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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