Asia-Pacific Virtual Reality Market, By Component (Hardware and Software), Device Type (Head-Mounted Displays, Projectors & Display Walls and Gesture-Tracking Devices), Technology (Fully Immersive, Non-Immersive and Semi Immersive), Vertical (Entertainment & Media, Healthcare, Industrial, Commercial, Aerospace & Defense, Automotive, Education and Others), Country (Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Taiwan and Rest of Asia-Pacific) Industry Trends and Forecast to 2028.
Virtual reality market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 51.4% in the forecast period of 2021 to 2028 and is expected to reach USD 244,871.20 million by 2028. The increasing penetration of internet services is boosting the growth of the market.
Virtual reality can be defined as a technology that creates a simulated environment through the use of computer technology. Virtual reality provides an immersed 3D environment to the user by simulating various senses such as vision, touch, hearing, and even smell. Virtual reality uses devices such as head-mounted displays, projectors, and display walls for generating realistic visuals and sounds for providing the experience of the real world in the virtual environment. The person using virtual reality can look around the artificial world in 360 degrees and even sense the virtual environment with highly advanced gears. This technology is being widely used in various industrial applications, especially for training and research purposes. The defense and aerospace industry uses it for training the army personnel by providing various environmental conditions, this aids in reducing the overall cost of the training. The gaming sector is providing virtual reality directly to the users by enhancing their gaming experience; people are getting more accustomed to virtual reality through the experience in the gaming and entertainment industry.
The increasing demand for VR technology due to the COVID pandemic and the increasing interest of large technology corporations acts as a major driving factor to the virtual reality market. On the other hand, the lack of effective in-user experience design and the health concern among the users is the major restraining factor to the virtual reality market.
The increased deployment of VR technology in aerospace and defense and in the architecture and planning sector and the increased penetration of VR in the healthcare industry may act as the major window of opportunity for the virtual reality market. However, the emerging risks and threats to data integrity and the developing user-friendly VR systems may act as the major challenge for the growth of the virtual reality market.
This virtual reality market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief. Our team will help you create a revenue impact solution to achieve your desired goal.
The virtual reality market is segmented on the basis of component, device type, technology, and vertical. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the virtual reality market is segmented into hardware and software. In 2021, the hardware segment is expected to dominate the Asia-pacific virtual reality market due to the high availability of the products. However, the software segment is expected to grow at a higher rate considering VR content creators are increasing worldwide, and prices of hardware are dropping.
- On the basis of device type, the virtual reality market is segmented into head-mounted displays, projectors & display walls, and gesture-tracking devices. In 2021, the head-mounted displays segment is expected to dominate the Asia-pacific virtual reality market in the device type segment and is expected to grow at a higher rate as head-mounted displays are used in the gaming and entertainment industry, and the high adaptability of the systems has routed to the market growth.
- On the basis of technology, the virtual reality market is segmented into fully immersive, non-immersive, and semi-immersive. In 2021, the fully immersive segment is expected to dominate the Asia-pacific virtual reality market in the technology segment and is expected to grow at the highest rate, considering the accuracy of the systems and the level of adaptability of the systems with the customers.
- On the basis of vertical, the virtual reality market is segmented into entertainment & media, healthcare, industrial, commercial, aerospace & defense, automotive, education, and others. In 2021, the entertainment & media sector is expected to dominate the Asia-pacific virtual reality market as virtual reality-based devices are used in gaming and entertainment, and the compatibility of the systems has boosted the market.
Asia-Pacific Virtual Reality Market Country Level Analysis
The virtual reality market is segmented on the basis of component, device type, technology, and vertical.
The countries covered in the Asia-Pacific virtual reality market report are Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Taiwan, and the rest of Asia-pacific.
China is expected to dominate the virtual reality market in the Asia-Pacific region due to the growth of high technological advancement in the region and increased partnership among the manufacturers to enhance the business in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Virtual Reality
The virtual reality market also provides you with detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in virtual reality, and changes in regulatory scenarios with their support for the virtual reality market. The data is available for the historical period 2011 to 2019.
Competitive Landscape and Virtual Reality Market Share Analysis
The virtual reality market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies' focus related to the Asia-Pacific virtual reality market.
The major players covered in the report are Sony Corporation, Lenovo, Autodesk Inc., Nintendo, Psious, WorldViz, Inc., Firsthand Technology Inc., Sixense Enterprises Inc., HTC Corporation, FOVE, Inc., Ultraleap Limited, Google (A Subsidiary of Alphabet Inc.), Qualcomm Technologies, Inc., Barco, HP Development Company, LP, Microsoft, SAMSUNG ELECTRONICS CO., LTD., Facebook Technologies, LLC. (A subsidiary of Facebook Inc.), LG Electronics, SKONEC ENTERTAINMENT Co, Ltd, bHaptics Inc. FXGear Inc., Innosimualtion, and Virtuix, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately. Many product developments are also initiated by companies worldwide which are also accelerating the growth of the virtual reality market.
- In May 2020, HP Development Company, LP announced the launch of its new virtual reality (VR) headset HP Reverb G2. The new product is launched in collaboration with Microsoft and Valve and offers spatial 3D audio, inside-out tracking, cutting-edge optics, and plug-and-play support for Windows. The new product increased the product portfolio of the company
- In July 2019, HTC Corporation announced the launch of its new business division VIVE Enterprise Solutions. The new division is equipped with extended reality (XR) solutions for enterprises and developers globally. The new division increased the product portfolio of the company
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also provides the benefit for an organization to improve their offering for virtual reality-based products.
Customization Available: Asia-Pacific Virtual Reality Market
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