A head mounted display is a type of display product, which is integrated into helmets or eyeglasses or a hat.
Rising adoption of augmented and virtual reality technologies in various business and customer solutions is the key growth driver for the global head mounted display market.
The primary reason behind the increased demand for advanced technologies is the need to reduce the number of physical labor at workstations. The adoption of these technologies must help in remote attendance and tracking of facilities in real-time.
Head mounted displays offer several benefits, one of which is the portable nature of the product. These products are also lightweight and these factors could help increase product demand and fuel the growth in the overall market, in future.
Head mounted displays have been deployed in the consumer market segment in the last few years due to innovations in display technologies. These display products provide excellent capabilities such as high resolution to customers and three-dimensional viewing.
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Increased Product Deployment in Gaming Industry Bolsters Head Mounted Display Market Growth
Hence, head mounted displays have been used in various video games such as PlayStation in the last few years as they offer improved gaming experiences. Growth in the gaming sector in the upcoming years could contribute to the development of the head mounted display market, too.
Augmented reality has been integrated with head mounted displays and deployed extensively in various industries such as consumer electronics, aerospace and defense, automotive, and healthcare.
In the automotive industry, head mounted displays have been deployed in the prototyping process, which involves the virtual designing of an automobile to develop a better understanding of the final product. As a result, market players are also investing heavily in the growth of head mounted display products.
Increased investment in this head mounted display product production could help develop improved quality of product, which would help meet the requirements of a large number of consumers and help in the growth of the overall head mounted display market.
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COVID-19 Pandemic Negatively Impacts Growth in the Head Mounted Display Market
The head mounted display market seemed to have been heading towards a promising future, but the outbreak of the COVID-19 pandemic dented the growth in the head mounted display market.
With stringent social distancing norms and lockdowns in place in a bid to contain the spread of the virus, manufacturing activities were halted temporarily or permanently. This led to a decrease in demand for head mounted displays.
While head mounted displays have proven beneficial to reduce the number of workers in different industries, they still have a few drawbacks, which could impact overall market growth.
Lack of Product Awareness, Varying Standardizations Could Impact Head Mounted Display Demand in Future
The concept and benefits of head mounted displays are still restricted to the developed economies of the world such as US and UK.
However, the developing economies are still largely unaware of the advantages of these technologies and this aspect could lead to reduced product demand and impact the growth in the overall head mounted display market.
Also, the lack of standardization in the components that are part of head-mounted display products could lead to compatibility issues between products from various sellers since different products have different specifications.
Research and development undertakings to produce an improved quality of products could be a key growth strategy for prominent market players in the coming years.
Growth strategies such as novel product launches could help well-established market players gain a competitive edge over other players.
In March 2021, Sony launched a new line of virtual reality controllers, different from the ball-on-a-stick controllers, that has been deployed in PlayStation4. The product comprises finger touch detection features as well as adaptive triggers.
Collaboration with the smaller head mounted display market players could help leading players expand their market presence and increase their revenue shares.