NEW YORK, May 9, 2017 /PRNewswire/ --
According to data provided in a report by SuperData Research, the virtual reality (VR) market is expected to be worth $37.7 billion by 2020, about 20 times what it was worth in 2016. Over the course of 2017, the VR market is projected to reach $4.9 billion, driven primarily by increasing hardware and software designed for VR. The report indicates that supply constraints had previously limited access to headsets like the Oculus Rift in 2016. This held back revenue for hardware and software, but has now been largely resolved. Greater availability of both headsets and content will drive consumers to spend more this year. Vuzix Corporation (NASDAQ: VUZI), Facebook Inc. (NASDAQ: FB), GoPro, Inc. (NASDAQ: GPRO), Sony Corporation (NYSE: SNE), Microsoft Corporation (NASDAQ: MSFT).
Another research by CCS Insight identifies that sales of smartphone virtual reality devices continue to deliver the largest share of unit volumes, and research expects that 14 million smartphone VR headsets will be sold in 2017, rising to 25 million in 2018. Ben Wood, Chief of Research of CCS Insight, commented, "Headsets designed for smartphones are the entry point for most consumers when it comes to virtual reality. Google's Cardboard devices and Samsung's Gear VR headsets have been the early market makers in this area." The company's latest global forecast for virtual reality (VR) and augmented reality (AR) devices reflects the relatively slow start to this nascent market. However, CCS Insight continues to believe the segment holds great potential and can deliver healthy growth over the next five years and beyond.
Vuzix Corporation (NASDAQ: VUZI) is a supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets. Yesterday the company announced that it, has appointed manufacturing, technology and operations veteran Paul Boris, former Vice President of Manufacturing Industries at GE Digital to the newly created role of Chief Operating Officer (COO).
Paul Boris joins Vuzix after spending the last two plus years at General Electric in a variety of executive leadership roles including CIO of Advanced Manufacturing Strategy, Site Leader of the Advanced Manufacturing and Software Technology Center and most recently as the Vice President of Manufacturing Industries of GE Digital. As CIO of Advanced Manufacturing Strategy for GE, he focused on driving GE's innovative factory strategy to increase productivity and deliver the optimization of assets and operations. In his most recent role Paul focused on defining and enabling General Electric's commercial strategy for Brilliant Manufacturing by working with companies to accelerate their own digital transformation.
"Paul Boris has been an active and contributing member of the Vuzix Board of Directors for the past year and I've known Paul for several years dating back to his time as an executive at SAP," said Paul J Travers, President and CEO of Vuzix. "As Vuzix business continues to expand the importance of adding a seasoned and well respected sales and manufacturing executive became paramount and to that end, I am excited to announce Paul Boris as our Chief Operating Officer. Vuzix looks forward to leveraging Mr. Boris's unique skill set and leadership abilities to help carry Vuzix to the next level of excellence as an industry leader in augmented reality and wearable display technology."
Facebook Inc. (NASDAQ: FB) acquired Oculus VR, Inc., the leader in immersive virtual reality technology, for a total of approximately $2 billion in 2014. Founded in 2012, Oculus VR, Inc. is building a next-generation consumer virtual reality platform. The company's first product, the Oculus Rift, is a virtual reality headset that allows you to step inside a digital environment and feel as though you are truly there. The Oculus Rift provides an immersive, stereoscopic 3D view with an ultra-wide field of view and low latency head tracking that lets you look around naturally in 360 degrees.
On February 27, 2017, Sony Interactive Entertainment LLC, a wholly-owned subsidiary of Sony Corporation (NYSE: SNE), announced that PlayStation®VR (PS VR), a virtual reality system for PlayStation®4 (PS4®), has cumulatively sold through 915,000 worldwide as of February 19, 2017. "Since its October launch, PS VR continues to be well received by people around the world thanks to the high quality, revolutionary VR experience it offers. With more than 53.4million PS4 units sold through globally we firmly believe PlayStation VR will take the lead position in the VR market" said Andrew House, President and Global CEO of Sony Interactive Entertainment. "We are increasing production to meet demand and will continuously support content developers as they create innovative VR experiences that are only possible on PlayStation."
Microsoft Corporation (NASDAQ: MSFT) HoloLens is the first self-contained, holographic computer, enabling you to engage with your digital content and interact with holograms in the world around you. Windows Mixed Reality combines the thrill of virtual reality with the power to engage with and personalize your surroundings. Windows 10 will enable this experience for a variety of headsets, from fully self-contained holographic computers like HoloLens to the most innovative and affordable headsets.
GoPro, Inc. (NASDAQ: GPRO) recently announced a pilot program for GoPro Fusion™, its 5.2K spherical camera designed to be the ultimate capture device for both fully immersive virtual reality content as well as conventional non-VR video and photo formats. In addition to high performance spherical capture for fully immersive VR experiences, Fusion's 5.2K resolution enables a new OverCapture creative solution that gives content creators the flexibility to produce conventional non-VR video and photos in HD-quality 'punched out' from the spherically captured angles.
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