Virtual Reality, the technology of the future

Overview of the VR Market

With the elevated technological infrastructure, the scope for the virtual reality market is expected to proliferate through the forecast period, which is set to adhere to a CAGR of 27.1% through 2035. The size of the ecosystem reached USD 7.78 billion in 2024 and is likely to reach USD 108.81 billion by 2035.

History and Pioneers of VR

Virtual reality (VR) refers to a computer-generated creation enabling an individual to experience a 3-D (three-dimensional) space or artificial environment.

The origin of the term dates back to the mid-1980s when the founder of VPL Research, Jaron Lanier, started developing tools like goggles and gloves for a seamless experience of "virtual reality."

However, the genesis of the mechanism had begun much earlier. In 1956, Morton Heilig, hailing from the Hollywood industry, introduced the Sensorama, which brought to the people an experience of riding a motorcycle in a simulated environment.

In a world of technological innovations, virtual reality enables one to suspend one's imagination. Virtual Reality can be understood as an instrument that functions as the fusion between reality and illusion, allowing users to suspend their sense of reality.

Industries Using VR to Boost Growth

The avenue of VR is not restricted to the gaming industry, but its widespread utility is being realized by a host of industries across the world.

Healthcare

Ever since the surge of the pandemic, which hit the world in 2020 and in an attempt to adapt to new technologies for the advancement of health care, the medical sector has seen a massive involvement with VR to facilitate the training of doctors and patient diagnosis and treatment.

• Advanced Training of Professionals- Virtual reality enables visual access into the parts of a human body, which would otherwise not have been possible with the use of a cadaver. An experience of VR training gives trainees a view into the innermost parts of the body, which provides scope for better treatment.
• Treatment of Patients- A better understanding of the procedure of treatment and surgery can be facilitated through the use of VR. Psychological treatment can also be easily done based on this technology. This allows the therapist to create simulated environments that enable the patient to visualize the space which causes them distress and would thus enable the medical professional to diagnose and treat the patient within the walls of the chamber.

Automotive Sector

The development of a virtual environment for manufacturers and customers enables the smooth operation of the automobile industry. The VR simulator is engaging manufacturers to design the mechanics of cars with the assistance of VR.

Volkswagen and Skoda have used the VR simulator for the design of the interior and exterior of the vehicle. Features such as design, structure, color, and the dimensions of the vehicle are represented graphically, which allows a firm construction of the final product.

In terms of customer benefit, virtual reality offers them a driving experience in virtual test drives, enabling them to derive an experience of the vehicle before their purchase.

Regional Analysis

With the growing technological infrastructure in North America, the scope for the virtual reality market is expected to proliferate. The region, therefore, is likely to lead the global ecosystem.

Emphasis on research and development in Europe is allowing the market of virtual reality to grow, inducing several opportunities for new players and leading players in the industry.