Virtual Reality Devices to Rule the Roost of Technology Innovations: Report

By CIOReview | Tuesday, August 4, 2015
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FREMONT, CA: Spectacles and Headgears carry a whole new definition now as virtual reality (VR) and augmented reality (AR) devices have made inroads to consumer markets. The prospects of virtual reality market is expanding its reach as major companies such as Google, Samsung, Microsoft and Facebook are betting big on VR and AR devices, reports BusinessWire.

The latest report on “Augmented Reality, Virtual Reality and Gaming Technologies” from ABI Research, a market research company, estimates major growth in next 5 to 10 years  with mobile-reliant devices leading from the front.

The success of Google Cardboard is a testimony of growth in virtual reality devices. The report believes, AR devices will witness growth in enterprise uses with focus on efficiency and safety in industrial, automotive, and logistics environments while VR will shine among consumers and the gaming market. Microsoft’s Hololens will likely drive consumer AR devices while Samsung’s Gear VR accelerates mobile-reliant device growth. HTC Vive, Sony’s Project Morpheus along with Oculus Rift are projected to catalyze tethered devices success.

Virtual devices are expected to grow with an average CAGR of 106 percent in 2020 while AR Smart Glasses advance at a CAGR of 78 percent in 2020. Tethered devices are anticipated to grow among VR devices with a CAGR of 128 percent during the year 2014 to 2020.

“Sales of VR Head Mounted Displays, including mobile-based devices like the Samsung Gear VR and Google Cardboard, as well as tethered devices like the Oculus Rift and Sony’s Morpheus, will be driven by the release of high-profile devices and a growing awareness and interest in the technology from consumers,” says Eric Abbruzzese, Research Analyst.