Virtual Reality for Consumer Market, by Component (Hardware, Software, Solutions), Technology (3D Audio, 3D Depth Sensors, 4K & 8K Video, Computer Vision), Stimulations (Gesture Control, Hand Tracking, Optical Tracking) - Forecast till 2027

Virtual Reality for Consumer Market Overview

According to the Virtual Reality for Consumer Market Report, the market will grow at a CAGR of 19%. It is projected that the Virtual Reality for Consumer Market will reach USD 4 Billion during the forecast period. The rising trends of advanced cloud systems and virtual reality are driving the market. Virtual reality helps to enhance the customer experience and cater to more revenue.  They help to save costs by allowing stimulating functions. Also, it helps to save customers time as they can switch between the simulated realities.

With faster service, it helps to make decisions faster and more efficiently. It will cut the expenditure on travel as well. Renowned companies are using the VR facility for broadcasting their events and reach more audiences. The investments will fuel the key players to experiment and enhance the experience further. It will also help to do advertising campaigns and gain a positive image for the company. This is why the market will experience enormous growth during the forecast period.

Different key players are promoting Market growth along with various supportive policies by the government. The Virtual Reality for Consumer Market is segmented into technology, deployment, component, applications, and regions. Improved technologies such as 4K, 3D, 8K, etc. are fuelling the demand for virtual reality. They provide high-definition graphics and enhanced audio quality as well.

It is projected that the North American region will hold the largest share of the Virtual Reality for Consumer Market. However, other regions such as the countries in the Asia-Pacific region will record rapid growth by the end of the forecast period. The impact of the coronavirus in 2020 was also huge on the Virtual Reality for Consumer Industry.

COVID-19 Analysis

The outbreak of COVID-19 disease had a drastic effect t upon several industrial sectors across the world. The huge shift towards the online platform due to the pandemic raised the demand for virtual reality to maintain authenticity and control the consumer base. This has increased the Virtual Reality for Consumer Market Growth which will continue further.

Virtual Reality for Consumer Market Dynamics

Drivers

The major driver of the Virtual Reality for Consumer Market Demand is the rising use of cloud platforms. It is observed that the use of advanced virtual reality systems will propel the market growth during the forecast period. Major companies such as Google LLC (U.S.) and Facebook (U.S.) are now focusing on the advancement of virtual reality to improve customer satisfaction.

Restraints

Several restraints are speculated that will hamper the Virtual Reality for Consumer Industry growth to some extent. It is because technological advancements will surge the costs required for further development. Also, the unavailability of skilled professionals will hinder the Virtual Reality for Consumer Market growth in the upcoming years. However, steps by the key players will help to sustain the graph in the upcoming years.

Opportunities

The growing digitalization and efforts by the industries to enhance customer experience are opening several opportunities. In the future, development in virtual reality will be beneficial for the gaming industry as well. Also, the investments and robust infrastructure will help to save time and effort with maximum benefits.

Challenges

Some challenges can obstruct the growth of Virtual Reality in the Consumer Industry. The development in virtual reality will require advanced systems and higher costs. It will be difficult to adjust the development and the leveraging costs required for the development. Hence, the industry will face challenges to maintain stability and growth.

Cumulative Analysis

The growing technological advancements and demand for virtual reality are the major driving factors of Virtual Reality for the Consumer Industry. The Compound Annual growth rate of the market is estimated to be at 19%. It is estimated that the Virtual Reality for Consumer Market value will reach up to USD 4 Billion during the forecast period 2017-2023.

Value Chain Analysis

The key players are developing and using strategies to improve their Virtual Reality for Consumer Market positions. As a result, the market value will eventually grow exponentially.  In the future, there will be a huge demand for augmented and virtual reality that will stimulate the overall experience and reach more audiences across the world.

Global Virtual Reality for Consumer Market 
Virtual Reality for Consumer Market Segmentations

The Virtual Reality for Consumer Market Size is segmented into technology, stimulation, component, and deployment. Based on stimulation, Virtual Reality for Consumer Industry is segmented into Hand Tracking, Positional Tracking, Gesture Control, Optical Tracking, and others

The Virtual Reality for Consumer Industry on the basis of components is divided into software, solutions, and hardware.  The hardware segment is further divided into VR accessories and head-mounted displays.

On the basis of technology, Virtual Reality for Consumer Industry is divided into 8K and 4K video, 3D depth sensors, 3D audio, computer vision, adaptive streaming, and others.

Regional Insights

Geographically, the Virtual Reality for Consumer Industry is divided into Asia-Pacific, North America, Europe, and the Rest of the World. It is projected that the North American region will dominate the market during the forecast period. The growing use of technology related to virtual reality such as frame tearing, eye tracking, and foveated rendering is largely used for enhancing the customer experience.

The European region holds the second position to hold a significant Virtual Reality for Consumer Market Share. One of the major drivers for the Virtual Reality for Consumer Market growth is the investments by the key players and the availability of skilled professionals. Hence, due to these reasons, the market will grow at a significant rate.

Countries in the Asia-Pacific region such as China, India, and Japan are propelling the market growth. It is anticipated that the Asia-Pacific region will record the highest CAGR during the forecast period. The rapid development and infrastructure by investors and key players are fuelling the market significantly.

Key Players and Market Share Insights

There are various key players in the market that are developing and enhancing their business portfolios. Some of the players like the Alibaba Group also a partnerships with other companies to increase their business revenue. Similarly, other strategies such as acquisitions, collaboration, and mergers, are used by the companies to enhance their brand image. Here is the list of major key players in the Virtual Reality (VR) the Consumer Market.

• Alibaba Group Holding Limited (China)


• Nvidia Corporation (U.S.)


• com, Inc. (U.S.)


• Bitmovin (Austria)


• Google LLC (U.S.)


• Leap Motion, Inc. (U.S.)


• nDreams, Ltd. (U.S.)


• Sony Corporation (Japan)


• Microsoft Corporation (U.S)


• Facebook, Inc. (U.S.)


• Binary VR Inc. (U.S.)


• Leap Motion, Inc. (U.S.)


• AltspaceVR (U.S.)


• HTC Corporation (Taiwan)


• NextVR, Inc. (U.S.)


• Pixvana, Inc. (U.S.)


• Nvidia Corporation (U.S.)

Industry Developments

In the year 2016, a renowned company called Alibaba Group Holding Limited announced its partnership with HTC Corporation. With this partnership, HTC aims to offer solutions for virtual reality for customers.                                                                                                                                                                                                                               

Virtual Reality for Consumer Market Report Overview       

The report on the Global Virtual Reality for Consumer Market is as follows-

• Overview of the Market


• COVID-19 Analysis


• Dynamics of the Market


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments of the key players

The scope of the report gives an insight into the Virtual Reality for Consumer Market Forecast. It gives information about the strength and growth of the market during the forecast period. The report contains information about restraints, opportunities, and challenges as well. It also gives subtle information about the key players in the market. The information in this report is collected from primary and secondary sources.

Virtual Reality for Consumer Market Segmentation

By Technology

• 3D Depth Sensors


• 8K and 4K video


• Computer Vision


• 3D Audio


• Adaptive Streaming

By Stimulation

• Hand Tracking


• Positional Tracking


• Gesture Control


• Optical Tracking


• Others

By Component

• Solutions


• Software


• Hardware


• VE accessories


• Head-mounted displays

By Region

• North America


• Asia-Pacific


• Europe


• Rest of the World