Virtual reality (VR) is the use of computer technology to create and experience an interactive 3D environment. VR platform offers gives user an opportunity to interact with the virtual world by creating a convincing simulated environment. Users are able to effectively immerse in this computer generated 3-dimensional world, manipulate objects, experience, and interact with the virtual world.
Head-mounted displays are an important component of virtual reality. They eliminate the outside world and take users through a whole new simulated world. Hand accessories, immersive gloves, controllers, computer, input devices, tracking system, 3D modelling software are some of the other major components of VR. Immersion and interaction are the two major features of virtual reality. Virtual reality is now acceptable in many industries and applications such as gaming, entertainment, education, healthcare, travel, real estate, marketing, retail, sports, social communities, military, etc. This technology has tremendous potential to revolutionize every sector by creating immersive virtual world built through images, sounds, and other audio-visual cues. According to the latest analysis by Emergen Research, the global virtual reality market is expected to reach USD 43.01 billion in 2028 and register a robust revenue CAGR of 27.5% during the forecast period.
Major Application areas of Virtual Reality
Entertainment – Video games, virtual art galleries, theme parks, 3D animations, immersive films, virtual music are some of the major applications of virtual reality in entertainment field. VR compatible video games are immensely popular in gamers. These games can be played on standalone systems or on advanced PCs enabling VR headsets. Virtual tour of art galleries and museums using the VR headset can be a great experience to view and appreciate the artwork from different angles. Virtual reality can create supernatural spaces and computer generated sound that are difficult to construct in real life. With the incorporation of VR technology, virtual theme parks are set to offer a new and thrilling experiences.
Education & Learning – VR used in education system help students in learning the topics with the help of enhanced visuals. It allows them to interact or communicate with other students, which in turn, boosts the learning experience. It is an advanced learning system based on practical approaches where a real environment is created and students can experience things in memorable and immersive experiences outside of the classroom. VR has potential to completely transform the current learning & education system through an innovative technology – which is easily accessible by students and efficiently monitored by the teachers. It’s always better to learn through experiencing the real life scenarios instead of just reading descriptions.
Healthcare – Medical training, educating patients about treatments, implementing robotic surgeries & other complex treatments, pain management, physical & mental therapies are some of the major applications of VR in healthcare. Imagine doing prescribed physical therapy exercises in an exciting environment of VR. It’s more fun, entertaining, and it speed ups the recovery process. Virtual reality can take users inside the human body – this feature is beneficial to healthcare professionals and surgeons to help them study the areas which are otherwise difficult to reach. Medical professionals and doctors can view and understand minor details about the body organs and their functionalities. Moreover, VR can be used to educate patients about the ongoing medical treatments, surgeries, etc. This creates transparency between doctors and patients.
Automotive Industry – Virtual reality allow user to explore different features of a vehicle, its interior and exterior parts just by using head mounted VR headset. It is nothing but the exact replica of a physical model of a vehicle. VR technology allow user to customize the vehicle as per his choice and requirement. This is a cost-efficient solution for the manufactures and designers as they don’t need to invest in creating models and prototypes of different vehicles. In a virtual reality showrooms, user can experience the aesthetics and functioning of a vehicle and make the purchasing decision.
World’s Promising Companies in Virtual Reality: Top 10 by Revenue
- Microsoft Corporation
- Unity Technologies
- Oculus VR
- Magic Leap
For statistical analysis study on Virtual Reality market research report, Download Report Summary
Top 10 Companies in the Virtual Reality Market by Revenue
- Microsoft Corporation – Revenue [US$143 Billion]
Tech giant Microsoft Corporation is the global provider of software services, consumer electronics, personal computers, networking solutions, etc. Apart from software and IoT services, it has also marked its presence in the world of virtual reality. Microsoft is a leading provider of VR products, offering HoloLens 2, HP Reverb G2 VR Headset, and VIVE Cosmo Elite. HoloLens 2 mixed reality headset is a self-contained holographic device equipped with enterprise-ready applications to boost user accuracy and output. The HoloLens 2 has been increasingly used in the automotive, logistics, and healthcare sector to improve efficiency and reduce carbon emissions, streamline assembly process, and enhance patient treatment by reduction in time-to-care, respectively. The industrial edition of this VR device is designed and tested to cater to regulated environments such as hazardous zones and clean rooms.
In March 2021, Microsoft announced it had won the U.S. Army contract for AR headsets and will be delivering more than 120,000 devices based on its HoloLens AR headset. The headset will enable soldiers to fight, practice, and train in one platform powered by HoloLens and Microsoft Azure cloud services.
