VR is an artificial computer-generated simulation which creates real-life situations. It can stimulate vision and hearing to give the experience of the simulation first-hand by using special electronic equipment, such as a helmet with a screen inside or gloves fitted with sensors.
VR has soared through the video game industry; however, the technology itself has a variety of market avenues from medicine, business, architecture, and manufacturing. Medical professionals are using VR to heighten traditional therapy methods and find effective solutions for treatments of PTSD, anxiety, and social disorders. VR is also able to train students in surgery, treat patients’ pain, and even help paraplegics regain body function. Within business, potential home buyers can virtually see a home first-hand, games are becoming more realistic than ever before, and travelers can test out their trip before booking.
Total revenue for VR is projected to increase from $5.2 billion in 2016 to over $162 billion in 2020. Software will be a notable revenue source, growing more than 200% year-over-year in 2016. Hardware shipments of VR devices alone will increase from 2.2 million in 2015 to 20 million in 2018. Furthermore, there is an excessively high demand for VR headsets, gaming, and video entertainment platforms.
This new technology sets up a battle in the fast-growing VR space among chip makers. Chips are being manufactured allowing for depth perception, positional tracking, and 3D object recognition simultaneously on a mobile device by mapping the algorithms to a single core while the CPU and GPU handle the actual application itself. The chips allow for powering programs supporting VR. Companies are putting all their efforts towards creating chips to power these advanced solutions and consumers might be seeing the benefits soon.
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