The Head-Mounted Display Market is expected to be valued at USD 25.01 billion by 2022, growing at a CAGR of 38.8% between 2017 and 2022, as per a report by MarketsandMarkets.
How growing use of HMDs for gaming in consumer application presents an opportunity?
HMDs have a high penetration rate in the video gaming application. The users of video games prefer HMDs for higher satisfaction at the time of their video gaming entertainment. The era of PlayStation (PS) makes them popular as they provide an immersive view of gaming. HMD projects digital images, which allows a 3D view to enhance the user experience. It projects images and game screens like real-world images, which increases the quality of gaming. The video gaming industry can immensely benefit the HMD market as HMD is a vital accessory of gaming. The growing usage of HMDs in the gaming industry provides opportunities for the HMD market. The market of video gaming and 3D games is on the rise, and the introduction of various HMDs such as PlayStation VR, Oculus Rift, and Samsung Gear VR will have a positive impact on the HMD market.
Lenovo Group Ltd. (China) is expected to launch a VR headset with the help of Microsoft’s Windows Holographic platform in 2017. Also, Dell Inc. (US), HP Development Company, L.P. (US), Acer Inc. (Taiwan), and VR Technology Holdings Limited (China) are expected to launch a VR headset based on Windows Holographic platform in the coming year. This presents a growth opportunity for players in the gaming market.
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Why low awareness about HMDs remain a challenge?
Awareness is the most important thing for any new technology to adopt on a mass scale. Understanding the specifications and various applications of an emerging technology is important for consumers.
Many of the users are not aware of augmented or virtual HMDs and how they are used. There is a strong lack of awareness about HMDs or VR headsets and smart glasses in the least developed or developing countries. People are not aware how HMDs can be used in various application areas, such as medical; industry and enterprise; consumer; and commercial. It is important to create awareness about the benefits of these products to observe acceptance among people or users. Hence, making people aware about the emergence of new technologies is one of the prime tasks of companies.
Companies in the industry are required to increase marketing activities to make people aware about the new products. The companies are adopting various strategies to make people aware about their products. For instance, in February 2016, Samsung Electronics Co., Ltd. (South Korea) launched Galaxy S7. At the launch event, Samsung installed 5,000 Gear VR headsets, and at the time of showcasing the product, people present at the event could experience the product launch virtually by wearing the headset.
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