The global virtual reality market accounted for a value of 5.4 billion in 2019. Virtual reality market is projected to register growth at a CAGR of 20.9% during forecast period.
COVID-19 has impacted all the businesses over the globe. The number of cases is increasing around the world and this generated demand for large number of healthcare facilities and medical devices to treat patients around the world. The healthcare facilities is expanding across the world and improving their infrastructure which leads to rise in demand for virtual reality across the world.
For more details, visit: Global Virtual Reality Market By Device Type (Head-Mounted Displays, Gesture-Tracking Devices, Projectors & Display Walls), By Component (Hardware, Software Development, Content), By Application, By Region, Forecast & Opportunities to 2026
The gaming and entertainment sector utilizes virtual reality in head mounted display. The technological evolution in gaming industry resulted in evolution of virtual reality and 3D technology. The head mounted display helps in creating a fully immersive experience for users. VR has helped in taking gaming experience to next level which drives growth in virtual reality segment during forecast period.
On the basis of device type, the virtual reality market is segmented into head-mounted displays, gesture-tracking devices and projectors & display walls. The head-mounted displays estimated to hold largest market share during forecast period. The virtual reality utilizes head-mounted displays at large scale than other devices. It is used in virtual reality games which help players play in a simulated environment. The gaming industry is growing immensely. This drives growth in HMDs segment during forecast period.
On the basis of application, the virtual reality market is segmented into consumer, commercial, enterprise, healthcare, Aerospace and others. The consumer application is estimated to register growth at highest CAGR during forecast period. The consumer segment includes entertainment applications and gaming. The gaming industry use VR at large scale and it is the fastest growing market industry. The VR utilized into gaming and entertainment segment creates a whole new virtual world for users. The demand for VR in gaming and entertainment segment is increasing and this drives growth in consumer application during forecast period.
On the basis of components, the virtual reality market is segmented into hardware, software development and content. The hardware segment is estimated to dominate the market during forecast period. The demand and adoption of smart phones and other electronic devices is increasing which utilizes the virtual reality. This drives growth in hardware segment during forecast period.
North America region accounted for largest market share in 2018. The adoption of new and improved technologies is growing immensely in this region. This region is home for many virtual reality companies. U.S. is the largest contributor of growth in VR market in this region.
The key market players in virtual reality market are Google, Microsoft, Sony, Samsung Electronics, HTC, EON Reality, Vuzix, Cyberglove Systems, Leap Motion, Sixense Enterprises, Psious, Nintendo, Mindmaze, Worldviz and Firsthand Technology.
- What are the expected industry trends over the next three to five years?
- Which of the virtual reality device type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?