"We Envision Growth Strategies Most Suited
to Your Business"
Virtual Reality is a computer-generated setting with sights and articles that seem to be real, giving the user the experience that they are submerged in their environment. Currently, everybody is hopping on the trend of adopting emerging technologies and making the best use out of it.
For instance, in 2018, Walmart Inc. conducted a training session for 200 employees virtually for its Black Friday sale to assist their customers. The company also heavily invested in Oculus Go headsets and placed the order of 17,000 headsets to ease the working process for their employees operating in all the 4,700 stores across the U.S.
Every industry observed adverse impacts of COVID-19, right? Wrong! Virtual reality or other advanced concepts gained traction among customers during this ill-fated period. COVID-19 has impressively elevated the demand for virtual reality technology. The connected firms, clinics, and other companies have rapidly adopted this technology for virtual meetings, conferences, gatherings, exhibitions, and many other purposes, and the results are obviously stunning. For instance, LAVAL channeled its foremost virtual display show involving virtual technology glasses and 3D illustrations. They invited participants from numerous sites to exhibit their work by the virtual medium at the online exhibition.
Fortune Business Insights™ states that the global market size for virtual reality was USD 4.42 billion in 2020 and is expected to reach USD 84.09 billion by 2028, displaying a CAGR of 44.8% during the forecast period. Factors contributing to the growth are rising demand for virtual training across industries and advancement in military actions.
Below is the list of top 10 market players who are also recorded as pioneers in their respective fields:
Google LLC is an American international technology-based company that majors in Internet-related services and products, which comprise online marketing technologies, a search engine, software, and hardware, cloud computing. It was founded in September 1998 and is headquartered in California, United States. The company offers Earth VR, YouTube VR, Tilt Brush, Cardboard, Expeditions, VR180, Tour Creator, Poly, and Blocks under its VR offerings.
In June 2020, a team of researchers from Google created a new technology to take the virtual reality and Augmented Reality (AR) experience to a new level. The new technology has the ability to record, compress, reconstruct, and deliver enhanced-quality light field videos which can be easily streamed over regular Wi-Fi.
This company was founded in July 2012 and is headquartered in California, United States. Oculus is one of the popular brands and a subsidiary of Facebook Inc. This division manufactures virtual reality headsets, namely, the Oculus Quest lines and Oculus Rift.
During the COVID-19 pandemic, the company has witnessed a substantial spike in sales of VR headsets. The sale of Oculus Quest 2 was almost double in the second half of 2020.
Sony Group Corporation is a Japanese multinational corporation headquartered in Minato, Tokyo, and was founded in May 1946. In January 2018, the company joined the race of VR with the launch of PlayStation VR, a headset priced USD 399 with the hopes to beat pricier rivals and recover its reputation as a virtual reality manufacturer of must-have gadgets.
Currently, the company is focusing on a next-generation virtual reality headset for the PS5, which will comprise an improved field of resolution, view, and also a single cord to make it simpler to use.
The company’s platform is used by various game developers, artists, architects, filmmakers, automotive designers, and others to create, run, and monetize interactive, real-time 2D and 3D content for smartphones, consoles, PCs, tablets, and augmented and virtual reality devices.
The company offers VR products under the brand HT VICE – VIVE Focus Series, VIVE Pro Series, VIVE Cosmos Series, and VIVE accessories.
In May 2019, HTC VIVE signed an agreement with SYNNEX Corporation to deliver its virtual reality solutions to enterprise resellers. Under this agreement, the resellers have got access to HTC VIVE's VR offerings.
Microsoft Corporation was founded in April 1975 by Bill Gates and Paul Allen and its headquarter is situated in Washington, United States. Microsoft Corporation announced its VR product with the launch of HoloLens, which largely focuses on corporate uses such as medical imaging and complex equipment repair.
In March 2021, Microsoft Corporation introduced an easy to use and less expensive software tool named Mesh, for people to access augmented reality and VR content, and help creators to build an enhanced digital and holographic world.
Samsung is a mega electronic company that was founded in March 1938 and is situated in Samsung Town, Seoul, South Korea. Samsung entered into this industry with the launch of Samsung Gear VR, a virtual reality headset in November 2015. In July 2018, Samsung collaborated with NASA to launch “A Moon for All Mankind” (AMFAM), a 4D Lunar Gravity VR experience.
Nvidia develops VR technology for companies and other creators to help them create better apps and games.
In April 2021, Nvidia introduced a new software development kit CloudXR, to enable developers to create extended reality content and experiences that are more delightful and immersive.
Autodesk Inc. is a multinational software company with headquarters situated in California, United States, and was founded in January 1982.
In February 2021, Autodesk joined hands with VR/AR Association. Both the association and the company are dedicated to foster the growth of the AR and VR industries. Under this partnership, Autodesk will be able to participate in the initiatives taken by the association.
Dassault Systems SE is a French software company and is listed among the top 50 giant software companies in the Fortune 50 list. Dassault Systems under its 3DEXPERIENCE brand offers 3D modeling applications, social and collaborative applications, simulation applications for creating virtual twins of products systems, and information intelligence applications.
Is Virtual Reality the Future of Technology World?
Major players have been reported to be using this technology to gain excess leverage over other players in the market. For instance, in May 2020, Apple successfully acquired NextVR, which is a California-based start-up. Moreover, various sectors such as medicine, culture, education, and architecture are some of the areas that have already taken advantage of this technology. From directed museum tours to the segmentation of a muscle, VR enables one to surpass limitations that would otherwise be unthinkable.
Artists, performers, and entertainers have always been fascinated in methods for crafting visionary worlds, setting chronicles in fictitious spaces, and deceiving minds. After all, who doesn’t enjoy a sweet escape from reality!