Growth Opportunities in the Virtual Reality Market look promising over the next six years. This is mainly due to the growing application of virtual reality in a large range of sectors, such as defense, entertainment, healthcare, followed by the increasing application of virtual reality for different purposes, including corporate training, machine operations, and aiding scientists to get the complicated issues.
Virtual Reality Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global virtual reality market is predicted to witness an upsurge in demand during the forecast period due to the growing application of virtual reality in a large range of sectors, such as defense, entertainment, automotive, manufacturing, healthcare, and education, among others. According to the virtual reality market analysis, the increasing application of virtual reality for different purposes, including corporate training, manufacturing automotive designs, machine operations, airline pilots, training surgeons, architecture design and planning, and aiding scientists to get the complicated issues is the key driver contributing to the growth of the virtual reality market size.
Technological evolution with the introduction of VR and 3D technology and the use of HMDs (Head-mounted display) devices in the gaming sector for vast experience and in aerospace & defense for training and simulation purposes will further surge the growth of the virtual reality market share in terms of revenue in the coming years. The emergence of the COVID-19 pandemic has positively influenced the growth of the virtual reality market over the forecast period due to the high adoption of conferences, virtual meets, exhibitions, and rising promotion of VR concerts and other VR entertainment solutions to entertain people and reshape entertainment sector. As per the virtual reality market research, health concerns regarding low resolution, display latency and energy consumption, and restriction on movement will hinder the market growth.
Technology Segment Drivers
Based on the technology, the market is segmented into non-immersive technology and semi-immersive and fully immersive technology. The fully immersive technology is expected to lead the market in the coming years as it offers a direct experience of virtual environments and provides a sense of presence to the users that cannot be equal to other technologies. This property will boost the growth of the market in the upcoming years. In addition to this, the increasing use of HMD and other forms of head-coupled display like a binocular Omni-orientation monitor will further propel the demand of the fully immersive technology market.
Device Type Segment Drivers
Based on device type, the market is segmented into the gesture-tracking device, head-mounted display, and projectors & display walls. The head-mounted display is expected to dominate the market over the coming years due to the growing use of HMD in virtual reality games to aid users to play in a simulated environment, along with the continuously rising virtual gaming sector. Furthermore, the growing demand for HMDs among medical, military, and engineering industries will further pay the way for the growth of the market.
Virtual Reality Market’s leading Manufacturers:
- Sony Corporation
- Samsung Electronics Co., Ltd.
- Alphabet Inc.
- Microsoft Corporation
- HTC Corporation
- Facebook Technologies, LLC
- Eon Reality
- Vuzix Corporation
- CyberGlove Systems Inc.
- Leap Motion
Virtual Reality Market Segmentation:
Segmentation by Technology:
- Non-immersive Technology
- Semi-mmersive and Fully Immersive Technology
Segmentation by Offering:
- Hardware
- Sensors
- Semiconductor Components
- Displays and Projectors
- Position Trackers
- Cameras
- Others
- Software
- VR Content Creation
Segmentation by Device Type:
- Head-Mounted Displays
- Gesture-Tracking Devices
- Projectors & Display Walls
Segmentation by Application:
- Consumer
- Gaming and Entertainment
- Sports
- Commercial
- Retail & Ecommerce
- Education and training
- Travel and tourism
- Advertising
- Enterprise
- Healthcare
- Aerospace & Defence
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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