ID: MRFR/ICT/0411-CRR | April, 2018 | Region: Global | 100 pages | Cooked Research Reports
Global Virtual Reality Market, Component (Hardware, Software), Device Type (Head Mounted Displays, Gesture Tracking Devices), Technology (Semi-Immersive, Full-Immersive), Industry Vertical (Consumer Electronics, Aerospace & Defense) - Forecast till 2027
Synopsis of the Global Virtual Reality Market
Technology in the field of virtual reality is getting innovative, resulting in new virtual reality components. VR headsets which provide semi immersive technology will be replaced by entirely immersive technology-based products such as suits which allows haptic to full body. Fully Immersive virtual reality is the appearance of an artificial surrounding which replaces user’s real-world surroundings. Immersiveness is a significant component of virtual reality applications like VR gaming and VR therapy.
The virtual reality market is in its initial stage at present and is expected to show a tremendous growth rate during the forecast period. The market is majorly affected by increased digitization, enhancement, and integration with augmented reality and increased adoption of virtual reality in gaming and entertainment. The head-mounted displays are the key components that are supporting the market growth. Many developers are sticking to HMD technology since they do not require any other additional hardware for controlling. On the contrary side, the high costs of manufacturing due to SoC (System on Chip) integration is hampering the market growth. Manufacturers are working to cut down the costs by innovating new design patterns and new technologies for VR equipment.
5G technology will be a boost to mobile data performance which benefits the virtual reality. Industry experts consider that the onset of 5G technology will reveal the full potential of virtual reality. There will be a lot of data to be processed within the input mechanisms of VR. 5G faster speeds and lower latency helps in bridging the gap between the VR and speed data requirements. Technologists estimate that by implementing 5G in virtual reality helps in improving traffic capacity, network efficiency and decrease latency over 4G.
The global virtual reality market is expected to reach USD 101.2 Billion by 2027.
By component, the market was dominated by hardware in 2016. The software component is expected to show the highest growth rate.
By device type, the market was dominated by head-mounted displays in 2016. The gesture tracking device is expected to show the highest CAGR.
By technology, the market was dominated by fully immersive in 2016 and is also expected to show the highest CAGR.
By vertical, the market was dominated by consumer electronics in 2016 and is expected to show the highest CAGR.
Geographically, North America was dominating in 2016. Asia Pacific will show the highest growth rate
The global virtual reality market is classified into the component, device type, technology, vertical and region.
On the basis of the component the market is further classified into hardware and software.
On the basis of device type, the market is further classified into head-mounted displays, gesture tracking devices, projectors & display walls and 3D cameras.
On the basis of technology, the market is further classified into non-immersive, semi-immersive and full-immersive technologies.
On the basis of Vertical, the market is further segmented into consumer electronics, aerospace & Defense, healthcare, commercial, industrial and many more.
The global virtual reality market is studied in North America, Europe, Asia Pacific and Rest of the world
North America dominates the global virtual reality market with market share of USD 1 Billion in 2016 and is expected to continue through the forecast period. The presence of major technology giants and start-ups, wide adoption of virtual reality are promoting the market growth. However, Asia Pacific shows the major growth rate of CAGR 40% through the forecast period. The support from government bodies, various mergers and acquisition activities and the rise of technology start-ups are the major reasons for this steep growth in the region
The key players in the area of global virtual reality market are Microsoft Corporation (U.S.), Sony Corporation (Japan), Google LLC (U.S.), Qualcomm Technologies, Inc. (U.S.), Facebook Inc. (U.S.), Samsung Electronics (South Korea), Vuzix Corporation (U.S.), Sensics Inc. (U.S.), Eon Reality, Inc. (U.S.), Sixense Entertainment, Inc. (U.S.), Avegant Corporation (U.S.), among others
Major brands like Coca-Cola and McDonald’s started using VR to create marketing campaigns. McDonald’s released an application which can be usable through cardboard of happy meal boxes holding users smartphone thereby providing VR experience. Marriot hotels launched Teleported which is a Virtual Reality device capable of combining video, audio, and sensation to make the users transport to different destinations