Global 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) – Industry Trends and Forecast to 2029.
Virtual Reality Market Analysis and Size
The fast-growing phenomenon of virtual shopping is generating business opportunities for firms in the virtual and augmented reality industries. People can shop for things and see how they appear in their homes with the use of AR systems. Manufacturers in the virtual and augmented reality space must, however, take into account trade and travel limitations in nations like Canada, India, Germany, and Brazil that have been affected by the third wave of the coronavirus.
Global virtual reality market was valued at USD 16.73 billion in 2021 and is expected to reach USD 143.86 billion by 2029, registering a CAGR of 30.86% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Virtual Reality Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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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)
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Countries Covered
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U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
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Market Players Covered
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Axis Communications AB (Sweden), Johnson Controls (Ireland), Sony Corporation (Japan), Avigilon Corporation (Canada), Panasonic Corporation (Japan), SAMSUNG (U.S.), Arcules, Inc. (U.S.), Google, LLC (U.S.), Microsoft (U.S.), HTC Corporation (Taiwan), Oculus (U.S.), EON Reality. (U.S.), Vuzix (U.S.), CyberGlove Systems Inc. (U.S.), Ultraleap, Inc. (U.S.), and Sixense Enterprises Inc (U.S.) among many others.
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Market Opportunities
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Market Definition
The term "virtual reality" refers to a technique that uses computers to generate a simulated environment. Virtual reality simulates a variety of sensations, including vision, touch, hearing, and even smell, to provide the viewer a fully immersive 3D experience. Realistic audio and graphics are provided via virtual reality to enhance the experience.
Virtual Reality Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Adoption of advanced technologies
According to 2020 data from a national survey, 90% of instructors concur that using AR/VR technology to create tailored and differentiating experiences for students is a viable strategy. The market prognosis for virtual classrooms is also projected to change as a result of the increasing use of AR and VR technology in corporate learning and development. This will bolster the market growth rate.
- Opportunities presented by head mount displays in APAC region
The gaming and entertainment industries have seen significant adoption of HMDs. With the advent of VR and 3D technology, the gaming business has undergone technical development. The usage of HMDs has improved the user experience and elevated gaming to a new level by enabling a fully immersive environment. The seamless transition made possible by the usage of VR HMDs has given users a special, improved experience.
Furthermore, the factors such as rising urbanization, industrialization and mounting awareness regarding the importance of education in the backward regions are some other important market drivers. Additionally, growing support by the government on the promotion of the technology and solutions and increasing per capita income are anticipated to drive the growth rate of the market.
Opportunities
- Growth and expansion
Growth and expansion of education industry especially in the developing economies will present very many opportunities for the growth of the market. Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. Rising number of end users on daily basis, both at large and small scale and complete digitization of operations will also work in favor of the market.
Restraints/Challenges
- Developing user friendly VRs
An intuitive virtual environment makes it simple for a user to move around and interact with the objects there. A combination of hardware and software makes up the VR system. Through a variety of sensors, VR devices track a user's movements and present them on the virtual screen. Because the virtual information displayed must satiate the user's needs, creating VR software and virtual content is a difficult challenge for developers.
- Lack of technical expertise
Dearth of expert knowledge and technical expertise and lack of awareness especially in the underdeveloped economies will create hurdles for the market in regards to the smooth growth in the market value. Additionally, dearth of technologically advanced infrastructure in the underdeveloped territories will further derail the market growth rate.
This virtual reality market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the virtual reality market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Virtual Reality Market
One of the major cross-disciplinary technological advances is virtual reality (VR), which combines computer, multiple sensors, graphic pictures, communication, measurement, and control multimedia, artificial intelligence, and other technologies. The coronavirus pandemic has had a favorable effect on the market share for virtual reality. Travelers felt deprived when the pandemic struck and travel came to an abrupt end. However, a number of VR service providers have entered the market with affordable and entertaining offerings, including Amazon Explore and a new virtual reality service from Airbnb. Two-way video and emerging communication technologies will dominate social media in 2020. The COVID 19 has sped up innovation in numerous VR and virtual travel businesses that have previously been offering 360 technology and immersive experiences to consider how to do it on a much greater scale.
Recent Developments
- A new VR headset that offers customers a more immersive and pleasant VR experience will be released in the market in March 2020 thanks to a partnership between Microsoft, HP, and Valve.
- Microsoft intends to submit a patent application in October 2019 for a vibrating floor mat for virtual reality. According to the patent, the mat will also serve as a partition for the VR game area.
- The hand-tracking function was included to Oculus's Oculus Quest standalone virtual reality headset in December 2019. The capability will be included in the most recent Quest v12 software update from Facebook.
Virtual Reality Market Scope
The virtual reality market is segmented on the basis of component, device type, technology and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Sensors
- Semiconductor Components
- Displays and Projectors
- Position Trackers
- Cameras
- Others
- Computer/video generator
- Combiner
- Software
- Software Development Kits
- Cloud-Based Services
- VR Content Creation
Device Type
- Head-Mounted Displays
- Projectors & Display Walls
- Gesture-Tracking Devices
Technology
- Fully Immersive
- Non-Immersive
- Semi Immersive
Vertical
- Entertainment & Media
- Healthcare
- Surgery
- Patient Care Management
- Fitness Management
- Pharmacy Management
- Medical Training and Education
- Industrial
- Commercial
- Retail and Ecommerce
- Education and Training
- Travel and Tourism
- Advertising
- Aerospace & Defense
- Automotive
- Education
- Others
- Real estate
- Geospatial mining
Virtual Reality Market Regional Analysis/Insights
The virtual reality market is analyzed and market size insights and trends are provided by country, component, device type, technology and vertical as referenced above.
The countries covered in the virtual reality market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America is flourishing its dominance in the global virtual reality market due to factors the ageing infrastructure, and growing adoption and deployment of virtual public health veterinary training courses. Additionally, presence of major players in this region such as Apple, Inc.; Microsoft; Magic Leap; and Google LLC is also bolstering the growth of the market.
Over the forecast period, Asia-Pacific is anticipated to have the greatest CAGR. The growth of the region is attributed to the increasing adoption of augmented and virtual reality technologies in APAC nations. In order to encourage economic growth, many nations, notably China, India, and others, are increasing their investments in infrastructure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the 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, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Virtual Reality Market Share Analysis
The virtual reality market competitive landscape provides details by 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, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to virtual reality market.
Some of the major players operating in the virtual reality market are
- Axis Communications AB (Sweden)
- Johnson Controls (Ireland)
- Sony Corporation (Japan)
- Avigilon Corporation (Canada)
- Panasonic Corporation (Japan)
- SAMSUNG (U.S.)
- Arcules, Inc. (U.S.)
- Google, LLC (U.S.)
- Microsoft (U.S.)
- HTC Corporation (Taiwan)
- Oculus (U.S.)
- EON Reality. (U.S.)
- Vuzix (U.S.)
- CyberGlove Systems Inc. (U.S.)
- Ultraleap, Inc. (U.S.)
- Sixense Enterprises Inc (U.S.)
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