Market Analysis
Market Research Future (MRFR) projects the global virtual
reality market to reach USD 101.2 billion, registering a 37.4%
CAGR from 2017–2027 (forecast period).
Wide Adoption of VR Technology Drives the Market Growth
The growing demand for virtual technology, driven by the increasing use
of head-mounted (HMD) displays in the gaming and entertainment industries, is
propelling the virtual reality market forward. The use of animation techniques
to implement virtual reality is gaining traction in theme parks that provide VR
coaster rides. Furthermore, the integration of 5G with VR, as well as
developments in completely immersive technology, boost virtual reality market
share.
Virtual reality applications in healthcare are growing in popularity,
offering numerous advantages such as surgery simulation, robotic surgery, and
skill training. The main advantage of technology is that it allows for training
and the acquisition of new abilities in operating procedures to be conducted in
a safe environment. In the field of diagnostics, virtual reality assists
medical practitioners in obtaining greater insights than MRI scans and other
approaches, hence minimizing the need for invasive treatments or surgeries.
The Global Market to Grow Amid COVID-19 Pandemic
Virtual reality (VR) is a major multidisciplinary technology trend that
combines computers, multiple sensors, graphic pictures, artificial
intelligence, communication, measurement and control multimedia, and other
technologies. The coronavirus pandemic has increased the market share of
virtual reality. When the pandemic struck and travel came to a halt, world
travelers felt disappointed.
However, numerous VR service providers, such as Amazon Explore and a new
Airbnb virtual reality service, have entered the market with low-cost and fun
offerings. Evolving communication systems and two-way video were the key social
channels in 2020. The COVID 19 has accelerated innovation in several VR and
virtual travel companies that have already been providing 360 technology and
immersive experiences on a far wider scale.
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Market Segmentation
The worldwide virtual reality market has been segmented into components,
device type, technology, and vertical.
By component, the global virtual reality market has been segmented into
Hardware and Software.
By device type, the global virtual reality market has been segmented
into Head-Mounted Displays, Gesture Tracking Devices, Projectors and Display
Walls, and 3D Cameras.
By technology, the global virtual reality market has been segmented into
(Non-Immersive, Semi-Immersive, and Fully Immersive.
By vertical, the global virtual reality market has been segmented into
Consumer Electronics, Aerospace and Defense, Healthcare, Commercial, Industrial
and others.
Regional Analysis
The North American Market Will Continue to Win
North America has always been the market leader and may continue to be
so during the assessment period. The existence of numerous important players,
such as Google, Microsoft, Facebook Inc., and others, as well as the expanding
industrial sector, supports virtual reality market growth.
Furthermore, growing VR applications in the consumer electronics and
gaming & entertainment industries drive the size of the North American VR
industry. During the assessment period, the United States is predicted to be
the region's leading VR market, rising at a 38.05% CAGR, followed by Canada and
Mexico, which are expected to rise at 36.01% and 34.47% CAGRs, respectively.
Key Players
Sony Corporation (Japan), Qualcomm Technologies Inc.
(US), Microsoft Corporation (US), Google LLC (US), Facebook Inc
(US), Samsung Electronics (South Korea), Sixense Entertainment Inc.
(US), Sensics Inc. (US), Vuzix Corporation (US), Eon Reality
Inc. (US), Avegant Corporation (US).
Industry News
December 29, 2020 - In the Kazakh capital, the Astana Ballet Theater
debuted its first streaming service to deliver 360-degree performances using VR
technologies. The company also produced a special mobile application for
viewing shows in VR format, allowing spectators to physically visit the stage
of the performance among the performers by utilizing a mobile phone or VR
glasses. This application can provide 360-degree videos that capture a view in
all directions at the same time using a special camera.
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