Virtual Reality Market - Size
Base Year For Estimation
2023
Forecast Data Period
2024-2030
Historical Data Period
2018-2021
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
Virtual reality (VR) is an artificially generated real-time scenario of an image, object or location that simulates the experience. Current VR technology mostly utilises headsets & other wearable devices, and other electronics systems that simulate the user’s physical presence in a virtual or imaginary environment. Consumer virtual reality headsets were first released by video game companies in the early-mid 1990’s. As the time passes, many multinational companies have ventured into the market environment focusing on technological developments, thereby paving the way for the growth of the market. Virtual reality is gaining importance across various end-user industries including consumer, entertainment, healthcare, construction, education, etc.
Global Virtual Reality Market Size:
Global Virtual Reality market is poised to reach the value of $ 45.06 billion by 2024, growing with the CAGR of 41.75%. The technology giants such as sony corporation, Facebook, Microsoft, Google and others are investing vast amounts in the virtual reality market which will accelerate the demand for the market during the forecast period. Increasing technological advancements such as growing development of head-mounted displays and smart glasses, increasing adoption to HMD’s in gaming and entertainment sector, rising mobile phones, tablets and smartphone’s with built-in VR functionalities, use of virtual reality (VR) and augmented reality (AR) in military are the factors fueling the growth of the market. On the flip side, high initial investment costs owing to expensive hardware & device compatibility restrictions and display latency and energy consumption affect the overall performance of VR devices are hampering the market growth. Growing importance of VR’s in Healthcare Sector, penetration of HMDs in architectural applications is creating enormous opportunities for the companies operating in the virtual reality workspace.
Global Virtual Reality Market Share:
The market is segmented as by device type, technology, component,
Virtual Reality Market - Growth
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
end user and by geography. By device type, the market is classified into head-mounted displays and gesture control devices. Head mounted displays are estimated to have a significant share owing to increasing applications in gaming and entertainment, commercial, industrial, medical sectors and others. By technology, the market is segmented into non-immersive and full & semi-immersive technologies.
By the component, the market is classified into hardware components and software components. The hardware components segment is further classified into sensors, semiconductor Components and displays. The software components are further segmented into cloud-based solutions, software developer kits. The software components segment is likely to witness significant growth during the forecast period. Sensors segment is expected to have a significant share owing to increasing adoption of these in various end-user sectors.
By the end user, the market is segmented into aerospace & defence, industrial, automotive, Gaming & Entertainment, healthcare, construction, commercial and others. Gaming and Entertainment segment is expected to have a significant share in the market owing to high penetration in the sector. The major sports leagues and associations, film producers are showing significant interest in adopting the VR and AR technologies which will enhance the market demand.
By geography, the market is classified into North America, South America, Europe, APAC, and Middle East & Africa regions. North America is expected to hold the most significant market share is owing to increasing adoption of technological advancements, and the presence of key players have propelled the growth of the market in the region. Growing IT infrastructure coupled with increasing penetration of smartphones has propelled the growth in the region, especially in the U.S. APAC is the fastest growing region in the forecast period. China, India, and Japan are the major countries driving
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Virtual Reality Market - Porter's Five Force Analysis
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
the virtual reality market in the region. Additionally, the countries in the APAC region are taking considerable steps to upsurge the IT infrastructures and helps the customers to adopt cutting-edge technologies in the market. However, advances in technologies, increasing number of acquisitions, partnerships by the significant players in virtual reality ecosystem is boosting the growth of the market.
Global Virtual Reality Market Trends:
- On October 2, 2017, Sony has released an updated version of its PlayStation VR with some minor advancement.
- On October 2, HTC has released HTC VIVE Product VR in Thailand.
Global Virtual Reality Market Research Reports Includes:
- An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
- To have a complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOTanalysis, and Y-o-Y analysis.
- Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
- Identifying DROC in the current market and their impact on altering the market dynamics.
- Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
- Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
- Identify the latest developments, market shares and strategies that are employed by the major market players, such as
- Sony Corporation
- Microsoft Corporation
- Facebook, Inc.
- HTC Corporation
- Google LLC
- Samsung Electronics Co. Ltd.
Along with these companies, there were many other companies are considered in the report while analysing the Global virtual reality market. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and stable customer base.
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