Because technology is getting more and more realistic, there is a demand for the virtual reality market. And before doing something, consumers want to experience it first. It can be utilized for many different things, such as educating, gaming, amusement, and training. Additionally, it allows those who are physically unable to accomplish something to experience it.
COVID-19 Impact and Market Status
The market for VR has suffered as a result of the COVID-19 outbreak. A number of significant events have been postponed due to the epidemic, including the 2020 Consumer Electronic Show (CES), one of the biggest technology trade fairs in the world. The shipment of VR headsets and other equipment has decreased as a result of this cancellation. Meanwhile, many stores have closed as a result of government-ordered lockdowns, which has a negative influence on VR hardware and software sales. The market is anticipated to rebound in the ensuing years as customers and businesses become accustomed to the new normal.
The Hardware Offering to Emerge as the Most Lucrative Segment
Hardware and software are the two categories into which the market is divided, relying on the offering. Over the planning horizon, it is anticipated that the marketplace for hardware would grow at the highest CAGR. This development can be due to the rise in popularity of VR headgear and other related devices, like controllers and sensors.
The Head Mounted Display Type to Loom as the Most Productive Segment
The VR market is categorized into Head-Mounted Displays (HMD), Gesture Tracking Devices (GTD), Projectors & Display Wall (PDW), and Others based on device type. The Head Mounted Display sector is predicted to grow at the highest CAGR over the course of the forecast period. The significant growth of this market can be attributable to elements like the expanding use of HMDs in entertainment, gaming, and medical settings.
The Consumer Industry is the Most Popular Application
VR market segments include Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense, and Others based on application. Over the forthcoming years, it is anticipated that the consumer market would grow at the greatest CAGR. The rising consumer demand for VR gaming and entertainment applications is to blame for this expansion.
Asia Pacific region to render Adequate Financing Avenues
North America, Europe, Pacific Region (APAC), South America, and the Middle East & Africa make up the regional segments of the VR market. The Asia Pacific area is predicted to experience the fastest CAGR growth of all of these during the forecast timeframe. A significant number of start-ups in this area, greater discretionary income, and increased public knowledge of VR technology are all contributing causes to this expansion.
Due to the rising demand from numerous industries, including education, healthcare, gaming, aerospace, and entertainment as well as from the consumer and business segments, the worldwide virtual reality marketplace is growing at a very rapid speed. One of the key elements fuelling the advancement of this industry is also the development of technology.
Users of virtual reality (VR) technology can experience and engage with a laboratory world. Individuals can explore and immerse in this computer-generated, lobed environment. Implementations for this technology include, military training, healthcare, and video gaming.
The immersive experience that VR Market can offer is responsible for a number of its perks. Application areas for it include gaming, entertainment, business, and enterprise. Hereunder are some of the key benefits of VR technology: It can offer an immersive experience that can be used for gaming, entertainment, and educational purposes; It has the potential to revolutionize the way we interact with computers and simulate real-world scenarios; VR technology can be used for training purposes in various industries, which include healthcare, aerospace, and defence; In order to give a professional a realistic setting, it can also be utilized for branding.
A variety of facilities are offered by the Virtual Reality Market that can be utilised for training and simulation in a variety of industries. Market vendors of both hardware and software provide these services. Entertainment, training and simulation, healthcare, marketing and advertising, among other services, are some of the most in-demand ones.
Users of virtual reality (VR) technology can encounter and participate in a simulation reality. By 2029, the VR market is projected to be worth $227.68 billion, growing at a CAGR of approximately 45.5% over the forecast period. This growth can be attributed to the increasing demand for VR hardware, software, and applications from both consumer and commercial segments.
A variety of factors influence the VR market, but the most notable achievements are technological developments, rising VR hardware demand, rising major player investment, and rising VR application demand. The market for VR is expanding as a result of the increased popularity of gaming and entertainment as well as the increasing use of VR in healthcare.
One of the key difficulties impeding the expansion of the VR business is the high cost of VR equipment. Small enterprises and individual customers find it difficult to adopt VR technology because of the large initial investment costs involved. Another hurdle the VR business has is the lack of qualified individuals capable of creating content for VR devices. Nonetheless, due to the arrival of new companies in the market, it is anticipated that the availability of VR content will grow during the course of the projection year.
NVIDIA Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Facebook Technologies, LLC, Eon Reality, Inc. (US), HTC Corporation (Taiwan), Google LLC, Sony Corporation (Japan), Microsoft Corporation (US), BAE Systems plc (UK), and Eon Reality, Inc. include some of the key organizations involved in the virtual world industry (US). This study provides a comprehensive analysis of the VR market and forecasts the forthcoming trend. The report contains a thorough segmentation of the market, as well as information on important vendors, their products, and key application domains. The report also looks into the major possibilities, challenges, and restrictions in the VR market.
Recent Developments of the Global Virtual Reality Market
- Oculus and Lenovo will collaborate to develop the Oculus Quest, a new standalone VR headset that will be released in 2019. This partnership was first revealed in January 2019. This headset ought to be accessible in the spring of 2019.
- The PlayStation VR headset reached over 4 million worldwide sales, according to a February 2019 announcement from Sony.
- The Vive Cosmos VR headset, which HTC unveiled in March 2019 and is scheduled to go on sale in the second quarter of that year, is a new model.
- The Oculus Rift S, a new standalone VR headset being developed by Facebook, is scheduled to go on sale in the spring of 2019. Facebook first revealed this headset in April 2019.
- Google revealed that Daydream was now available in May 2019.
Virtual Reality Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||$227.68 billion|
|Growth Rate||CAGR of 45.5 % during 2022-2029|
|Segment Covered||Offering, Device Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||NVIDIA Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Facebook Technologies, LLC, Eon Reality, Inc. (US), HTC Corporation (Taiwan), Google LLC, Sony Corporation (Japan), Microsoft Corporation (US), BAE Systems plc (UK), and Eon Reality, Inc|
key segments of the Global Virtual Reality Market
Offering Overview, 2019-2029 (USD Billion)
Device Type Overview, 2019-2029 (USD Billion)
- Gesture-tracking Device (GTD)
- Head-mounted Display (HMD)
- Projectors & Display Wall (PDW)
Application Overview, 2019-2029 (USD Billion)
- Aerospace & Defense
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa