring & supporting patients once they leave the hospital are some of the major factors expected to boost the adoption of virtual and augmented reality in the healthcare sector during the forecast period.
- COVID-19 has effectively reset all the sectors. Presently, technology is the backbone of all sectors, as retail, manufacturing, education, etc., can use technology to provide touchless services to customers. Demand for mobile virtual and augmented reality has been increasing during the COVID-19 pandemic.
Inclusion of AI with Virtual and Augmented Reality for Analytical Applications
- Artificial intelligence involves the use of the algorithm to analyze datasets and come up with real-time solutions for complex problems. VR and AR produce a large amount of datasets in the background while creating a virtual environment for the end user. Thus, by combining artificial intelligence-based image recognition and deep learning technology, developers would be able to draw insights on user thinking perspectives and manipulate the virtual environment as per user requirement. This would help the user to better involve/connect and experience the virtual environment. The application of both technologies is expected to increase in education, manufacturing, automotive, and aerospace sectors in the upcoming years.
- Thus, inclusion of artificial intelligence with virtual and augmented reality is expected to create lucrative opportunities for the virtual and augmented reality market during the forecast period
Virtual and Augmented Reality Market: Competition Landscape
- Detailed profiles of providers of virtual and augmented reality have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global virtual and augmented reality market are
- Atheer, Inc.
- Barco N.V.
- Blippar.com Ltd.
- Dell Technologies Inc.
- EON Reality, Inc.
- Google, LLC
- Honeywell International, Inc.
- HP Development Company, L.P.
- HTC Corporation
- Magic Leap, Inc.
- Manus Machinae B.V.
- Microsoft Corporation
- Nokia Corporation
- Oculus VR LLC
- Qualcomm Incorporated
- Samsung Electronics Co., Ltd.
- Sony Interactive Entertainment LLC
- Vuzix Corporation
Virtual and Augmented Reality Market: Key Developments
- Key providers of virtual and augmented reality, such as Oculus VR LLC, HTC Corporation, Microsoft Corporation, Google LLC, and Sony Interactive Entertainment LLC, are focusing on the development of cost-effective and compact virtual and augmented reality to attract more customers. Additionally, players active in providing virtual and augmented reality are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach.
- Some other key developments in the global virtual and augmented reality market are highlighted below:
- In October 2020, Lenovo Group Limited collaborated with Varjo Technologies, provider of virtual reality and mixed reality headset, to become a reseller of Varjo’s human-eye resolution VR and XR headsets
- In October 2020, Vuzix Corporation and Ohana One International Surgical Aid and Education launched the Virtual Surgical Sight Smart Glasses Program to improve the surgical process with advanced virtual technology
- In the global virtual and augmented reality market report, we have discussed individual strategies, followed by company profiles of providers of virtual and augmented reality. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global virtual and augmented reality market.
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