Middle East and Africa 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 (South Africa, UAE, Egypt, Saudi Arabia, Israel and Rest of Middle East and Africa) Industry Trends and Forecast to 2027
Virtual reality market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing at a CAGR of 43.2% in the forecast period of 2020 to 2027 and is expected to reach USD 15,967.58 million by 2027. Increasing use of virtual reality in entertainment industry is boosting the growth of the virtual reality market.
The growth of virtual reality market has been highly increased by the integration of technology into gaming industry. The gaming industry is using the virtual reality for providing enhanced experience to the customers. The virtual reality headsets and projectors have been provided with fully immersive 3D visions and experience acting as major factor for the growth of the virtual reality market. The complexities in user interface designing and integration of technologies in order to build an optimum virtual reality experience is acting as major restraining factor for the virtual reality market.
The increasing benefits provided by the virtual reality in healthcare industry being it for research purposes, for training or education, for treatment and others is acting as a major window of opportunity for virtual reality market. The designing gets even more challenging when simulation and hand gestures are integrated, it makes difficult for the user to adapt the complicated working of the system acting as a 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, impact of domestic and localised 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.
Virtual reality market is segmented on the basis of component, device type, technology and vertical. The growth among segments helps you analyse 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 2020, hardware segment holds the largest chunk of market share in the component segment as it requires high initial cost of the products, however, software segment is expected to grow at 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 2020, head-mounted displays segment dominates the device type segment and is expected to grow at higher rate, 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 2020, fully immersive segment holds the major market share in technology segment 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 2020, vertical segment is majorly shared by entertainment & media sector as virtual reality based devices are more suitable for gaming and entertainment purposes and is being widely adopted for entertainment purpose.
Virtual Reality Market Country Level Analysis
Virtual reality market is analysed and market size information is provided by country, component, device type, technology and vertical as referenced above.
The countries covered in the Middle East and Africa virtual reality market report are South Africa, UAE, Egypt, Saudi Arabia, Israel and rest of Middle East and Africa.
Israel is dominating in the Middle East and Africa virtual reality market due to increased partnership among the manufacturers and government bodies in order to increase the usage of advanced technologies in various industrial applications in the country.
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 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, presence and availability of regional brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Virtual Reality in the Virtual Reality Market
Middle East and Africa virtual reality market also provides you with detailed market analysis for every country growth in installed base of different kind of products for virtual reality market, impact of technology using life line curves and changes regulatory scenarios and their impact on the virtual reality market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Virtual Reality Market Share Analysis
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, regional presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, 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 virtual reality market.
The major players covered in the Middle East and Africa virtual reality market report are Sony Corporation, Lenovo, Autodesk Inc., Nintendo, Sixense Enterprises Inc., HTC Corporation, Google (a subsidiary of Alphabet Inc.), Barco, HP Development Company, L.P., Microsoft, SAMSUNG ELECTRONICS CO., LTD. among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of virtual reality market.
- In January 2018, Sony Corporation joined hands with Khalid to provide enhanced music experience through virtual reality technologies. Sony’s virtual reality technology created a space where sounds can virtually move around. The new collaboration increased the customer base of the company.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for virtual reality based products.
Customization Available: Middle East and Africa Virtual Reality Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.