The VR 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.
Currently, standard VR systems use VR headsets or multi-projected environments to generate realistic sensations that simulate a user’s physical presence in a virtual environment. The effect is commonly created by VR headsets consisting of a head-mounted display (HMD) – a wraparound headset that does not allow light or images from the real world to interfere with the virtual one. VR headset suppliers include Oculus, Sony, HTC, and Valve, as well as a growing number of Chinese vendors supplying VR headsets to educational and training facilities.
Analysts suggest that improvements to VR hardware, such as the introduction of smaller and more fashionable devices, will support the increased adoption of VR by consumers and across industries. Healthcare, workforce development, and manufacturing are expected to be among the sectors most disrupted by VR technology. Examples of VR in use include training simulations for surgeons and production operatives, and immersive teaching experiences within the classroom. As a result, the economic benefits of VR are expected to be felt worldwide, growing considerably as use cases widen and develop.
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