- Qualcomm – Revenue [US$23.53 Billion]
Qualcomm is one of the best organizations in delivering digital telecommunication services. It is one of the prominent player in making mobile VR a reality. Qualcomm Technologies is committed to designing and developing VR applications to cater the extreme requirements of fully immersive mobile VR. Qualcomm microchips gives an efficient heterogeneous computing solution for VR applications. In addition, Qualcomm is exploring and creating applications based on Extended Reality (XR). Qualcomm has designed Snapdragon XR2 5G platform – that is a robust combination of 5G and Artificial Intelligence (AI) – that allows user to explore the VR spaces in 360-degrees. The platform is also equipped with a rich 3D audio system enabling users to experience high-fidelity surround sound.
- NVIDIA – Revenue [US$10.92 Billion]
American multinational company, NVIDIA is a leading manufacturer of Graphics Processing Units (GPU). Apart from this, NVIDIA is exploring and developing innovative solutions based on Virtual Reality, Artificial Intelligence and deep-learning. NVIDIA VRWorks consists of powerful components that offers APIs, libraries, and engines to enable application and headset developers to create unparalleled virtual reality experiences. NVIDIA VRWorks Audio creates a comprehensive acoustic image of the virtual simulation in real-time and delivers a physically realistic audio that offer a true experience of the virtual world. NVIDIA GeForce RTX GPUs is a popular graphics platform for gaming enthusiasts giving immersive virtual reality experience. GeForce RTX technology leverages real-time ray tracing, AI, and improved VR shading technologies that take VR simulations to a whole another level.
In August 2021, NVIDIA rolled out new updates to its VR compatible tech with major focus on NVIDIA CloudXR platform. For its CloudXR platform, NVIDIA is collaborating with Google Cloud to offer high-quality XR streaming and will enable XR users and organizations to securely access their data and work with others with enhanced virtual, augmented, or mixed reality experiences.
- Unity – Revenue [US$772.4 Million]
Unity Technologies is a leading developer of 3D games and game-based solutions. Unity engine creates real-time VR content that supports every stage of game development lifecycle, hence dominates the VR world. Unity offers speed, creativity, and better performance. Unity engine is one of the highest rating platform for creating virtual and augmented reality content. The company is now focusing on helping developers to create VR and AR content for iOs and Android devices.
In July 2021, Unity gained a controlling stake in Interactive Data Visualization, Inc., which is a leading developer of SpeedTree. This acquisition will integrate SpeedTree into the ecosystem of Unity to enhance the ability of artists to develop true-to-life environments. Recently in August 2021, Unity Technologies announced its plans to acquire Parsec, which is a company focused on developing high-performance remote desktop and streaming solutions, in an all-cash deal amounting to US$320 million. Under this acquisition, the two companies plan to offer a cloud service to creators to allow them to work from any location and from any devices.
- HTC – Revenue [US$210 Million]
Apart from manufacturing smartphones and other electronic devices, HTC is now an established player in virtual reality world. Their popular products are HTC Vive headsets, Vive Pro eye, Pro 2 headsets based on virtual reality having comfortable hand-controller. Vive Focus 3 headset is a new all-in-one solution having features like world-class graphics, ergonomic comfort, and various applications in medical, education, etc. VIVE is a first-of-its-kind VR system that has been designed for immersive, room-scale virtual reality that offers users a true-to-life virtual reality experience. VIVE Pre-set up supports online games that have been downloaded on VIVE compatible laptop and the system comes with wireless controllers that have been specifically designed to make VR more natural and intuitive.
- Oculus VR – Revenue [US$193 Million]
Oculus is a subsidiary of world class social networking organization, Facebook Inc. Oculus VR is specialized in developing products that supports virtual reality and mixed reality. Oculus Quest 2 headset is an updated version of Oculus Quest headset that offers an amazing gaming experience. It is one of the best-selling product developed by Oculus VR. The standalone headset is equipped with mobile computing hardware and does not need a PC to operation. IT can be optionally used with PC-based VR games through a USB connection. The Oculus Quest 2 comprises Snapdragon XR2 system-on-chip and additional RAM, all plastic exterior, advanced Oculus Touch controllers with enhanced battery life, and an 1832x1920 per-eye display that supports 120 Hz.
Over the years, Oculus has joined forces with various tech giants such as Qualcomm, Xiaomi, and Samsung that has placed Oculus at the forefront of VR industry. Oculus’ products are widely used in various sectors such as healthcare, logistics, and hospitality. In 2019, Oculus surpassed USD 100 million in revenue with over 20% revenue generated from the Quest headsets.
