Europe 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 (Germany, France, U.K., Switzerland, Italy, Russia, Spain, Netherlands, Belgium, Turkey and Rest of Europe) Industry Trends and Forecast to 2028.
Europe 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 at a CAGR of 47.2% in the forecast period of 2021 to 2028 and is expected to reach USD 92,119.06 million by 2028. Virtual reality is being widely used in various industrial applications, especially for training and research purposes, acting as a major factor for 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 growth of the virtual reality market has been highly increased by the integration of technology into the gaming industry. The gaming industry is using virtual reality to provide an enhanced experience to customers. The virtual reality headsets and projectors have been provided with fully immersive 3D visions and experiences, which are expected to act as a major driver for the growth of the virtual reality market. However, the complexities in user interface designing and integration of technologies in order to build an optimum virtual reality experience are acting as a major restraining factor for the virtual reality market.
The defense and aerospace industry uses virtual reality for training the army personals by providing various environmental conditions, this aids in reducing the overall cost of the training. The army personals can experience parachute jumping, submarine conditions, aircraft simulations, and combat scenarios without any loss of life and property through virtual reality. The growth in the use of virtual reality in defense is acting as a major factor for the growth of the market in the region.
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 virtual reality market scenario, contact Data Bridge Market Research 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 Europe virtual reality market in the component segment due to the high availability of the products. However, the software 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 Europe virtual reality market as head-mounted displays are majorly used by gamers worldwide in order to experience real-time gaming with detailed graphics experience.
- 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 Europe virtual reality market and is expected to grow at the highest rate considering its compatibility with head-mounted displays, which are widely preferred by gaming enthusiasts.
- 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 Europe virtual reality market as virtual reality-based devices are more suitable for gaming and entertainment purposes and are being widely adopted for entertainment purposes.
Europe 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 virtual reality market report are Germany, France, U.K, Switzerland, Italy, Russia, Spain, Netherlands, Belgium, Turkey, and the rest of Europe.
Germany is expected to dominate the European region for the virtual reality market as digitization is increasing, and the education sector is using advanced virtual reality technologies for better learning.
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 Europe virtual reality market competitive landscape provides details by the 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 Europe 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.
Many product developments are also initiated by companies worldwide which are also accelerating the growth of the virtual reality market.
- In June 2020, Lenovo announced the launch of the Mirage VR S3 Standalone Headset at the VR/AR Global Summit Online Conference. The new VR S3 headsets offer 4K display visuals, hygienic faceplates, and hands-free control that are easy to control. The new product increased the product portfolio of the company
- In April 2020, Psious announced the launch of Psious@home as a virtual reality-based teletherapy solution. The new solution allowed the therapists to conduct the therapy sessions remotely by using virtual environments. The new product increased the product portfolio and customer base 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 the organization to improve their offering for virtual reality-based products.
Customization Available: Europe Virtual Reality Market
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