With the growing data connectivity and high speed internet that is becoming one of the most important entity, believed as necessary for the consumers across residential as well as commercial sector. Fifth generation technology is one such technology that provide various new advanced features which makes it most authoritative and in huge demand in the future for all end-users. One such use of 5G technology is in the field of virtual reality.
In the recent years, virtual reality (VR) has gained grip, due to the innovations in the technology used in it. Generally, virtual reality is the emergence of computer technologies that encourages the software to produce accurate sounds, images, and various sensations that replicate the original environment. Vendors as well as governments are emphasizing on adoption of the 5G network. For instance, several appliances, which are enabled with virtual technologies that call for real-time video transmission and high bandwidth, have been developed. With the use of 5G, VR systems would be acquainted with rich content and attract more number of industries.
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A major factor driving the 5G and virtual reality market is evolution of the 5G technology. Nowadays, the demand for high speed connectivity among consumers in developed as well as developing countries across the globe the growing significantly. The augmented proliferation of connected devices and mobile across a number of industries, and quick technological advancements in the field of semiconductors and sensors and are all favorable for the 5G technology market. Considering the enormous growth predictions that the 5G is expected to witness in the coming years, a large number of companies are entering into this field. Many companies are leveraging the 5G technology and is estimated to come in existence from 2019 across the globe. On the other hand, countries such as the U.S. and Japan have already adopted the 5G technology at a sluggish pace, which is expected to increase in the next few years. Moreover, the demand for virtual reality is likely to be driven by early investments by several large organizations in the technology as well as the platform for boosting user experience. Moreover, virtual reality is likely to be driven by the early investments by many giant organizations in the technology. Companies are indulged in developing VR devices that are 5G enabled in order to serve the end users with better solutions. Meanwhile, difficultly in maintenance and high cost of virtual reality devices are some key factors hindering the 5G and virtual reality market growth. It is been projected that in upcoming era, affordable motion tracking gesture control devices and sensors are expected to be launched in the market.
The 5G and virtual reality market can be segmented in terms of component, application, and region. Based on component, the 5G and virtual reality market can be divided into software, services and hardware. The hardware segment can be sub-divided into full-feature devices (including haptic & eyewear devices) and hardware components (including haptic sensors & semiconductor). The services segment can be sub-divided into managed services and professional services. The professional services can be further categorized into training & support, consulting and system integration. Based on application, the 5G and virtual reality market can be categorized into consumer level, enterprise level, and industrial level. The consumer level segment comprises gaming, live events, and video entertainment. The enterprise level segment includes retail, health care, and education. The industrial level segment comprises military, engineering, civil aviation, agriculture, and government & public.
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Geographically, the global 5G and virtual reality market can be divided into Europe, North America, South America, Asia Pacific, and Middle East & Africa. North America is estimated to lead the global 5G and virtual reality market during the forecast period, owing to the introduction of advanced technologies in the region. It is expected to be followed by Europe.
Some of the leading players that are indulged in bringing 5G into VR are Facebook, Huawei Technologies, Qualcomm Inc., ZTE Corporation, Samsung Electronics, Google, SK Telecom, LG Corporation, and Microsoft Corporation.