The global virtual reality market is anticipated to value USD 62.1 billion until 2027. It is also expected to register a CAGR of 21.6% over the forecasted years, 2020 to 2027. Shifting trend towards the adoption of VR technology for enhancing user experience is expected to trigger the market growth for virtual reality.
The semi & fully immersive technology segment held the largest share of around 79.4% across the global market in 2019 on account of the increasing popularity of HMD-based VR devices. The non-immersive segment is projected to register moderate growth from 2020 to 2027 due to its feature of offering an enhanced computer-generated environment despite its immersion in the virtual world.
In 2019, the hardware segment held the highest share of 68.8% across the global market due to the increasing usage of electronic devices and smartphones among the millennial population. On the other hand, the software segment is estimated to witness the fastest growth over the forecasted years, 2020 to 2027 on account of the surging need for analyses of incoming data and input-output device management.
Asia Pacific accounted for a dominant share of 41.4% across the global virtual reality (VR) market in 2019 due to the rapid technological advancements being conducted across China and India for promoting usage of VR technology. The Europe is expected to register highest CAGR of 23.3% over the forecasted period on account of increasing popularity of VR headsets across the gaming community prevailing across countries like the U.K., France and Germany.
The market for the virtual reality includes key players such as Facebook Technologies, LLC; Ultraleap Limited; Alphabet, Inc.; Microsoft; and HTC Corporation. They are constantly engaged in conducting various R& D activities for product development, innovation and to launch attractive devices for enhancing user experience.
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Further key findings from the report suggest:
• The segment of semi & fully immersive technology held the largest share of 79.4% in 2019 across the global VR market.
• Hardware segment dominated the global market with share of 68.8% in 2019.
• Asia Pacific accounted for a dominant share of 41.4% across the global market in 2019.
• The key players in this market are Facebook Technologies, LLC; Ultraleap Limited; Alphabet, Inc.; Microsoft; and HTC Corporation.
Million Insights has segmented the global virtual reality market on the basis of device, technology, component, application, and region:
VR Device Outlook (Revenue, USD Million, 2016 - 2027)
• Head-Mounted Display (HMD)
• Gesture-Tracking Device (GTD)
• Projectors & Display Wall (PDW)
VR Technology Outlook (Revenue, USD Million, 2016 - 2027)
• Semi & Fully Immersive
VR Component Outlook (Revenue, USD Million, 2016 - 2027)
VR Application Outlook (Revenue, USD Million, 2016 - 2027)
• Aerospace & Defense
VR Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa (MEA)