The report "Virtual Reality Market with COVID-19 Impact Analysis by
Offering (Hardware and Software), Technology, Device Type (Head-Mounted
Display, Gesture-Tracking Device), Application (Consumer, Commercial,
Enterprise, Healthcare) and Geography - Global Forecast to 2025", size is projected
to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2025; it is
expected to grow at a CAGR of 27.9% from 2020 to 2025. Increase in demand for
hardware devices is the major reason for the growth of the VR market. The VR
content creation market is expected to witness a surge in its growth to bring
in the inflow of the content to fulfill the requirements of different
applications using virtual reality HMDs. This will be a massive boost to the
high growth of the virtual reality market as a whole. The increased need for
content in the virtual reality market will also pave the path for many content
creation start-ups. The use of virtual reality for commercial purposes to
attract customers has been on the rise with business owners using virtual
reality headsets to build their sales.
COVID-19 has adversely impacted the supply
chain of the VR market
The growth rate of
the VR market is likely to witness a significant drop in the first two quarters
of 2020, due to the widespread of the coronavirus. It is expected that COVID-19
will adversely impact the supply chain of the VR market as most of the players
are based in APAC, which is among the most affected region. Also, in light of
the current situation, major VR players are focusing on education, healthcare,
and enterprise applications of VR to reduce the loss and recover at a rapid
pace.
North America to hold the largest market share
in 2019
North America held
the major market share in the VR market in 2019. North America would have a
slightly lower growth rate than APAC during the forecast period. The adoption
rate of AR devices is likely to be high in APAC during the forecast period. The
enterprise application in North America would witness a high growth due to the
high adoption of new technologies by enterprises. The VR market in North
America would witness high growth owing to the use of VR in gaming and
entertainment, sports, and enterprise applications. For example, US athletes
use VR technology to prepare for the Winter Olympics. The US Ski and Snowboard
have been working with a VR training start-up based in California, Strivr. The
national governing body uses Strivr’s platform to train their athletes for
World Cup competitions and the Olympics.
Strong presence of VR companies in the US
likely to drive
Presence of
companies such as Google (US). Facebook (US), Microsoft (US), DAQRI (US), and
PTC (US) in the region drive the growth of the VR and AR market. The use of VR
technology for marketing and promotion campaigns would help the VR market grow
faster in the country. The construction sector is among the fastest-growing sectors
in the US. It is likely to witness high growth with the use of VR technology.
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VR market for hardware currently leads the
virtual reality
The VR market for
hardware currently leads the virtual reality market space. Companies such as
Oculus, Sony, Samsung, HTC, and Google have been active enough in the VR
hardware space, and the availability of VR hardware from these companies has
helped in the growth of the VR market for hardware. Currently, virtual reality
hardware devices are easily available in the market; however, 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. The market for VR software is expected to
surpass the VR market for hardware by 2025.
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), 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) are the
key players in the virtual reality market.
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