The widespread recognition and adoption of VR technology have brought numerous players to the market with big hopes of leading it toward mainstream adoption.
According to Mordor Intelligence Report, in the period from 2021 to 2026 the VR market is estimated to grow at a CAGR of about 48,7%.
As the COVID-19 pandemic has changed the very idea of how organizations work, the technology vendors began to increase their investments to create advancements in the field of display technology. While employees are currently connecting via video conferencing platforms such as Teams, Zoom, and Slack, a new undiscovered solution is approaching with leaps and bounds, and its name is Virtual Reality.
What is a Virtual Reality App?
VR is the computer technology that leverages artificial environments in the form of realistic 3D virtual interactive physical environments. It allows consumers to fully immerse themselves into the virtual world through desktop or mobile applications.
Nowadays, users are widely utilizing VR apps for a variety of purposes such as the gaming, healthcare, retail, automobile, media, and entertainment industries. Alaska Airlines, for instance, has partnered with French company SkyLights to test virtual reality headsets as an in-flight entertainment at 35,000 feet.
While such giants as Google, Oculus, Samsung, HTC, Sony, and Lenovo are continuing to dominate the VR market, many new companies are entering the competition by securing new contracts.