- Magic Leap – Revenue [US$189 Million]
Magic Leap is a leading organization in manufacturing lightweight and powerful head-mounted display based on augmented reality. Magic leap is a Florida-based emerging startup – founded in 2010 – that specializes in developing innovative products based on VR, AR, and mixed reality. Magic Leap has a proprietary wearable technology that helps users interact with digital devices in a completely cinematic manner. The headset offered by the company combines the wearers’ inherent visual ability with mobile computing.
- iTechArt – Revenue [US$172.7 Million]
iTechArt is a software development company that helps new and fastest-growing enterprises to accelerate their businesses by innovating new strategies to experience augmented and immersive world. iTechArt is a team of highly intelligent professionals working on technologies like image recognition, 3D animations, VR content, etc. iTechArt serves numerous clients across 30+ verticals and specialized in building robust, flexible, and dedicated expert teams for custom software and application engineering, Big Data, and QA and testing. iTechArt offerings are aimed at helping businesses transform their operations through augment, immersive, and 360 degree experiences with highly-intuitive AR/VR solutions. iTechArt delovers AR apps that overlay users’ environment with realistic 3D models and animation, UHD video, and other customized data.
- Next/Now – Revenue [US$14 Million]
Next/Now is an award-winning company from Chicago specializes in creating 3D animated world, designing VR and AR-based digital environment, multi-touch surfaces, motion & gestures, projection mapping. Highly skilled team of Next/Now consists of computer scientists, brand architects, video game developers, 3D specialists, animators, designers, and producers. Next/Now leverages natural user interface, innovative display concepts, facial tracking, and gesture and motion interactivity to create an unforgettable connection experience for people and organizationsIt was named one of the top five AR and VR companies in 2019.
- AppliedVR – Revenue [US$12.7 Million]
California-based company, AppliedVR is developing VR products that can be used in healthcare sector. It is the first company that introduced virtual reality in healthcare. It specialized in helping patients suffering from pain, anxiety with the help of VR. AppliedVR’s product portfolio comprise virtual reality-based therapeutics to address the complexity of chronic pain. Considering therapeutic VR as a beneficial treatment for various chronic conditions, AppliedVR is focusing on creating innovative VR solutions through rigorous research activities. EaseVRx developed by AppliedVR is the first-ever VR-based prescription therapeutic that has received the Breakthrough Device Designation by the U.S. FDA. EaseVRx offers a comprehensive approach based on biological, psychological and social factors enabling patients to alter the way they understand and process pain and develop new and positive coping skills to improve the quality of life. Applied VR has been named as a 2021 Fast Company Most Innovative Company in the field of AR and VR.
In March 2021, AppliedVR bagged USD 29 million in a Series A funding round that will be used to fuel company’s progress as it looks towards getting full FDA approval by next year. AppliedVR’s technology is utilized by over 200 top healthcare organizations across the globe, including Cleveland Clinic.
What company is leading virtual reality? ›
|Companies||Our Ratings Out of 5||Revenue ($millions)|
SAN FRANCISCO, July 7, 2022 /PRNewswire/ -- The global virtual reality market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030.Which companies are using virtual reality? ›
- Vicarious Surgical.
Virtual Reality is one of the technologies with the highest projected potential for growth. According to the latest forecasts from IDC Research (2018), investment in VR and AR will multiply 21-fold over the next four years, reaching 15.5 billion euros by 2022.What are good VR names? ›
- Phaser Lock Interactive.
- VR Deck.
- VR Inception.
- Transcend Reality.
- VR Point.
1. Half-Life: Alyx (PC VR)How fast is the VR industry growing? ›
According to a recent Mordor Intelligence report, the Virtual Reality (VR) market was valued at USD 17.25 billion in 2020 and is expected to reach USD 184.66 billion by 2026, at a CAGR of 48.7% over the forecast period 2021-2026.Why is virtual reality popular? ›
Creating a gaming environment virtually with interactive components of the real world adds an element of attraction for the gamers. The unique user experience of the graphics and animation make VR games highly popular and successful.Is virtual reality still popular? ›
Virtual Reality Facts: Popularity Increase
Nearly one in five (19 percent) of US consumers have used VR in 2020—a three percentage point increase from 16 percent in 2019 (AR Insider, 2020). Most users are also happy with the experience, with 55 percent of them saying they're either extremely or moderately satisfied.
