Virtual Reality (VR) Market is Expected to Reach USD 101.2 Billion by 2027 at a CAGR 37.4% | The North American Market to Maintain its Winning Streak in Global VR Industry

Global VR Market leaders are involved Sensics Inc., Qualcomm Technologies Inc., Facebook Inc., Sony Corporation, Eon Reality Inc., Vuzix Corporation, Google LLC, Microsoft Corporation, Sixense Entertainment Inc., Avegant Corporation, and Samsung Electronics.

Pune, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Global Virtual Reality Market Overview
Virtual reality (VR) is an artificially simulated space in which players can explore and interact in the given environment using devices such as gloves or headsets. The need for interactive and immersive experiences by users is the major growth engine commanding the industry. As per the latest report by Market Research Future (MRFR), the global virtual reality market can escalate to a valuation of USD 101.2 billion by 2027, growing at a high CAGR of 37.4% during the forecast period (2017-2027). VR has made significant strides in headsets and displays for playing games as well as improving education.

The wide adoption of VR in sectors of education, healthcare, and gaming is estimated to boost the global market demand in the coming years. Amusement parks are employing the technology for engaging audiences and fulfilling their entertainment quotient. Huge need for simulation tools for promoting interactive learning and expediting the learning rate among students is a novel opportunity for players. On the healthcare side, virtual reality can assist surgeons and doctors in performing complex surgeries and improve patient outcome rates. Integration of 5G and advances in VR can facilitate market growth.

Emergence of industry 4.0 and rapid industrialization are bound to be lucrative opportunities for VR headset manufacturers. The reliance on automation and connectivity of machines with internet-supported systems can bolster the global market demand. Industrial maintenance and training of personnel for ensuring constant productivity can drive the need for simulated training. Virtual training environments can allow trainees to gain familiarity with operations of the plant and connect to new-age workers. But, high production costs of SoC and its development can restrain the global virtual reality (VR) market growth.

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COVID-19 Impact:
The COVID-19 pandemic had halted production of all major industries. However, development and innovation labs were unaffected as remote work allowed teams in collaborating and developing the current software. Virtual reality had provided customers an escape through realistic games and immersive experiences. Some companies are capitalizing on the pandemic for offering virtual tours of places at cost-effective prices. Integration of VR into mixed reality is likely to be lucrative for VR developers in the coming years. Emergence of startups and constant funding for developing feasible applications of VR are likely to continue despite the pandemic.

Industry Trends:
Virtual reality is likely to revolutionize communication mediums in the coming years. The use of VR platforms for showcasing data in 3D form can be effective in communicating messages and being highly productive during meetings. The Virtual Reality Network Visualizer developed at the University of Cambridge’s Institute for Manufacturing accessing a company’s supply chain network using VR headsets is a prime example of upcoming changes in communication in the coming years.

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Based on component, the virtual reality market is segmented into hardware and software. The hardware segment is bound to gain the lead in the market as VR-based headsets are continuously developed and showcased for trials. Rollout of commercial head-mounted displays can drive the segment growth over the forecast period.

By device type, the VR market is segmented into projectors and display walls, gesture tracking device, head-mounted displays (HMD), and 3D cameras. The HMD segment is deemed to gain the major market share owing to investments by prominent companies.

By technology, it is segmented into fully immersive, semi-immersive, and non-immersive. The fully immersive technology is expected to exhibit 39.84% CAGR over the forecast period owing to huge demand for immersive and interactive experiences.

Vertical-wise segmentation of the virtual reality market includes industrial, commercial, healthcare, consumer electronics, aerospace & defense, and others. The consumer electronics industry is expected to lead the market revenues over the forecast period owing to development of virtual screens via headsets. Moreover, adoption of smartphones is likely to expedite the integration of VR in consumer electronic devices.

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Regional Segmentation:
Geographical mapping of the virtual reality market covers Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

North America is estimated to lead the global VR industry owing to massive development of HMDs and consumer electronic devices supporting the technology are emerging. It can exhibit 36.78% CAGR over the assessment period owing to adoption of latest communication networking technologies. Product management and industrial design can expedite the adoption of VR as companies plan to upskill employees rapidly. Establishment of VR-based games and entertainment avenues can be opportune for players developing virtual reality experiences.

APAC is touted to generate revenues at a rapid pace owing to the reliance on VR for appealing to consumers changing tastes and behavior. Brands such as Marriott International and McDonald’s are utilizing the technology to the fullest to gain followers on social media and building their reputation. Introduction of 5G in select countries and approval of content creation on the medium can boost its development greatly and provide opportunities for VR to flourish.

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Competitive Analysis:
The virtual reality market is experiencing expansions, collaboration, mergers, and acquisitions as players aim to emerge as the sole VR platform and equipment manufacturer. Expanding the scope of applications of VR beyond entertainment and gaming seems to be the major objective of key players operating in the market. Digital transformation of organizations as adoption of automation and industry 4.0 take centerstage can be opportunities for VR developers.

Key players involved in the market are:

  • Sensics Inc.
  • Qualcomm Technologies Inc.
  • Facebook Inc.
  • Sony Corporation
  • Eon Reality Inc.
  • Vuzix Corporation
  • Google LLC
  • Microsoft Corporation
  • Sixense Entertainment Inc.
  • Avegant Corporation
  • Samsung Electronics

Industry News:
Apple Corporation is currently developing a virtual reality headset aimed to be used in upcoming augmented reality applications. The unnamed product is aimed to be a strong competitor to the Oculus headset and Sony’s Playstation VR headset.

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