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Virtual Reality For Consumer Market Research Report- Global Forecast  till 2027

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

ID: MRFR/SEM/3334-HCR | February 2021 | Region: Global | 100 pages

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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 more revenue.  They help to save the cists by allowing stimulating functions. Also, it helps to save customer’s time as they can switch among the simulated realities.


With faster service, it helps to make decisions faster and efficiently. It will cut the expenditure for 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 the Virtual Reality for Consumer 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 in 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 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 market growth during the forecast period. Major companies such as Google LLC (U.S.) and Facebook (U.S) are now focusing upon the advancement of virtual reality to improve customer satisfaction.


Restraints


Several restraints are speculated that will hamper the Virtual Reality for Consumer Market growth to some extent. It is because the 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 industries 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 for 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 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


Virtual Reality for Consumer Market Segmentations


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


Virtual Reality for Consumer Market Regional Analysis


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, 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.


Virtual Reality for Consumer Market Competitive Landscape


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


Recent 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 of 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, 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



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Frequently Asked Questions (FAQ) :

The virtual reality for consumer market is predicted to grow at a 19% CAGR between 2017- 2023.

The virtual reality for consumer market is predicted to reach USD 4 billion by 2023.

North America will lead the virtual reality for consumer market.

Rising adoption for advanced cloud and next generation of virtual reality are driving the virtual reality for consumer market growth.

Notable players profiled in the virtual reality for consumer market include HTC Corporation (Taiwan), Google LLC (U.S.), Facebook Inc. (U.S.), Amazon, Inc. (U.S.), and Alibaba Group Holding Limited (China).