LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global head-mounted display (HMD) market to grow at a remarkable CAGR of close to 49% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global HMD market for 2016-2020. To calculate the market size, the report covers both helmet-mounted displays and wearable glasses, and the revenue generated from these segments. The report focuses on the revenue generated from end-user sectors such as the defense, industrial, and healthcare as well as individual consumers.
Technavio analyses that the consumer and industrial sectors are the key potential sectors for HMDs, which can drive high volume sales in the market. However, the high cost of HMDs presents a barrier to their adoption, especially in these sectors. But with technological developments, advanced components such as microdisplays are being deployed, thereby increasing the capabilities of the devices. As a result, the cost of HMDs across all sectors will decline at a much lower rate than expected.
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Some of the key factors that are contributing to the growth of the global HMD market as per Technavio analysis are discussed below:
- Growing popularity of AR and VR technologies
- Advances in technology leading to higher HMD sales
- Increased use of HMDs in Americas and Europe
- Increased adoption in consumer electronics sector
Growing popularity of AR and VR technologies: customer-related driver
According to Sunil Kumar Singh, a lead analyst at Technavio for research on embedded systems, “HMDs integrated with AR and VR applications offer an enhanced user experience with respect to both real and virtual environments. As people become more aware of these technologies, the adoption of HMDs will increase in the future.”
Availability of low-cost VR headsets and software apps for gaming and infotainment is fueling the growing popularity of AR and VR technology. The investment of companies such as Sony, Facebook, Google, Samsung, and Apple in this technology has increased the significance of AR and VR technology in gaming and infotainment. Devices such as Google Cardboard and Oculus Rift are some of the key products in the market gaining traction.
Advances in technology leading to higher HMD sales: supplier-related driver
Software- and hardware-related advances in technology will lead to an increase in sales of HMDs. The major advances would be related to AR and VR applications. One of the major development is the eye-tracking technology in HMDs. In 2015, HMDs were based on head movements, but, in the future, the integration of eye-tracking technology will enable HMDs to operate on eye movements. For instance, FOVE recently announced the development of the world's first consumer-oriented eye-tracking HMD. The company has completed the development of its first prototype and is set to release a developer’s kit in the future.
Increased use of HMDs in Americas and Europe: geography-related drivers
Countries in the Americas and Europe will see a high adoption of HMDs for VR because of the importance of sports in these regions. HMDs have wide applications in athletics, skiing, and cycling. HMDs analyze an athlete’s performance and can even enhance the experience of the sports audience.
Increased adoption in consumer electronics sector: market segment-related driver
“Advances in technology in terms of high resolution HMDs, 3D viewing, and integration of AR and VR have led to increased demand for HMDs in the consumer electronics sector. These advances are designed to enhance user experience in gaming and entertainment and will fuel the market growth during the forecast period,” says Sunil.
The consumer electronics sector is one of the major potential segments for HMDs. The major application driving the demand in this sector is gaming. Gaming with HMDs is currently emerging as the next-generation technology. This has influenced the growth of the market. Another major application that will increase the adoption of HMDs in the consumer electronics sector is entertainment. HMDs can also be used for viewing movies and videos. Thus, the increase in the number of applications can boost the adoption rate of HMDs in the consumer electronics sector, thereby propelling the market growth.
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