Market Research Future (MRFR) recently published a market research on Virtual Reality which disclosed that the virtual reality market may have a compound annual growth rate of 37.4% from 2017-2027 globally. Market Research Future recently also found that the virtual reality market is expected to generate a revenue of over $100 billion by the end of 2027.
Virtual reality has ushered in a new age of immersive entertainment. Virtual reality is itself a market strategy, which attracts consumers, entertainment giants and their associated amusement parks use virtual reality to attract consumers by offering such experiences. Several market-leading players such as Microsoft, Google, and Facebook regularly conduct intense Research & Development activities to ease the use of these devices which provide an immersive experience for the consumers.
Virtual Reality requires System-on-chip(SOC) for proper function, for which manufacturing cost is very high and this poses a market challenge. Research and Development activities are important for cost-effective SOC integration over the years, which will reduce the manufacturing cost of VR headsets.
Eminent key players reported by MRFR are Samsung electronics, Facebook Inc, Google Inc, Microsoft Corporation, Vuzix Corporation, EON Reality, Qualcomm, Avegant Corporation, Sony Corporation, Sensics Inc, Sixence Entertainment and others.
The Global VR market is segmented to provide in-depth analysis of various factors. MRFR segmented the VR market on the basis of the component, device type, industry vertical and region.
By component, the market is segmented into hardware and software, where the hardware segment is in the lead. By devices, the market is segmented into gesture tracking devices, projectors, display walls, 3D Cameras, and head-mounted displays, where the gesture tracking device is growing at a fast pace due to its wide range of application. By technology, the market is segmented into immersive, semi-immersive, fully immersive, where the fully immersive is expected to grow at a fast pace. By industry verticals, the market is segmented into industrial, commercial, healthcare, aerospace & defense and consumer electronics, where consumer electronics is the most significant segment. Global assessment divides the market share into North America, Europe, Asia-Pacific, and Rest of the World.
Asia-Pacific region which holds one-third of the global market share is expected to display a swift growth. Other regions like India, China, and Japan may produce multiple opportunities for growth. The growing adoption of smartphones integrated with VR technology is expected to provide a high demand for VR technologies offering fully immersive experiences. North America has the most significant share of the global market and is expected to keep its leadership position throughout the period.