How Fast is the Virtual Reality Market Growing? VAIL VR Wants to Forge Ahead

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The virtual reality (VR) market as a whole is estimated to grow at a 48.7% compound annual growth rate (CAGR) over the next 5 years. With many individuals compelled to work remotely because of the COVID-19 pandemic, the idea of how organizations work together is evolving quickly. This trend is anticipated to augment the workplace for VR. As of now, employees are collaborating using video-conferencing platforms such as Zoom Video Communications Inc. ZM; Slack, a subsidiary of Salesforce.com Inc. CRM; and Microsoft Corp. MSFT Teams. However, there's another path for individuals to work together regardless of how near or far apart they are, and that is the concept of VR.

VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes of navigating toward mainstream adoption in various industries.

One such player is Unity Software Inc. U, which has predicted AR-VR headsets will be as common as game consoles by 2030. Facebook Inc. announced that Quest 2 sales for gaming have sold upwards of 5 million units in just 6 months. Apple.com Inc. AAPL is nearing entry into VR with a headset in development and has already begun to acquire multiple AR/VR companies to further its work in the space. Microsoft’s HoloLens is making ground-breaking developments in the practice of medicine – specifically in the operating room where surgeons can see images of a patient's internal anatomy such as bones and other tissues based on CT scans.

From a media perspective, VR is compelling, with broad use in interactive video games, movies, and television series. Whatever is too dangerous, expensive, or impractical to do in reality, VR is seen as an ideal replacement. With the increasing demand for cloud gaming and innovative gaming consoles, the desire for immersed environment gaming is increasing rapidly.

AEXLAB Debuts VAIL VR

One such company getting involved in a completely immersive experience is AEXLAB – a VR technology studio. It says its forthcoming public product – VAIL VR – will showcase developments in avatar presence, simulated interactive firearms, and real-time collaborative simulation and gameplay. Specifically, it plans to highlight the following about its technology:

• Presence beyond immersion: VAIL VR features immersive technologies for heuristical handling of subtle gestures, VR user interfaces, a novel head-up display (HUD) technology, and haptics technology featuring Axon VR that increases immersion for tactile operations involving skill.

• Tactical and social presence: Player immersion in VAIL VR sets a new standard for VR games and simulation. Players can interact with items and their environment in a natural and intuitive manner, taking advantage of the latest mainstream hardware and heightened user expectations.

From Vail’s research, the VR market, although in its early innings, is seriously lacking market leadership, social depth, and high-quality content for consumers and businesses alike. It states that its cutting edge technology brings 3 unique advantages that can’t be found elsewhere:

• eSports design
• Social experiences immersed with a full-body presence that includes audio and interactivity.
• Market leader and innovator functioning as a creator platform for users

The Current Gaming Market

The global VR gaming market is expected to reach $92.3 billion over the next 5 years, which comes out to about a 30% CAGR over that time period. The demand for electronic games that AEXLAB and VAIL VR serves is anticipated to drive that growth.  

Learn more about AEXLab here.

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The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.