ID: MRFR/SEM/3334-HCR | February 2023 | Region: Global | 100 Pages
Virtual Reality Consumer Market is exhibiting a CAGR of 19% in the forecast period of 2020-2027 and reach USD 4 Billion by 2027.
$$ 4 Billion
19%%
North America
2027
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. Â 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.                                                                                                               Â
The report on the Global Virtual Reality for Consumer Market is as follows-
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
By Stimulation
By Component
By Region
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Report Attribute/Metric | Details |
---|---|
Market Size | USD 4 billion |
CAGR | 19% |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component,Technology, Stimulations |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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.) |
Key Market Opportunities | Development in virtual reality will be beneficial for the gaming industries |
Key Market Drivers |
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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).