The Virtual
Reality market to grow from USD 7.9 billion in 2018 to USD 44.7
billion by 2024, at a Compound Annual Growth Rate (CAGR) of 33.5% during the
forecast period.
The
major factors that are expected to be driving the market are penetration of
HMDs in gaming and entertainment sector, huge investment in virtual
reality market, advancement of technology and growing digitization and
availability of affordable VR devices. The objective of the report is to
define, describe, and forecast virtual reality market size based on technology,
offering, device type, application, and region.
By
application, the enterprise segment is expected to grow at the highest growth
rate in virtual reality market during the forecast period
VR
is used in the industrial vertical mainly for the training of personnel,
providing information about the industrial facility, remodeling and
redesigning, and industrial simulations. Traditionally, training was conducted
using classroom methods; however, the introduction of VR has added a new
dimension to the training methodology. Using VR, a high level of immersion can
be achieved that can help a trainee understand things in a better way.
By
technology, the Semi & Fully Immersive technology holds the largest share
of the virtual reality market
The
fully immersive technology-based VR devices enable users to feel the virtual
environment in a realistic way. Head-mounted displays (HMD) or VR 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. Flight simulators and automotive
simulators are examples of semi-immersive VR systems. With the help of these
simulators, a user can experience virtual reality; however, the user is not
completely engrossed in the VR environment and is conscious about the real
world.
APAC
to account for the largest market size during the forecast period in virtual
reality market
APAC is expected to hold the largest market
size in the VR market during the forecast period, followed by the North America
region. APAC comprises China, Japan, India, South Korea, and Rest of APAC.
Being an emerging economy, APAC is witnessing major changes in the adoption of
new technologies and advancements. Owing to the presence of a number of display
panel manufacturers in the region, APAC witnesses an increasing adoption of
latest technologies. The VR market in APAC is expected to grow at a high rate
in sectors such as healthcare, commercial, and consumer. The increasing number
of players in the region would boost the growth of the virtual
reality market. The high growth in commercial and consumer markets is the
major factor driving the growth of the VR market in APAC.
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Key
Market Players in Virtual Reality Market
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), Sixense Enterprises (US), Nintendo (Japan), Psious (Spain),
Mindmaze (Switzerland), WorldViz (US), Firsthand Technology (US), Virtuix (US),
Survios (US), Merge Labs (US), SpaceVR (US), and Virtually Live (Switzerland).
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