The gaming and entertainment sectors have been using HMD and so this sector is expected to drive virtual reality in retail market growth. Since the emergence of 3D and VR technologies, the gaming industry has been witnessing high growth. The use of HMDs in the gaming platform provides an immersive experience to its users and hence, the gaming industry went to a new level. HMD in the gaming sector has a high penetration rate. The people who are very much interested in gaming, prefer games with HMDs that can give them an enriching experience and full-time entertainment. Therefore, the use of HMD in the gaming and entertainment sector is considered the major driver in the retail market of virtual reality.
Virtual reality is also used in the field of Aerospace and Defense. This would help the people in simulation and training. The use of VR may help the users to improve the authority of developing accurate skills and also help in increasing knowledge retention. The training of the ground crew for the pre-flight check-ups and procedures for take-offs are done with the help of virtual reality. These usages in various fields increase the opportunity of the market of virtual reality.
Every VR-enabled device generates images from a static or a dynamic source. This is considered to be their basic function. Latency can because in the VR applications whenever there is a major imbalance in the processing speed of the data between the output or input devices and the microprocessor. Most of the users prefer the quality of the device based on the image the device displays. But if there is a delay in the display or projection, it decreases the overall quality of the device. Hence, this latency while displaying images can be a major factor for restraining the growth of virtual reality in retail market.
Most suppliers face a major challenge in delivering VRs which are user-friendly. A VR-enabled device is a combination of both hardware and software. A VR which is user-friendly helps the user to navigate easily and also helps to interact with various objects in the virtual environment. Developing a user-friendly VR is quite challenging for the suppliers because it is difficult to adjust the VR according to the needs of the user.
Virtual reality refers to a computer-based technology that joins together with various physical spaces to produce realistic images, sounds, and other features that inspires the presence of the user in an imaginary world. Virtual reality in retail refers to a form of application that is responsible for using a 3D artificial environment and also interacts with a 3D artificial environment while doing shopping or other retailing activities. The adoption of digital devices and globalization are the main factors that are responsible for driving the market of virtual reality.
The global virtual reality in retail market is growing rapidly and hence is expected to reach USD 19 billion by the end of the forecasted period (2030). The market will record its growth at a CAGR of 25% in the year 2030.
The sudden outbreak of the COVID-19 pandemic has led to an increase in the demand for a huge number of healthcare facilities for treating the patients who are infected with the coronavirus. The number of patients is constantly increasing at a rapid pace and so most countries are currently focusing on expanding the healthcare facilities. Governments are planning to implement more innovative techniques in order to improve the healthcare facilities provided to the patients. New setups might be implemented to stop the spread of the virus. The spread of COVID-19 may lead to an increase in the demand for more VR HMDs in the healthcare industry. Therefore, the outbreak of the pandemic has not let the market of virtual reality fall, instead helped in the growth of virtual reality in retail business.
Cumulative Growth Analysis There are various factors that are responsible for driving the market growth which is expected to reach a valuation of USD 20.9 billion during the forecasted period at a CAGR of 27.9%. The consumer application sector including the gaming and entertainment application is expected to witness huge growth in the coming years. Value Chain Analysis The value of virtual reality in retail market is expected to rise at a rapid pace during the forecast period due to the increased demand for VR in the gaming and entertainment sectors. Due to the COVID-19 pandemic, people are more involved in this sector for passing their time. The easy availability of VR devices at an affordable cost has been driving the market of virtual reality. Segment Overview Virtual reality in retail market is segmented into four broad categories. They are by type, by hardware, by software, and by application. Here is a list of the virtual reality in retail market segments along with their sub-segments. By Type,
- Window on World
- Mixed Reality
- Immersive System
By Software type,
Regional Analysis Geographically, the virtual reality in retail market size is divided into various regions which include North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. North America, among these regions, is accounted for holding the largest share in the virtual reality in retail market and is also considered as one of the leading players in the market. This region is known for the emergence of the e-commerce industries and for the advancements of 3D technologies. These are the reasons for driving the market in North America. The US, Canada, and Mexico are the top countries that are responsible for leading the region in the virtual reality market share. According to the virtual reality in retail market analysis, the Asia Pacific region is also estimated to show a specific increase and may also have the fastest growth in the market for its increasing demand of e-commerce industries and rise in the development of infrastructures. Competitive Landscape The global virtual reality in retail market consists of various companies that are extremely focused on launching advanced solutions in order to gain an advantage to stand out in the competition. Google, Microsoft, Oculus VR, and HTC Corporations are some of the most important key players of the VR market that are enhancing their product portfolio by implementing new innovative strategies. The companies are building a strategic partnership with other key players to attain a high growth rate in the forecasted period. List of Key Companies:
- Real Estate
- Google (US)
- Magic Leap (US)
- Marxent Labs LLC (US)
- Microsoft (US)
- Oculus VR (US)
- WorldViz (US)
- Firsthand Technology Inc. (US)
- HTC Corporation (Taiwan)
- Unity Technologies (US)
- Wevr (US)
Report Overview This report is based on a detailed qualitative and quantitative research analysis of virtual reality in retail industry. The growth of the market of virtual reality is outlined in this report along with the various factors that are responsible for affecting the growth which includes the drivers, opportunities, challenges, and restraints. It also provides a brief knowledge of the recent developments that took place in the market and the virtual reality in retail market trends. The impact of COVID-19 on the market, regional analysis, competitive analysis, and all other segments in which the market has been segmented are also covered in this virtual reality in retail market research report.
- Microsoft lends its hand in partnership with HP and Valve in March 2020. This partnership aimed to introduce a new VR headset that will provide the customers with a more comfortable and impressive virtual reality experience.
- In December 2019, a hand-tracking feature was launched by Oculus in its Oculus Quest standalone VR headset. The company merged this feature with the latest Quest v12 software update of Facebook.
- A patent was being filed by Microsoft on the vibrating floor mat for VR in the year 2019. This patent was for the VR gaming space as it appeared to show that the mat will double as a boundary.
- Historic Period: 2016-2019
- Base Year: 2019
- Forecast Period: 2020-2023
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- North America
- Asia Pacific
- Latin America
- The Middle East and Africa (MEA)
Frequently Asked Questions (FAQ) :
The major factors boosting the data center life cycle services market are directed towards the reduction of costs by excluding manual checks of servers and other data center assets.
North America, Europe, Asia, and the Rest of the World (ROW) are the critical regions involved in the regional study of the market.
HP (U.S.), IBM Corporation (U.S.), Schneider Electric (France), Nlyte Software (U.S.) and Vertiv (U.S.) are the companies investing in the market share in a more substantial way.
North America is accounted for having the largest share of the market.
The essential factor for North America’s growth in the data center life cycle services market is attributed to the emergence of e-commerce and advanced 3D technology.