Virtual Reality Market Size, Growth Rate, Trends & Forecast (2019 - 2025)
According to our research report, the Global Virtual Reality Market size is expected to be valued at USD xx billion in 2019. Looking at a dramatic increase from 2019 to 2025, revenues in this market are expected to reach USD xx billion at the end of the forecast period 2019 - 2025.
Virtual Reality works as a simulated environment made using computer technology that places the user in an experience allowing him/her to interact with the 3D world. Augmented Reality differs from Virtual reality by creating real-world artificial objects simulations, while Virtual Reality creates an artificial environment to get an experience of inhabiting. Human Beings tend to react more rapidly to audio cues than video cues, so creating a truly immersive display for the user is a must which requires spatial characteristics and true environmental sounds. Innovation and advancement in technology have made it possible to experience visual VR with true-to-life sensations.
Head-Mounted Display (HMD) is the most immediately recognizable component in the Virtual Reality Market. Increased penetration of HMDs in the entertainment and gaming sector and growing investments in the field of Virtual Reality are the key driving factors for the market to grow. In addition, the market is propelled by some other factors like increasing trends of digitization, and affordability & availability of VR devices.
However, slow technological growth among the underdeveloped countries and lack of skilled and effective user experience are the factors impeding the demand of the market. Rapid changes in economic strategies is a challenging factor for the market.
Rise in the support for the market due to growing investments is lucratively to set up growth opportunities for the market. Also, an increased number of gamers and increased prevalence for the applications of virtual and augmented reality in video games is providing growth opportunities and increased demand for the market.
Oculus, an American company, specializing in Virtual Reality devices, in early 2018 announced a new standalone VR headset. This is in collaboration with Qualcomm and Xiaomi and is targeted for the Chinese market and will be less expensive than Rift.
This research report includes following segmentation for the Virtual Reality Market:
Virtual Reality Market - By Type
- Head Mounted Display (HMD)
- Projectors & Display Walls (PDW)
- Wearable Glasses
Based on the device type, the Gesture-tracking segment lead with highest shares of the market with the rise in the usage of these instruments as input devices in VR systems. These instruments improve the user’s interaction with the virtual environment by tracking the user’s movement. Gesture-tracking devices are nowadays experiencing the increased application in entertainment and healthcare sectors which is, in turn, boosting the growth of this segment in the market.
Virtual Reality Market - By Application
- Aerospace & Defense
By applications, Virtual Reality technology is now used in the fashion industry as consumers can select their clothing and accessories by creating virtual avatars that give 360° view of the product for better insights. The innovation in technology and creating virtual environments for displaying product and business-related information to potential buyers. On the e-commerce fashion store, we can easily zoom in and out to view the product closely and even some websites are offering Virtual outfit trials. Increasing the use of Virtual reality technology in the mentioned applications is thus helping drive the Retail and E-commerce segments in the market.
Virtual Reality Market - By Technology
- Semi-Immersive & Fully Immersive
Virtual Reality Market - By Region
- North America
- Latin America
- Middle East & Africa
- Rest of World
Geographically, North America is anticipated to lead with prominent shares of the market being technologically advanced and providing cutting-edge technology in display devices. The use of VR in consumer electronics is highest in North America which is contributing to the booming values of the market in the region. In addition, North America is home to many large global players of the market and is thus a key contributor to the overall market growth in the forecast period. Europe and Asia pacific are following North America in holding the highest shares of the market with the rise in the technological advancements and launch of innovative devices. Also, rapid urbanization and industrialization in Asia-Pacific are helping the growth of the market to move forward. The Middle East and Africa is expected to have inclined growth rate in the review period.
Leading Market Players Operating in Virtual Reality Market are:
- Google Inc.
- Oculus VR LLC
- Sony Corporation
- Samsung Electronics Co. Ltd.
- Microsoft Corporation
- HTC Corporation
- Ziess International
- Vuzix Corporation
- CyberGlove Systems LLC
- Barco NV
- Leap Motion, Inc.