Virtual Reality (VR) Market Revenue US $100 Bn by 2027 Growing Exceptionally at 37.4% CAGR: Market Research Future

Global Virtual Reality Market, Component (Hardware, Software), Device Type (Head Mounted Displays, Gesture Tracking Devices), Technology (Semi-Immersive, Full-Immersive), Industry Vertical (Consumer Electronics, Aerospace & Defense) - Forecast till 2027

Pune, India, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Market Research Future has recently completed and published a thorough market study on virtual reality which reveals that the global virtual reality market is expected to achieve a healthy CAGR of 37.4% (2017 - 2027). MRFR has additionally found that the market is expected to generate revenue which exceeds USD 100 Bn by the end of 2027.

VR Market Overview

The use of virtual reality has ushered in a new age of immersive entertainment which has led to the creating of novel experiences, thus attracting customers. VR itself is being implemented as a market strategy which attracts consumers, entertainment giants and their associated amusement parks have adopted virtual reality in their attractions in an effort to offer such experiences to consumers. Market Research Future has recently published an intensive market study on virtual reality which reveals that the global virtual reality market is expected to achieve a noteworthy CAGR of 37.4% during the forecast period of 2017 to 2027. MRFR has additionally found that the market is expected to generate revenue which exceeds USD 100 Bn by the end of 2027. Several market-leading players such as Microsoft, Facebook and Google actively conduct extensive research & development activities to produce comfortable devices which offer advanced immersive experiences to customers. These players are also working toward integration of AR & VR for various applications.

VR devices depend on System-on-a-chip (SoC) integration for proper function, for which the manufacturing cost is quite high and acts as a market challenge. However, with advancements in technology, there has been the development of fully immersive technology. Moreover, R&D activities are vital in developing cost-effective VR & SoC integration in manufacturing and are likely to produce various opportunities over the coming years.

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Key Players

MRFR's market report on virtual reality offers extensive analysis of leading market players and their market strategies. Eminent market players covered in the report include Samsung Electronics, Facebook Inc., Google Inc., Microsoft Corporation, Vuzix Corporation, EON Reality, Qualcomm, Avegant Corporation, Sony Corporation, Sensics Inc., Sixense Entertainment, and others. Development of VR devices with multiple applications, expansions, mergers & acquisitions, and investments are some of the market strategies used by these players to strengthen their market position.

Market Segmentation

The global VR Market has been segmented to provide an in-depth analysis of several important factors of the market. MRFR has segmented the market on the basis of factors which include component, device type, technology, industry vertical, and region. By component, the market is segmented into hardware and software. Demand for head-mounted display (HMD) devices has grown significantly due to the drop-in prices, thus catapulting the hardware segment into leading position.

By device type, the market is segmented into gesture tracking devices, projectors & display walls, 3D cameras, and head-mounted displays (HMD).  The HMD segment led the market with a majority share and is expected to maintain its leading position over the forecast period. Meanwhile, the gesture tracking devices segment is growing at a swift pace due to its broad scope for applications in the defense, and design sectors.

By technology, the market is segmented into fully immersive, semi-immersive, and non-immersive. The fully immersive segment is anticipated to experience an upsurge in demand and display an impressive CAGR of 39.84% during the assessment period.

By industry verticals, the market is segmented into industrial, commercial, healthcare, aerospace & defense, consumer electronics, and others. Presently consumer electronics is the most significant segment in the market due to the global penetration of smartphones. Moreover, VR supportive graphics cards and sensors are easily available, and the increasing sales of such items has led to the segments top position in terms of market share. Global assessment of the market divides it into North America, Europe, Asia-Pacific, and the Rest of the World.

Increasing Use of VR in Advertising to Set off Robust Growth for APAC

Asia-Pacific (APAC), is anticipated to display swift growth during the forecast period. With a market share close to one-third of the total global market, countries such as Japan, India, and China are expected to produce multiple opportunities for growth. The increasing adoption of smartphones which are integrated with VR technology is expected result in high demand for advanced VR technologies which offer fully immersive experiences. Several leading market players are present in the region and conduct extensive R&D activities to expand the scope of applications for VR. Companies such as Samsung and LG have integrated VR technology in their smartphones and also over consumer-ready HMD devices.

Meanwhile, North America possesses the most significant share of the global market and is expected to maintain its leadership position through the review period. There is a strong presence of several key players in the region who are contributing to technological advancements via heavy investments in R&D activities. Moreover, the region has an affinity for the rapid adoption of cutting-edge-technology which drives the demand for VR technology.

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Latest Industry News

  • Lufthansa has begun testing VR experiences as a part of its in-flight entertainment. The technology is being used to offer passengers the opportunity to visualize their surroundings as they travel. The prototype was created in a partnership between Lufthansa with 3spin. Following the successful trial on a Frankfurt to Dubai flight, Lufthansa plans to continue testing other applications in an effort to embrace VR technology fully.
  • The iconic Smithsonian American Art Museum has announced its partnership with Intel & Linden Lab to offer visitors a Virtual experience via Linden Lab's VR platform, Sansar. Virtual group and individual tours with or without guides are available in an immersive simulation of the No Spectators: The Art of Burning man exhibition.

Related Reports

Global Augmented Reality (AR) Market Research Report: by Component, Technology (Marker Based, Marker Less), by Device Type (Head Mounted Display, Head up Display), Vertical (Consumer Electronics, Commercial, Aerospace & Defense, Medical) –Forecast till 2023. The global augmented reality market is expected to grow at a CAGR of approximately 39% during the forecast period 2017-2023 and will reach USD 30 billion revenue by 2023.

The global Virtual Reality In Gaming Market is expected to reach approximately USD 14.6 billion by the end of 2023 with 30.5% CAGR during forecast period 2017-2023.

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