The Impact of Virtual Reality on Major Industries

Introduction

Virtual reality is a common topic in technology circles nowadays. VR has a wide range of applications in architecture, sports, retail, and healthcare. Currently, the market size of VR is approximately $26 billion. In the next 5 years, it is projected to reach $85 billion, growing at a rate of 23% CAGR.

Let's examine the key applications of #vrtechnology, their market size, top players, and important #patent filings.

a)     Healthcare

One of the first industries to adopt #virtualreality on a large scale was the healthcare sector. VR is being used in different areas such as pain management, surgical robotics, medical training, and mental health treatment. The VR healthcare market is estimated to increase at a CAGR of 38% and reach $6 billion worldwide by 2029. Using #PatSeer, we searched for patents and found key companies actively filing patents over the past five years.

#samsung is taking the lead in filing patents for inventions like predictive analysis for interactive telehealth, data processing, electronic devices for providing health information, and transmitting video content, etc.

Here is a list of a few important patents in VR healthcare from the key assignees:

1)     US2020327986A1 (Samsung) describes a system and method for providing an interactive telehealth diagnosis, including classification and recognition of health data, recommendation analysis for health, as well as cognitive telehealth visualization.

2)     US2020178885A1 (XR Health) reveals a method of adjustment for training protocols in VR or AR environments based on biofeedback.

 b)  Automotives

VR in the #automotiveindustry saves millions by reducing the number of prototypes built per vehicle line. VR applications for vehicle designing include virtual prototyping and simulation technology. The global automotive VR industry market size was $700 million in 2020 and is expected to reach $14 billion in the next 5 years, growing at a rate of 45%.

We carried out a #patentsearch in PatSeer and the chart below shows key companies actively filing patents in the last 5 years.

Some of the important patents in the VR automotive industry from the key assignees are:

1)     US2022138978A1 (Bosch) describes a system and method with an end-to-end two-stage depth estimation deep learning framework that takes one spherical color image and estimates dense spherical depth maps.

2)     US2020026922A1 (Microsoft) reveals a computer-implemented technique for selectively alerting the user of objects in a physical environment during an interaction with a virtual environment.

Read the full article — "3 Industries Where Virtual Reality Inventions are Making a Difference" to gain detailed insights on the patent landscape of this field.