Global Virtual Reality (VR) Market is anticipated to reach USD 48.5 billion by 2025. Virtual reality implies a computer technology that creates a stimulating environment by allowing the user to experience 3D world. With the help of sensor and motion tracking devices, the user is provided some level of control. “CAVE” automatic virtual environments display virtual content onto room-sized screens.
The factors that propel the growth of the market include saturation of technology across the many businesses such as healthcare, retail, automotive, and e-commerce, rising investment by global companies, and increasing usage of tablets, smartphone, mobile phone. On the other hand, the factors that may hamper the growth of the market include high investment cost. Virtual Reality Market is anticipated to grow at a significant CAGR of 46.7% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market may be explored by product type, device, component, technology, application, and geography. Virtual Reality (VR) industry may be explored by product type as Mobile Devices, Personal Computers (PCs), Gaming Consoles, and others. The “Personal Computers (PCs)” segment led the largest share of the market and is anticipated to maintain the overall market in the forecast period. This is mainly due to the acceptance by a huge population. In addition, it gives a fascinating gaming experience offered by PC-based gaming combined with VR.
The Virtual Reality industry could be explored based on device as Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW), and Head-Mounted Display (HMD). The “Head-Mounted Display (HMD)” segment led the Market in 2016 and is anticipated to maintain its dominance by 2025 owing to growing penetration of imminent Internet of Things (IoT) and Smartphones revolution, and technological development. The market may be analyzed by component as Software, and Hardware. Also, the market may be analyzed by technology as Non-Immersive, and Semi & Fully Immersive.
The key applications that could be explored in the Virtual Reality (VR) Market include Travel and Tourism, Games, Healthcare and Wellness, Entertainment, and others. The “Gaming” segment led the Virtual Reality (VR) industry in 2016 and is anticipated to maintain its dominance by 2025 owing to huge demand of Virtual Reality technology by the gaming industry and use of advanced gaming technology that gives players an experience of playing games live.
North America accounted for the major share of the Virtual Reality (VR) Market Size in 2015 and will continue to lead in the forecast period. On the other hand, Asia Pacific region is anticipated to grow at the highest CAGR from 2017 to 2025 due to launch and development of advanced VR headsets targeted mainly for the gaming community. China, India, and Southeast Asia are the major consumer of (VR) Market. This is mainly due to high demand in developing countries.
Some of the key players that fuel the growth of the Virtual Reality (VR) industry comprise Oculus VR LLC, Barco, CyberGlove Systems LLC, Alphabet, Inc., Leap Motion, Inc, and HTC Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
VR Device Outlook (Revenue, USD Million; 2014 - 2025)
• Head-Mounted Display (HMD)
• Gesture Tracking Devices (GTD)
• Projectors & Display Walls (PDW)
VR Component Outlook (Revenue, USD Million; 2014 - 2025)
VR Technology Outlook (Revenue, USD Million; 2014 - 2025)
• Semi & Fully Immersive
VR Application Outlook (Revenue, USD Million; 2014 - 2025)
• Aerospace & Defense
• Consumer Electronics
VR Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• South America
• The Middle East & Africa (MEA)
Research Support Specialist, USA