Virtual Reality Market
Global Market Study on Virtual Reality: North America to Lead the Global Market in Terms of Revenue during 2017 - 2022
Virtual Reality Market Segmented By Sensors, Controllers and processors, Integrated Circuits, Virtual Reality Software Platform Component for Gaming, Surgery and Treatments, E-Learning, Vehicle Simulation
Virtual Reality (VR) is transforming the way we interact with the objects and environment around us. Increasing use and adoption of virtual reality in various sectors is driving the growth of the global virtual reality market. Virtual presents a 3D computer generated environment which a person can explore and interact with and the person becomes a part of the near-reality world.
Virtual reality is gaining popularity across various sectors such as healthcare, entertainment, real-estate, education, etc. VR is being used to provide training to doctors and employees to avoid any mistakes. Digital meetings and conferences in a real-time are becoming possible with VR. Virtual reality is making it more convenient for architects to evaluate designs and see how the structure will look in real.
Apart from sound and vision, companies are working on incorporating more senses in VR, to enhance the experience. VR is also expected to witness growth in e-commerce. E-commerce companies are moving towards adopting VR to enhance shopping experience. VR is also being adopted on a large scale in marketing. Brands are using VR to attract users to buy the product.
However, the high cost of VR devices remains the biggest factor hampering the growth of VR. Meanwhile, VR headsets that use wire for connectivity emerge as the obstacle in a natural movement. However, some of the major market players are working on wireless standalone VR headsets.
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- Sony Corporation
- HTC Corporation
- Google Inc.
- Microsoft Corporation
- Samsung Electronics
- Magic Leap, Inc
- Unity Technologies, Inc.
- Vuzix Corporation
- Eon Reality Inc
- Lumus Ltd
Sensors to Emerge as the Biggest Component in the Global Virtual Reality Market
Sensors are likely to emerge as one of the largest components during 2017-2022. By 2022 end, sensors are projected to surpass US$ 2,200 million revenue. Meanwhile, virtual reality software platform is also likely to witness healthy growth during 2017-2022.
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Virtual Reality likely to Find Largest Application in Gaming
Virtual reality is likely to find the largest application in gaming in the global market for virtual reality during the forecast period. Gaming is projected to reach nearly US$ 1,700 million revenue towards 2022 end. Meanwhile, surgery and treatments are also likely to see the rise in use of virtual reality during 2017-2022. Increasing number of health institutions and hospitals are using VR to train doctors and medical students to easily carry complex procedures and surgeries.
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Media & Entertainment to Account for Maximum Revenue Share
Compared to all the other industries such as healthcare, telecommunication, education, etc., media & entertainment is likely to emerge as the biggest industry in the global virtual reality market. By 2022 end, media & entertainment industry is projected to bring in nearly US$ 1,700 million revenue. Healthcare is also likely to witness robust growth during 2017-2022.
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North America to Emerge as the Biggest Market in the Global Virtual Reality Markey
Among various regions in the report, North America is likely to dominate the global market for virtual reality during 2017-2022. North America is projected to witness robust growth, surpassing US$ 2,200 million revenue. Meanwhile, Europe and Asia Pacific Excluding Japan (APEJ) are also likely to remain lucrative in the global market for virtual reality. Growth in IT infrastructure and the rise in penetration of smartphones is leading to the growth of virtual reality in North America. Extensive research and development activities and presence of key market players, especially in the U.S. are also contributing to the growth of VR in North America.
The report also provides information on some of the key market players in the global market for virtual reality such as Samsung Electronics Co Ltd, Sony Corporation, HTC Corporation, Microsoft Corp., Google Inc., Vuzix Corporation, Lumus Ltd, Magic Leap, Inc., Oculus VR, LLC, Eon Reality Inc., and Unity Technologies, Inc.
Global Virtual Reality Market: Segmentation