Tag: globaldata

  • Global VR market will hit $57 billion by 2030, forecasts globalization

    Global VR market will hit $57 billion by 2030, forecasts globalization

    Virtual reality VR is a niche technology with gaming, entertainment, and professional training applications. Despite the challenges that will limit the adoption of VR technology, the global VR market is forecast to grow from  $11 billion in 2023 to $57 billion by 2030, registering a compound annual growth rate CAGR of 26 percent over the period, according to GlobalData, a leading data and analytics company.

    Globaldata’s latest Strategic Intelligence report  “Virtual Reality,” reveals that while the revenue share of VR software in the total VR market will slightly decline from 61 percent in 2023 to 59 percent in 2030, VR hardware will increase its share from 39 percent in 2023 to 41percent in 2030.

    Shabnam Pervez, Analyst, Strategic Intelligence team at GlobalData, comments: “As VR adoption grows, both hardware and software will experience more demand. Demand for VR software will be driven by advancements in content creation and the development of more immersive experiences while declining hardware costs will make VR headsets more accessible to a broader audience.”

    Globaldata’s report also highlights that VR players may eventually transition to mixed reality MR, which is a hybrid technology that enables users to see and interact with virtual objects integrated into the real world. MR has become desirable to headset makers as an alternative to VR.

    For example, HTC, Meta, and Pico started with pure VR headsets but have pivoted to MR. HTC released its vive focus 3 in 2022, a standalone mixed reality headset. The meta-owned oculus is also working on Mr headsets. Pico Interactive also makes several MR headsets, including the Pico Neo 3.

    Pervez adds Apple’s vision pro, launched in february 2024, is typically described as an Mr device. Apple will likely set the path for many more VR makers to transition towards MR. However, VR companies will all strategize differently. For example, Meta will likely continue to call its devices VR headsets as it has invested so much in VR tech. However, the company’s offering has more in common with MR than standalone VR.

    The transition reflects an interest in bridging the gap between the immersive world of VR and the user’s physical environment. MR’s ability to overlay digital elements onto the real world presents exciting possibilities for applications where maintaining awareness of surroundings is crucial. The market is responding to a demand for MR in areas like design, education, and even healthcare, where seamlessly blending virtual elements with real-world environments holds significant value.

    Despite advances in hardware and software, VR faces significant challenges that will hinder its growth. One of the primary obstacles is its cost. VR headsets, even those with basic features, typically cost between $200 and $1,000. Additionally, some VR headsets must be tethered to powerful devices to function effectively, which can further increase the overall cost.

    Another challenge is the potential for negative health effects associated with prolonged VR use. Some users have suffered eye strain, headaches, and motion sickness. Addressing these health concerns is crucial to ensure the long-term viability of VR technology.

    Pervez concludes moreover, the development of compelling and diverse VR content remains a challenge. While there have been some successful VR experiences, creating content that truly captivates users and offers lasting value is not always easy. The lack of a thriving VR content ecosystem could further limit the appeal of the technology.

    The estimate includes revenues generated by VR hardware i.e., headsets and software i.e., apps and content distributed via VR app stores. It does not cover revenues from VR services like hardware designing, app development, and VR arcades

  • AI-powered drone swarms transform industries beyond defense

    AI-powered drone swarms transform industries beyond defense

    While drone swarms have been an area of technological development for many years, their practical applications have only recently gained significant momentum, particularly following increased attention during the Russia-Ukraine war, as reflected in Google search trends.

    The rapid advancement in AI technologies has further accelerated drone swarm control capabilities, enabling the integration of computer vision algorithms and geospatial data to recognize patterns and automate previously impossible operations.

    This evolution has led to drone swarms finding diverse applications across multiple industries, earning recognition as a high-impact innovation, according to technology foresights, an innovation intelligence platform by GlobalData, a leading data and analytics company.

    The latest advancement in drone swarm technology significantly enhances operational efficiency by eliminating the traditional requirement of one operator per drone. This breakthrough achieves advanced autonomy through onboard intelligent agents, developed using human-in-loop and trustworthy ai systems.

    These agents can independently assess their surroundings, exchange target data with other drones, and make mission-priority decisions without requiring constant communication with the control station. This innovation addresses a critical weakness in swarm-based warfare systems, where electronic warfare tactics frequently overwhelm communication systems and disrupt the data connection between drones and their control stations.

    Sourabh nyalkalkar, practice head of innovation products at globaldata, comments in an era marked by escalating geopolitical tensions, drone warfare has emerged as a pivotal element in modern military operations, with armed forces globally embracing unmanned aerial vehicles for a diverse range of tactical and reconnaissance missions.

    In a significant development, defense industry major Thales recently showcased a full-scale demonstration of drone swarm deployment, featuring multiple autonomy levels that significantly reduce operator cognitive burden. The company’s expertise in this domain has not gone unnoticed, as Thales has been recognized as one of the leaders in drone swarm control innovation, according to Technology Foresights.

    In response to the current geopolitical climate and growing military demand for advanced drone capabilities, drone swarm control technology is expected to experience significant growth. Patent analysis reveals that over 50 percent of technology patents in this field have been granted within the past three years, with major corporations holding the majority share.

    Though smaller in proportion, startup-owned patents are rapidly increasing, accompanied by growing investment activity in the sector. Recent developments highlight this trend, as demonstrated by Ukrainian startup Swarmer securing $2.7 million in funding for the development and commercialization of its AI-based swarm control technology, Styx, while another US-based startup, EchelonAI, entered into M&A with Skyfire.

    Nyalkalkar continues thehe innovation landscape in drone swarm control technologies extends well beyond the defense sector, with significant developments emerging from the communications and networking industry. Telecommunication companies are rapidly adopting drone swarms for various applications, including network optimization, infrastructure monitoring, and emergency coverage deployment in critical areas.”

    The technology’s development ecosystem is diverse and competitive, with over 100 companies actively innovating in this space. While defense industry leaders like Thales, RTX, Northrop Grumman, and BAE Systems continue to advance military applications, specialized drone manufacturers such as SZ DJI, Skydio, and Tevel are making significant contributions.

    Additionally, major telecommunications players including Qualcomm, Ericsson, Verizon, and AT&T are developing their own drone swarm solutions, while geospatial solution providers like Here and Geofrenzy are expanding the technology’s capabilities.

    Nyalkalkar concludes The rapid advancement of AI technology has catalyzed unprecedented growth in drone swarm applications across diverse sectors. Retail and logistics giants such as Amazon, Walmart, and UPS are developing autonomous master-slave drone networks for last-mile delivery, while agritech companies such as Nileworks are creating innovative solutions for crop monitoring.

    As drone swarm control technologies continue to evolve beyond traditional entertainment and light shows, this dynamic field promises exciting developments and transformative applications across multiple industries in the coming years.