Virtual Reality Market and Its Applications Trends and Future Opportunities

What's more, the latest Technology, Media and Telecommunications Predictions forecast from Deloitte predict a $1 billion year for virtual reality in 2016, with $700 million being spent on hardware and $300 million on content production, indicating the technology's accelerating adoption.

We recently received news from across the globe of how Apple, the Cupertino giant was rushing to create technology that could bid adieu to chargers forever and now, we are hearing things about Apple's endeavours to master the fields of Virtual reality, with Apple VR.

Financial Times reports about the new acquisition and an Apple statement confirms in a precise way. Oculus has been one of the most regarded companies in the VR space.

Apple said the first fiscal quarter sales of the iPhone was slowest year-over-year growth rate ever for the phone, which accounts for about two-thirds of its revenue.

Right now, it's still ambiguous on what kind of virtual reality device the company will create. Apple originally filed the patent back in 2008, although the concept of using a smartphone as the display and computing component is very similar to the Samsung Gear VR and the Google Cardboard Project. Instead, Mr. Cook's record is expressing some level of interest in technology-or more often the underlying needs some given technology is trying to address-when Apple is working in that area. The publication also mentions that the team of skilled experts in the field of virtual reality have been carefully crafted.

The report even suggests that prototypes of the hypothetical Apple VR headset have been made in the past few months and that its inspired by the Oculus Rift.

Apple has also bought the current expertise in augmented and virtual reality by acquiring PrimeSense, Faceshift and Metaio.

As for Apple's thoughts on the VR market, the company hasn't really discussed it at length. The number is not clear but the experts believe that Apple has taken care of it. The individuals working in the sector have been handpicked by the top officials of Apple Inc., which to a certain extent goes to show their intent.

Apple's latest acquisition includes Flyby Media, an augmented reality start-up. We would sure love to see the specs or a prototype of an Apple VR headset.

"In terms of virtual reality, uh, no, I don't think it's a niche", Apple CEO Tim Cook said during this week's earnings call.