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Virtual Reality: The New Craze In Modern Technology Virtual reality can be considered as the next level gaming and simulation experience nowadays. Today, anyone who is an avid gamer or a technology enthusiast knows that virtual reality is swiftly gaining a place in the technology industry and this is evident with the rise of virtual reality tech manufacturers along with virtual tech consulting companies like fintech industry, The only question left in our minds is whether virtual reality could keep its place in the gaming market and how does it affect the gaming market itself. Recently, a renowned market intelligence company has conducted a statistical study reflecting a booming $466.6 million worth for virtual reality in the technology market. This value is estimated to grow and reach a booming $5.8 billion in the next few years. This huge potential in the market is the very reason why a lot of companies including digital transformation consulting companies are jumping into the virtual reality market. Today, the biggest names in the technological industry are releasing a lot of virtual reality games and products marking the place of virtual reality in the technology industry. However, this growth does not determine the future of virtual reality in the market, the long term future of virtual reality is not yet secured and no statistical study can predict whether this is just a passing fad or not.
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On the other hand, the constantly growing virtual reality technologies like the motion trackers and 3-dimensional effects is what makes virtual reality rise above the competition. Aside from that, the increase in income provides more and more people the capability to give virtual reality a try. However, there is an expected downside in the virtual reality market as most of the leading manufacturers of virtual reality gaming and simulation are releasing costly VR products in pursuit of sophisticated consumers which in return harms its growth in the market.
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Virtual reality market is rapidly spreading in the market nowadays and its known to be widely spread over the continent of Europe as well as the northern part of the US and has an estimated 69% revenue shares growth on both. On the other hand, the Asian continents is viewed as the highest potential market in virtual reality due to the presence of one of one of the leading tech manufacturer and the growing involvement of people in online gaming. These stated reports shows that virtual reality indeed has a very huge potential in the technology market on both consumers and manufacturers alike. Although, the future of virtual realty in the technology market will still depend on the availability of these products to the market and most importantly their individual prices. At this point of time, consumers will not be expected to spend more than their usual gaming expenditures over a game that does not offer a far better feature than what is currently in trend. Despite the development of several virtual reality games of today, it will not guarantee the development of far better games in this platform anytime soon.