The virtual reality (VR) market is growing fast, be it consumer or enterprise-based, with no signs of slowing down and one area is sports and live events that is why Intel is getting into the VR craze.

Recent market studies predict majority of commercial activity move into sports broadcasting and live events and Intel is taking a big business leap to join the bandwagon. Intel made a huge splash in the VR market after it acquired Voke, a Santa Clara-based startup that develops virtual reality experiences based on live actions.

Founded in 2004, Voke uses a proprietary paired-lens and stereoscopic camera system that enable fans to capture and record experience like the New York's Fashion Week.  The technology allows users to see realistic proportions and view the action from their choice of perspective. Its technology can be viewed via smartphones, PC, and even a VR headset.

Financial terms of the deal were not disclosed, but Intel said that the acquisition is not just about VR technology. It is also acquiring talents and existing businesses, which include broadcasting NBA games in the U.S. and tournaments in India.

Voke will become a part of a new division within the chip giant, which will be called Intel Sports Group. The new sports division will also include Intel's newly acquired freeD technology team that Intel acquired when it bought VR specialist Replay Technologies in March.

Sports broadcasting and live events, which focus more on action and close-up visuals, are an obvious endpoint for the virtual reality technology. Intel is making a big presence in that space to find a better place in emerging technologies and to offset its decline in its legacy chip business. Intel has some plans when it comes to bringing immersive sports experience to consumers, and the Voke and Replay Technologies will be a big part of that ambitious plans.

 Other recent Intel VR-related acquisitions also included computer vision companies Itseez and Movidius.