The market for virtual reality (VR) expected to reach USD 101.2 trillion at 2027
Overview of the Virtual Reality Global Market
Virtual reality (VR) is an artificially simulated space in which players can use devices such as gloves or headsets to explore and interact in an environment. The major growth engine dominating the industry is the need for users to have interactive and immersive experiences. According to the latest Market Research Future (MRFR) report, the global market for virtual reality will increase to USD 101.2 billion by 2027, growing at a high CAGR of 37.4% during the forecast period (2017-2027). In headsets and displays for playing games and improving education, VR has made significant advances.
I estimate it that the wide adoption of VR in the education, healthcare, and gaming sectors will boost global market demand in the coming years. The technology used by amusement parks to engage audiences and fulfill their entertainment quotient. A novel opportunity for players is the enormous need for simulation tools to promote interactive learning and speed up learning rates among students. Virtual reality, on the healthcare side, can help surgeons and doctors perform complex surgeries and improve patient outcome rates. 5G integration and advances in VR can facilitate growth in the market.
The emergence of Sector 4.0 and rapid industrialization bound to be profitable opportunities for manufacturers of VR headsets. The dependence on automation and connectivity of machines with Internet-supported systems can strengthen global market demand. Industrial maintenance and training of personnel can drive the need for simulated training to ensure constant productivity. Virtual training environments can make it possible for trainees to familiarize themselves with plant operations and to connect with new-age workers. But the growth of the global virtual reality (VR) market can be restricted by the high production costs of SoC and its development.
The COVID-19 pandemic stopped all major sectors from producing. Development and innovation laboratories, however, were unaffected because remote work allowed teams to collaborate and develop current software. Virtual reality has provided an escape for customers through realistic games and immersive experiences. Some businesses are capitalizing on the pandemic to offer cost-effective prices for virtual tours of places. VR integration into mixed reality is likely in the coming years to be lucrative for VR developers. Despite the pandemic, the emergence of start-ups and constant funding for the development of workable VR applications is likely to continue.
Trends in Industry:
In the coming years, virtual reality is likely to revolutionize the means of communication. Using VR platforms can be efficient in communicating messages and highly productive during meetings to show data in 3D form. A prime example of upcoming changes in communication in the coming years is the Virtual Reality Network Visualizer developed at the Institute for Manufacturing at the University of Cambridge to access the supply chain network of a company using VR headsets.
I segment the virtual reality market into hardware and software because of components. As VR-based headsets are continually developed and displayed for testing, they bound the hardware segment to gain market leadership. Over the forecast period, the rollout of commercial head-mounted displays may drive the growth of the segment.
I divide the VR market into projectors and display walls, gesture tracking equipment, head-mounted displays (HMD), and 3D cameras by device type. Because of investments by prominent companies, I consider the HMD segment to gain the greatest market share.
They segment it into fully immersive, semi-immersive, and non-immersive through technology. Because of the enormous demand for immersive and interactive experiences, I expect the fully immersive technology to exhibit 39.84 percent CAGR over the forecast period.
Industrial, commercial, healthcare, consumer electronics, aerospace & defense, and others are vertical-wise segmented into the virtual reality market. Because of the development of virtual screens via headsets, I expect the consumer electronics sector to lead to market revenues over the forecast period. It is likely that smartphone adoption will speed up integrating VR into consumer electronic devices.
Segmentation of regions:
The geographical mapping of the market for virtual reality encompasses the Americas, Europe, Asia Pacific (APAC) and the rest of the world (RoW).
Because of the massive development of HMDs and consumer electronic devices supporting the technology, we estimate North America to be leading the Global VR industry. Because of the adoption of the latest communication networking technologies, it can exhibit 36.78 percent CAGR over the evaluation period. Product management and industrial design can speed up VR's adoption as businesses plan rapidly upskill employees. For players developing virtual reality experiences, the establishment of VR-based games and entertainment avenues may be appropriate.
Because of the reliance on VR to appeal to consumers who change tastes and behavior, they promote APAC to generate revenues at a rapid pace. Brands like Marriott International and McDonald's use of technology to gain social media followers and build their reputation to the fullest. Introducing 5G in selected countries and the approval of media content creation can significantly boost its development and provide VR opportunities to flourish.
Browse Adjacent Markets: Research Reports & Consulting in the Technology Market.
As players aim to emerge as the sole VR platform and equipment manufacturer, the virtual reality market is experiencing expansions, collaborations, mergers, and acquisitions. The major aim of key players operating in the market seems to be to expand VR applications beyond entertainment and gaming. Opportunities for VR developers can be a digital transformation of organizations as automation adoption and industry 4.0 take center stage.
The key players taking part in the market are:
Inc. of Sensics.
Technologies Inc. of Qualcomm.
Inc. of Facebook.
Reality Inc. of Eon.
Corporation of Microsoft
Inc. of Sixense Entertainment.
Electronics by Samsung
News from Industry:
Apple Corporation is currently developing a headset for virtual reality aimed at being used in upcoming applications for augmented reality. I intend the unnamed product to be a strong competitor to the Playstation VR headset and Sony's Oculus headset.
Market Research Report for Global Virtual Reality Content Creation: By Content Type (Videos, 360-degree pictures and games), By Component (Software and Services), By End User (Real Estate, Travel & Hospitality, Media & Entertainment, Healthcare, Gaming, Automotive and Others), By Region (North America, Europe, Middle East & Africa, South America)
In the Aviation Market Research Report, Global Augmented Reality and Virtual Reality (AR/VR): Information by Technology (Augmented Reality and Virtual Reality), Function (Training and Operations), Product (Head-Mounted Displays, Head-Up Displays, Handheld Devices and Gesture-Tracking Devices), Component (Hardware and Software), Onboard and On-Ground Application, Vertical (Civil and Military) and Regi
Retail Virtual Reality, Hardware (Headsets, Devices, Glasses, Gloves), Compatibility with Software (Smartphones, Consoles, Others), Type (Mixed Reality, Immersive Systems, Windows on World)
Virtual Reality Market Global E-Learning, By Component (Hardware, Software), By Technology (Non-Immersive, Fully Immersive), By Application (Academic)
Global Virtual Reality (VR) Market Headsets, by Component (Controller, Head mounted display), by Type (Handheld, PC connection, Smartphone enabled), by Application (Automobile, Healthcare, Consumer electronics, Gaming Industry)
Hardware (Headsets, Devices, Glasses, Gloves), Software, Compatibility, Global Virtual Reality in the Gaming Market (MMOs, Smartphones, Casual Web games, Console)
Consumer Market Global Virtual Reality, by Component (Hardware, Software, Solutions), Technology (3D Audio, 3D Depth Sensors, 4K & 8K Video, Computer Vision), Stimulation (Gesture Control, Hand Tracking, Optical Tracking)
In the therapy market, Global Virtual Reality, By Device (Head mount, Gesture Control), By Technology (Non-Immersive, Fully Immersive), By Application (Phobia Treatment, Robotic Surgery)
Fellow Amit Caesar Specialist in Virtual Reality, Augmented and Artificial Intelligence 2021, has written a book about his experience with virtual reality, augmented and artificial intelligence.
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