Global virtual reality (VR) market size is expected to reach USD 43.01 Billion at a steady CAGR of 27.5% in 2028, according to latest analysis by Emergen Research. Virtual reality technology and solutions demand is increasing due to surge in usage of head-mounted displays in gaming and entertainment, as well as in the retail sector, which is expected to continue to drive market revenue growth going ahead. Virtual reality provides various benefits such as it allows users to immerse themselves in video games as one of the characters, learn to perform heart surgery virtually, and also enhances the quality of sports training to maximize performance.
The report considers the COVID-19 pandemic as one of the key influencing factors of the Virtual Reality market. The report discusses in detail the positive and negative impact of the pandemic on the Virtual Reality industry. The supply chain disruptions and economic volatility have altered the dynamics of the Virtual Reality industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Some Key Highlights from the Report
- In March 2021, Square Yards, which is a brokerage firm, acquired PropVR, which is an AI-based platform specializing in developing digital property experiences using 3D technologies, augmented reality, and virtual reality. PropVR converts physical space or floor plan into an interactive 3D walkthrough. Square Yards covers the entire real-estate journey from search & discovery, mortgages, transactions, rentals, interiors, property management, and post-sales services.
- Gesture tracking devices provide real-time data to computers to fulfil the user’s commands. Gesture recognition also offers better ergonomics for consumer devices. Motion sensors can track and interpret gestures, and use them as a primary source of data input. Moreover, rise in use of biometric systems in various fields of people’s lives, from home and cars, to shops, is also driving demand for these devices.
- Virtual reality proved to be a game changer in the gaming sector as it boosts user experience. VR provides gamers with attractive virtual objects, and provides them ability to invite players into the game in the real-time. Broadcasters are also streaming live games in virtual reality and planning to sell virtual tickets to live games in the future so that anybody from any part of the world can watch the event. It will enable those fans who cannot afford to travel to the event, to be included remotely.
The Virtual Reality research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Virtual Reality report are:
Microsoft, Samsung Electronics, Google, Eon Reality, Sony, Mindmaze, Panasonic Corporation, HTC, Firsthand Technology, and Cyberglove Systems.
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On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
Emergen Research has segmented the global virtual reality market on the basis of offering, technology, device type, application, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Displays and Projectors
- Position Trackers
- Semiconductor Components
- Others (Computer/video generator and combiner)
- Cloud-Based Services
- Software Development Kits
- VR Content Creation
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Semi and Fully Immersive
- Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Head-Mounted Displays
- Projectors and Display Walls
- Gesture-Tracking Devices
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Gaming and Entertainment
- Education and Training
- Retail and Ecommerce
- Travel and Tourism
- Patient Care Management
- Pharmacy Management
- Fitness Management
- Medical Training and Education
- Aerospace & Defense
- Geospatial Mining
- Real Estate (Architecture and Building Design)
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The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Virtual Reality market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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