The
report Virtual Reality Market by Offering
(Hardware and Software), Technology, Device Type (Head-Mounted Display,
Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise,
Healthcare, Aerospace & Defense) and Geography - Global Forecast to 2025, is expected to grow from USD 7.9 billion in
2018 to USD 53.6 billion in 2025, growing at a CAGR of 37.6%. Factors such as
penetration of HMDs in gaming and entertainment sector, huge investments in VR
market, advancement of technology and growing digitization, and availability of
affordable VR devices will propel the virtual reality market during the
forecast period.
Semi-and fully immersive technologies to
dominate virtual reality market during forecast period
Immersion
is the state of being involved in some activity or an environment. With the
help of semi-immersive VR technology, a user can experience the virtual world
through various control devices such as HMDs and handheld devices.
Semi-immersive technology provides a greater feeling of being involved in the
virtual environment by using several projection systems or a large monitor,
both of which provide a wide field of view for the user. The fully immersive
technology-based VR devices enable users to feel the virtual environment in a
realistic way. Head-mounted displays (HMD) or virtual reality goggles offer a
fully immersive virtual reality environment. In this technology, the virtual
environment responds to the user’s actions. A user, once equipped with HMDs and
other headsets, is virtually isolated and is unable to respond to any
activities or actions in the real environment.
Virtual reality market for software to
witness higher CAGR during forecast period
The
VR market for software includes apps, platforms, and content providers in the
VR space. The use of VR platforms for a variety of applications has been
evident with the steady growth of the VR market for software. The software
section includes the software market for VR with respect to different
applications. There would be an increase in the need for content creation for
VR hardware in the near future. This would, in turn, drive a higher growth of
the virtual reality market for software during the forecast period.
Virtual reality market for
gesture-tracking devices to witness highest CAGR during forecast period
Gesture-tracking
devices are used as input devices for VR systems. These tracking devices track
the user’s movements and enable the user to interact with the virtual
environment. Gesture-tracking devices include data gloves, treadmills, and
controllers to facilitate gesture and action tracking in VR applications. The
gesture-tracking devices might be helpful for surgeons during surgery. During a
surgical intervention, the surgeon needs to control surgical devices such as
X-ray, drill, and endoscope; a contact-free, gesture-based controller can be
used by the surgeon, which, in turn, would help in touchless approach.
Virtual reality market for consumer
applications to dominate the market from 2018 to 2025
Virtual
reality technology is used mainly for consumer applications such as gaming and
entertainment. Virtual reality is used in various gaming types such as PC
gaming, gaming consoles (PlayStation, Xbox, and others), Internet games,
smartphones, and tablets. Samsung Gear VR, Oculus Rift, PlayStation VR, and HTC
Vive are the popular HMDs that are used in various consumer applications. The
use of virtual reality is also found in movies, virtual tours, virtual museums,
and many others. The demand for head-mounted displays is high in consumer
applications because of their use in gaming and sports & entertainment.
North America to dominate the virtual
reality market during the forecast period
North
America led in 2017 in terms of market size and revenue generated from virtual
reality applications. The VR market is estimated to grow considerably in the
subsequent years in this region. The use of VR in various applications,
especially in consumer electronics, is helping the growth of the VR market.
Applications such as aerospace & defense, healthcare, consumer, and
commercial are utilizing VR technologies for further advancements. The US has
many global players featuring VR products and solutions. This helps North
America stand out as the major region in the global VR market. North America is
also leading in private equity investments. More than 95% of the total
investments in the VR market have been in North America. Magic Leap (US) has
been the leading gainer in this market attracting large investments from
enterprise companies such as Google (US) and Alibaba Group (China). The
increased use of VR for applications such as tourism and ecommerce, as well as
for training purposes, has helped drive the VR market in the region.
Some
of the major players in the virtual reality market are Sony (Japan), Samsung
Electronics (South Korea), Google (US), Microsoft (US), HTC (Taiwan), Oculus
(US), Eon Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US),
Sensics (US), and Sixense Entertainment (US).
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