The Growth of Virtual Reality Market and Its Advantages

The Advantages of a Growing Virtual Reality Market

The shipments of virtual reality hardware globally were expected to show a massive gain in 2016, according to a report by IDC, an analyst firm. IDC also predicted that the tremendous expansion of the virtual reality market will give all sorts of advantages to a massive ecosystem.

The Growing Virtual Reality Market: What Are Its Advantages?

In recent years, virtual reality has dominated the trends in many fields and industries and has been the topic of discussion in various events such as government and consumer entertainment meetings as well as gaming and technology events. As a result, it has rejuvenated the business applications and the consumer IT markets.

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IDC has further predicted that as the demand for virtual reality technology reality grows among many industrial clients and casual users, this will lead to more advantageous opportunities for many providers working in the gaming, business application, entertainment, and IT markets. In fact, it has also been reported by IDC that an increase in the global shipments of virtual reality devices was expected in 2016, at a 2400 percent and with screenless viewers making up a majority of the market at 74 percent.

Neo Zheng, IDC China’s research manager and representative of the company’s Client System Research department, has clarified that it is crucial for the company to understand better the virtual reality market within the context of its ecosystem. Zheng also said that global companies like HTC and SONY are the leaders in virtual reality technologies, while Chinese companies are considered to have the edge in marketing. As such, these technologies are said to be the harbinger of an increase of sales of many companies in the wider ecosystem of platforms, upstream supply chains, accessories, and contents.

In the Virtual Reality Ecosystem Summit that was held recently in Guiyang, China, there was a gathering of IDC analysts and various representatives from manufacturers, platform service providers, and upstream chain suppliers, and they were all united in their opinions about the latest innovations of the virtual reality industry.

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The theme of the summit was “VR in an Ecosystem: Devices and Beyond,” and its focus was on the network of business opportunities in the whole expanse of the VR ecosystem. They include the following:

VR Platforms: A lot of VR headset manufacturers develop their own app stores, but along with the latest innovations in cloud computing and big data applications and the introduction of large platform service providers in the market, isolated app stores will become a risky choice as VR content begins to be centralized and platform-based.

VR Devices: Sony, Oculus, and HTC—the leading VR headset manufacturers in the industry—launched their 2016 product line as smartphone manufacturers have started targeting the screenless viewer market. Standalone VR devices were also expected to make the competition more exciting.

VR Contents: While smaller, independent game studios have been busy with releasing an assortment of VR games, the bigger studios are just waiting and taking their time; so as of now, there has been no announcement of a huge blockbuster VR game. Meanwhile, Youku and iQIYI have released their own VR video platforms as well as other related entertainment content, obviously taking the lead in capturing opportunities in the video content market.

VR Components: In the PC chip market, manufacturers are also making progress in their aims to increase the compatibility factor of the chips they produce in line with current VR devices. As a matter of fact, companies such as Qualcomm, Intel, Allwinner, and Spreadtrum have all launched their own mobile VR chips. Also, the Chinese standalone HMD market is making a lot of progress and is expected to impact the global VR market.

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In an official statement to the media, Zheng said, “What started as a great concept, VR is quickly becoming reality for consumer and business applications. With the participation of major global manufacturers, the VR market is set to enjoy rapid growth in the second half of 2016. This results in upstream and downstream benefits, with VR chip/screen suppliers providing more specially designed components and video game developers offering more VR content. We expect the VR ecosystem and user demands to dramatically change in the coming years.”

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