How is virtual reality used today? ›
As mentioned briefly before, VR technology has become a primary method for treating post-traumatic stress. Using VR exposure therapy, a person enters a re-enactment of a traumatic event in an attempt to come to terms with the event and heal. Likewise, it has also been used to treat anxiety, phobias and depression.What are the benefits of virtual reality? ›
Virtual Reality creates the real world around us. It can transform the way of education which is provided nowadays. It can be also used in industries, medical, security, military, Anti-terrorism, Traffic accidents awareness, Weather forecasting, etc.What are the 3 types of virtual reality? ›
There are 3 primary categories of virtual reality simulations used today: non-immersive, semi-immersive, and fully-immersive simulations.Why did VR fail? ›
Lack of Content
Most companies choose to use their resources in more accessible forms of media that are scalable and reusable. The small budget they might dedicate to a single VR experience often results in lower quality and something that is virtually the same as every other VR experience out there, pun intended.
Brief: Apple bought virtual reality (VR) startup NextVR, which streams immersive entertainment and live events like concerts and sports programming. The iPhone maker confirmed the acquisition, though not the deal price of $100 million reported by 9to5Mac.How VR will change the world? ›
The immersive technology puts users in 'someone else's shoes', and goes above and beyond traditional 2D depictions of war, abuse, pollution, neglect, or injustice. It allows viewers to see directly through the 'eyes' of a real or imagined subject and more specifically, VR can create 'embodied cognition'.Will virtual reality replace reality? ›
Whilst current and potential future developments in the virtual reality field could go a long way to providing a convincing and realistic experience of such things, there are some events that virtual reality simply cannot and never will be able to replace.Is the VR industry growing? ›
VR aims to create a sensory experience for the user, sometimes including sight, touch, hearing, smell, or even taste. The industry as a whole is growing at a fast pace, with the global VR market size projected to increase from less than five billion U.S. dollars in 2021 to more than 12 billion U.S. dollars by 2024.What is the #1 VR game? ›
1. Half-Life: Alyx (PC VR)What company is developing full dive VR? ›
Full Dive Technology Co.,Ltd develop and advance the technology for communicating sensory information. We adapt a sensory tech into VR/AR/XR. Our Value is to give people a premium reality experience.
Is Amazon working on VR? ›
Amazon Sumerian lets you create and run virtual reality (VR), augmented reality (AR), and 3D applications quickly and easily without requiring any specialized programming or 3D graphics expertise.Which VR has the best graphics? ›
Bottom Line: The Vive Pro 2 is the highest-resolution VR headset we've seen yet, with a price to match. It's worth considering if you want the best VR experience available, and don't mind mixing and matching components.Are VR glasses worth? ›
Are Virtual Reality Headsets Worth Buying Right Now? Credit: Pexels If you're looking for a completely immersive virtual reality experience for gaming or working out, then VR headsets are absolutely worth the money.Are VR games free? ›
There are a lot of great VR games out there that players can enjoy for free. Here's a look at some of the absolute best. Virtual Reality has become one of the biggest trends in the gaming industry in recent years.Will virtual reality replace reality? ›
Whilst current and potential future developments in the virtual reality field could go a long way to providing a convincing and realistic experience of such things, there are some events that virtual reality simply cannot and never will be able to replace.Is full dive VR possible in the future? ›
The idea that full dive VR technology will be the end-all, be-all immersive technology is intriguing. Still, it is important to consider that it would have limitations like all technologies before. A full dive VR headset is not something that will be cheap to purchase commercially.Will full dive VR be possible? ›
So, Is full dive virtual reality possible? The short answer: yes!What is VR vs AR? ›
Augmented reality (AR) augments your surroundings by adding digital elements to a live view, often by using the camera on a smartphone. Virtual reality (VR) is a completely immersive experience that replaces a real-life environment with a simulated one.What is AR and VR in AWS? ›
As educators, students, and parents become more comfortable with virtual learning, augmented reality (AR) and virtual reality (VR) have emerged as engaging tools for teachers to support their curriculum across K12, higher education, and lifelong learning institutions.What is mixed reality technology? ›
Mixed reality is a blend of physical and digital worlds, unlocking natural and intuitive 3D human, computer, and environmental interactions. This new reality is based on advancements in computer vision, graphical processing, display technologies, input systems, and cloud computing.
What is the example of virtual reality? ›
Car racing games are an example of immersive virtual reality that gives the user the sensation of speed and driving skills. Developed for gaming and other entertainment purposes, VR use in other sectors is increasing.How much does VR cost? ›
|Cheap||$15 - $50||Smaller brands, usually running off smartphones|
|Mid-range||$300 - $600||Oculus Quest 2, HP Reverb G2|
|Premium||$800 - $1,000||HTC Vive Pro 2, Valve Index|