VR Technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes of navigating it toward mainstream adoption.

- Virtual reality has often found its application compelling, with interactive video games or even movies and television series. Wherever it is too dangerous, expensive, or impractical to do in reality, virtual reality is seen as an ideal replacement. With the increasing demand for cloud gaming and innovative gaming consoles, the demand for immersed environment gaming is increasing rapidly.

- One of the most well-known uses of VR headsets is in gaming applications. Companies, such as Oculus, HTC, and Sony, have created a range of products that consumers can use for a total immersive gamine experience. However, there are also other applications for XR products, such as remote assistance and training.

- The investments by the technology vendors are creating advancements in the field of display technology, which is going to change the vision of the traditional methodology. With technology giants, like Google, investing considerable amounts in tech startups for the development of VR devices and other prominent players investing in their R & D over this segment, the future of the market will be more competitive.

- The consumers are widely using VR applications, which is based on different purposes, such as the automobile, gaming, and media and entertainment industries. The latest technologies across the consumer electronics segment are boosting the growth of virtual reality for multiple applications across the marketplace. For instance, consumers are moving toward virtual reality in gaming with high definition, stunning graphics, and motion with high-end audio.

- With many individuals compelled to work remotely because of the COVID-19 pandemic, the very idea of how organizations work together is evolving quickly. This is anticipated to augment the market for virtual reality. As of now, employees are collaborating utilizing video-conferencing platforms, for instance, Zoom, and talking on Slack, Teams, and other texting applications. However, there’s another, the conceivably undiscovered path for individuals to work together regardless of whether they’re handfuls or even several miles apart: virtual reality (VR). 
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Key Market Trends

Healthcare Industry Offers Potential Growth

- Virtual reality (VR) has been widely studied and applied in numerous medical applications. In pharmacy, VR can potentially be applied as follows, adjunctively or as a replacement for pharmacotherapy in drug design and discovery, pharmacist education, and patient counseling and behavior modification.

- VR applications in healthcare are foreseen to continue growing and evolving over the coming years. VR is also likely to have a significant role in nano-surgery and microsurgery, with projects, such as the Da Vince Surgical System used in many American and European countries for minimally invasive procedures laparoscopic surgeries.

- Likewise, medical associations and professional organizations are increasingly focusing on measuring the impact of VR on health treatments, which translates to improvements in different industry areas and the redesign of traditional healthcare systems.

- In January 2019, VRHealth, a tech company focused on virtual reality products for various healthcare implementations, launched a new set of apps that look to facilitate remote monitoring and family caregiving better. Developed in collaboration with AARP’s Innovation Lab and announced at CES 2019, the app-based platform employs in-home VR for a range of different use cases and capabilities, according to the companies. The VR apps are now available for download on the Oculus storefront, as well as through the “Health and Wellness” section of AARP’s Alcove VR platform.

North America Holds Significant Market Share

- North America is one of the prominent regions for the virtual reality market. It has also been a pioneer in adopting innovations, which provides North America with an edge over other regions. Further, the region has the highest number of startups focusing on bringing innovative VR technologies for various industries.

- According to Tracxn Technologies, there are 951 Virtual Reality startups in the United States. A few of them include Orbbec, JauntVR, Dreamscape, and Sandbox VR. Dreamscape is creating a location-based immersive virtual reality entertainment. The company aims to open a VR multiplex in Los Angeles which will use untethered VR headsets, which means that participants will be wearing VR headsets powered by a computer carried around in a custom backpack, which will allow them to move freely through space and interact with real and virtual objects as well as with each other.

- Moreover, the investors in this region are actively looking to invest in diverse VR technology startups working in the region. For instance, the GFR Fund has invested in 17 North American startup companies based on VR technology. Such investments are expected to continue and are estimated to drive market growth in the forecast period.

- According to a survey by Yeti LLC on "The State of Virtual Reality", examining the state of virtual reality, conducted among product developers at US-based companies, 85% of them either already have VR projects underway or will incorporate so within one to two years.

- Other industry verticals, including aerospace, healthcare, military, gaming, and retail, are also investing in this technology to take advantage of the growth potential. For instance, Alaska Airlines is testing virtual reality headsets on selected flights between Boston and Seattle and Boston and San Diego. The airline has partnered with French company SkyLights to test the new headsets as a potential in-flight entertainment option. It is the first airline in North America to test VR at 35,000 feet.

Competitive Landscape

The global virtual reality 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. However, with increasing technology innovations, many of the companies are increasing their market presence by securing new contracts and tapping new markets. Some of the recent developments in the market are:

- September 2020 - 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.

- March 2020 - 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.

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