Virtual reality (VR) is a computer-generated simulation that can be accessed with the assistance of head-up displays and gloves to provide immersive experiences. The software can be used in creating worlds to be experienced by users using associated hardware. The global Virtual Reality Industry Report by Market Research Future (MRFR) comprises an in-depth analysis of the industry with projections for revenue and growth during the forecast period (2020-2027). The COVID-19 impact on the industry has also been included in the report.
Market Scope
The global virtual reality market is set to exhibit 37.4% CAGR over the forecast period owing to advances in head-mounted displays and consumer enthusiasm for VR. Immersive experiences in media & entertainment titles has garnered positive reception for the market. This is exemplified by the implementation of VR in rollercoaster rides in theme and amusement parks. Applications of VR in industries other than media such as healthcare, education, hospitality, and others can drive market demand significantly. Integration of VR with IoT can favor the market to increase worker training, improve productivity, and lower error rates.
The COVID-19 outbreak had a positive impact on the virtual reality market with people downloading and procuring VR games while working from home. The pandemic has accelerated strides in 360-degree communication with travel companies utilizing it to provide virtual tours.
But integration of system-on-a-chip (SoC) coupled with mediocre security standards can limit market growth.
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Segmentation
By component, the market is divided into hardware and software. The hardware segment is further segmented into displays, semiconductors, sensors, and others. The software segment is divided into software development kits, cloud-based, and others.
On the basis of device type, it is segmented into head-mounted displays, 3D cameras, gesture tracking devices, projectors & display walls, and others. The head-mounted displays can occupy a large market share owing to its importance in training programs of industries of military, aerospace, medical & research, and engineering.
By technology segment, the VR market is segmented into non-immersive, semi-immersive, and fully immersive.
Verticals pandered by the virtual market are healthcare, consumer electronics, aerospace & defense, industrial, commercial, and others. The healthcare industry is expected to command a large chunk of the virtual reality market owing to training programs created for training new doctors and use of the technology for treatment of mental health issues. VR can be used in increasing the efficiency of surgeons and lowering complications during treatment.
Regional Analysis
North America, Latin America, Europe, Asia-Pacific (APAC), and the Middle East & Africa (MEA) are major regions covered in the virtual reality market.
North America is expected to dominate the market owing to presence of various VR developers and applications in gaming & entertainment and consumer electronics. The U.S. is likely to contribute the most to the regional market at a CAGR of 38.05% over the forecast period. The North America market is characterized by acquisitions of small startups by large companies in a bid to consolidate it.
Europe is projected to display a strong growth rate over the assessment period owing to investments in VR hardware and software. Consumption of VR headsets and interest in VR games can augur favorably for the market. Integration of VR across industries by a consortium, The INTUITION Network, and noting down its progress in the workplace can provide new avenues of expansion to the market.
Competition Analysis
Vuzix Corporation, Google LLC, Samsung Electronics, Sixense Entertainment Inc., Eon Reality Inc., Facebook Inc, Sensics Inc., Avegant Corporation, Microsoft Corporation, Qualcomm Technologies Inc., and Sony Corporation are key players of the virtual reality (VR) market. Acquisitions and investments in hardware and software are prime strategies of players to sustain their market share.
Industry news
Facebook announced the testing of Ads on its virtual reality platform, Oculus. This move could signal the company’s intent on expanding its platform and expanding its platform.
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