Healthcare industry shows promising potential for the development of virtual and augmented reality market in coming years. VR (virtual reality) and AR (augmented reality) technologies are used for numerous reasons in healthcare sector. They can assist healthcare professionals and surgeons in conducting minimally evasive surgeries using cameras. Emerging technologies in the virtual and augmented reality market can be used to develop immersive smart phone applications using the tools such as AR core and AR kit. They enable programmers in developing apps for healthcare professionals that can assist them find out their position in three dimensional or display static models.
Other applications of products in virtual and augmented reality market for healthcare include using AR and VR technologies for training the doctors and surgeons, managing pharmacies, supporting and caring patients once they are discharged from hospitals and other clinical facilities, improving health and fitness, and teaching hard to understand subjects to medical students. Training simulations are one of the best applications of virtual and augmented reality market in healthcare sector as it prepares the training doctors and medical students to perform extremely delicate and advanced surgical procedures without risking any patient.
Education is also a significant and growing end-user of virtual and augmented reality market. VR and AR technologies can engage with students in a completely different way. They have been observed to elongate the attention span of the students by keeping them immersed and engaged in the subject matter. These technologies use various components, from 360 degree cameras to various sensors. Digitalized classrooms or VR classrooms can engage with students better by visually engaging them.
With the help of VR classrooms, students can relieve the history lesson by immersing themselves into a dramatized historic events, learn about topography by virtually visiting highest mountains and lowest valleys, and performance potentially dangerous scientific, chemical experiments without having to engage with actual lab equipment or chemicals. Rising demand for digitalized classrooms is creating lucrative opportunities for players and start-ups in global virtual and augmented reality market. Digitalization also provides the benefit of the classes being recorded, so even if a student misses a class, they can use the recordings to keep up the pace.
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One of the most exciting applications of virtual and augmented reality market, VR gaming systems offer potential real-life -like experience to game players and consumers. The outbreak of novel coronavirus had resulted in increased demand for VR gaming consoles and headsets. It has also supplemented the growing sector of virtual shopping experience enabled by VR technology. This trend is anticipated to affect the global virtual and augmented reality market positively in coming years. Manufacturers are focusing on producing cost efficient, comfortable, balanced, and adjustable headset gaming systems to consumers. These headsets offer immersive gaming experience to consumers.
Players in Virtual and Augmented Reality Market Engaged in M&A to Expand Reach
Some of the most prominent players in global virtual and augmented reality market include Barco N. V., Curiscope, EON Reality, Inc., Honeywell International, Inc., HTC Corporation, Manus Machinae B. V., Nokia Corporation, Sony Interactive Entertainment LLC., Qualcomm Incorporated, Semcon, Vuzix Corporation, Atheer, Inc., Blippar.com Ltd., Google, LLC., HP Development Company, L. P., Microsoft Corporation, Oculus VR LLC., Dell Technologies Inc., Samsung Electronics Co., Ltd., and Magic Leap, Inc.
Key players in global virtual and augmented reality market are focused on developing compact and low cost VR and AR products to attract more consumers in consumer electronic goods. They are also engaging in strategic collaborations along with mergers and acquisitions to improve their product offerings and expand their reach in the virtual and augmented reality market. For example, Lenovo Group Limited collaborated with a provider of VR, mixed reality, and extended reality (XR) headset known as ‘Varjo Technologies’ in October of 2020. This move was undertaken by Lenovo to become a reseller of the company
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