Virtual reality (VR) has been around, in one form or another, since the mid-1950s. At several points over the last sixty-plus years, it has been touted as the next big thing in consumer technology, without ever fulfilling its potential.
The aerospace and defense industry is well-placed to develop VR technologies. Along with entertainment, the military was one of the first industries to invest a significant amount of money into the development of VR applications, VR headsets, and VR platforms. This has played a crucial role in the advancement of VR technologies worldwide. VR technology has been used in individual and collective military training for more than a decade. The technology is also becoming common in medical treatment, recruitment processes, and the pre-fabrication simulation of system and platform designs.
VR content creators will focus on areas such as films, video, ecommerce, healthcare, gaming, and social media. Lower prices and new launches in 2020 are expected to encourage growth. VR is adding significant value to defence industry, particularly when training staff to work in hazardous locations. VR enables trainees to undertake virtual simulated practice in order to gain real-world experience in individual and collective training.
- VR is entering its second generation, which is expected to have greater appeal to consumers and enterprises compared to the previous generation. VR technology has evolved significantly over the past five years, with improvements on both the hardware and software side. However, issues such as latency, nausea, high prices, and underdeveloped ecosystems have been obstacles to widespread adoption.
- VR companies are increasingly using AI and cloud technologies to develop stronger ecosystems, while the arrival of 5G promises to address the latency and nausea issues. In this section, we look at the size and impact of the VR theme and how we think it will develop over the next decade.
- Military forces are shifting their focus to flexible training solutions in the area of advanced distributed simulation, wherein live training is combined with constructive and virtual simulation by networking.
- VR can help military personnel to visualize and practice scenarios and combat tactics in a more engaging, repeatable, coachable, and safe way. Militaries can use VR in a variety of ways to tackle different situations and focus on different strengths. Some of the most common uses of VR in the military include the virtual boot camp, flight simulation, battlefield simulation, medic training, and vehicle simulation.
- Armed forces can also use virtual reality in medical treatment, recruitment processes, and pre-fabrication simulation of system and platform design.
- Major armed forces across the globe incrementally invest in VR training capabilities and consider on-the-field applications. Concerns remain regarding the growing cyber-exposure of military forces, reinforced by VR/AR and going hand-in-hand with the importance of the cybersecurity domain for 21st century armed forces, but few would deny that VR/AR will be a determining factor in the future of warfare.
Reasons to Buy
- Our thematic investment research product, supported by our thematic engine, is aimed at senior (C-Suite) executives in the corporate world as well as institutional investors.
- Corporations: Helps CEOs in all industries understand the disruptive threats to their competitive landscape.
- Investors: Helps fund managers focus their time on the most exciting investment opportunities in global Aerospace & Defense.
- Whilst most investment research is underpinned by backwards looking company valuation models, GlobalData's thematic methodology identifies which companies are best placed to succeed in a future filled with multiple disruptive threats. Our unique differentiator, compared to all our rival thematic research houses, is that our thematic engine has a proven track record of predicting leaders and challengers.
- Gain in-depth understanding about the underlying factors driving demand for Virtual Reality in the top spending countries across the world and identify the opportunities offered by each of them.
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.