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1.The increasing penetration of smartphones represents a major factor driving the demand of virtual reality headsets as most VR headsets depend upon a smartphone to display content and utilize numerous specially developed applications for the same.
2.Moreover, virtual reality games are gaining popularity amongst millennials in both the developed and developing economies which has led to an increase in the demand for virtual reality applications.
3.Virtual reality is also extensively being used by the defense sector across various applications such as flight and battlefield simulations, medical training, vehicle simulation, and virtual boot camps.
4.The rising utilization of digital entertainment and digital media is also projected to drive the demand for VR headsets.movie makers, professional sports leagues and associations, music industry, adult entertainment industry, etc. are also increasingly adopting virtual reality technology to drive their customer base.
5.Various manufacturers are incorporating additional features like buttons, NFC chips and Bluetooth connectivity in the assembled virtual reality headset kits. The production of virtual reality headsets is economical for both the manufacturers and consumer.
A virtual reality headset is basically a head-mounted device that delivers virtual reality for the individual wearing the device. Virtual reality (VR) headsets are extensively used with video games but they are also widely used in many other applications, such as simulators and trainers.
They consist of a stereoscopic head-mounted display, stereo sound, and head motion tracking sensors. Gaming represents one of the biggest application sectors for VR headsets. Apart from gaming, these devices are also widely being employed in military, consumer electronics, automobiles, real estate, healthcare, etc.
In contrast to virtual reality, which replaces the real time environment with a simulated environment, augmented reality alters one’s perception of the real time environment. Mixed Reality (MR) is the integration of real world with virtual world in order to produce a pristine environment and visuals wherein the physical and digital objects share a co-existence and interaction in real time.
The immersive technology encompasses both augmented reality as well as virtual reality. MR lets one see the real world, along with virtual objects and makes it possible to treat those virtual objects as real entities thereby making the illusion harder to break.
The competitive landscape for the Augmented Reality (AR) and Mixed Reality (MR) devices is shifting towards a more aesthetically pleasing form factor which can be incorporated in the day to day lives of consumers.
These technologies are compatible with devices such as smart glasses, head-up displays, and head mounted displays, among others. The market is rapidly expanding, driven by continuous advancements in technology and innovation.
It has been a home to changing market dynamics as the established players and new market entrants from various complementary industries try to capitalize on the gains from this lucrative market.
The established presence of smartphones and tablets has been one of the major driving factors for the industry. The impact for this driver is kept high for the next two to three years, owing to the aggressive infrastructural development pertaining to this industry.
Investments from leading industry players and the vast presence of Original Equipment Manufacturers (OEMs) has also contributed to the growth of the overall augmented reality and mixed reality market.
The privacy issues and technical issues such as limited battery life, and image latency, among others, are some of the major concerns working against the massive proliferation of these headsets.
To know more about Global Virtual Reality Headset Market, read our report
1.The continuous advancements in VR technology and the rapid penetration of smartphones are contributing to drive market growth.
2.The rising product adoption in the education and healthcare sectors, mainly for teaching & training purposes.
3.The increasing product usage for different applications across industries, especially in the wake of the Covid-19 pandemic, is also driving the market growth.
4.The innovations in 3D technology and the integration of AI with virtual reality are providing growth opportunities to the market, particularly in the manufacturing and automation industries.
The COVID-19 pandemic has impacted businesses across the globe. Early-stage technologies such as mixed reality, virtual reality, and augmented reality have also seen some ups and downs during this pandemic.
The COVID-19 pandemic has uplifted the mixed reality market to some extent. The outbreak has also had some negative effects on these technologies as they are not fully developed and are also not being used much in the current situation. The pandemic has created some opportunities for the mixed reality market.
Due to the breakdown of the overall supply chains of various industries such as IT & telecommunication, transportation & logistics, and others, the supply of end-use mixed reality products has been affected.
For instance, various technology giants such as HTC, MagicLeap, Valve, and others have designed VR headsets that can support video conferencing calls between the employees working from home.
The ongoing pandemic has increased the demand for extended reality devices owing to the unexpected situation of lockdowns in key regions Europe,Asia-Pacific and North America. The employees of several organizations are working from home in the wake of the COVID-19, thereby increasing the requirement of virtual meetings, training, and conferences.
The lockdown, only essential items are allowed to be delivered in many countries. This has disrupted the supply chain of products such as AR/VR headsets and restricted the delivery of these products to the end-users.
The companies currently using these products may benefit from their use as VR headsets have shown an increase in the employees’ attention span by 25% as compared to video conferencing.
The post-pandemic benefits of mixed reality are expected to boost the market value in the next two years. During this lockdown, companies such as Lenskart and CaratLane are using mixed reality technologies that allow customers to buy products from the comfort of their homes in an enhanced way.
The global mixed reality headset market is witnessing a rise in competitiveness among the companies. The market consists of various major players, such as Oculus, Google, HTC, Samsung, Sony, and Lenovo. In terms of market share, these significant players currently dominate the market.
Sony revealed PS5 accessory pricing, including a USD 70 DualSense controller. The most significant price is that of Sony’s new DualSense controller, which will cost USD 69.99 for additional gamepads, which is a USD 10 increase compared to the USD 59.99 MSRP for the DualShock 4.
XRHealth announced the first Virtual Reality (VR) telehealth support groups for people in isolation due to the coronavirus, where patients with similar ailments can gain support from each other and from doctors associated with the XRHealth telehealth clinics.
All-encompassing designs such as the Oculus Quest 2 or the HTC Vive Focus, accounted for the vast majority of shipments, capturing 82.7% share during the quarter, up from 50.5% in the first quarter of 2020. The growing popularity of gaming, as well as fitness, has helped spread consumer awareness of VR while companies like Facebook have made the tech more accessible.
In addition to Oculus, Chinese companies DPVR and Pico also performed well during the quarter, finishing as the second and third ranked companies and growing 108.6% and 44.7% year over year respectively.
Each of the companies already has a strong foothold in China and are working to grow their international presence by catering to the commercial segment. The short-term outlook for these companies, Pico in particular, bodes well as they address the need for lower-cost headsets with 3 Degrees of Freedom (DoF).
While also transitioning a portion of their user base to more immersive 6 DoF headsets and content. HTC and Sony rounded out the top 5 VR headset companies.
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