New York, NY, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Virtual Reality (VR) Market by Hardware and Software for (Consumer, Commercial, Enterprise, Medical, Aerospace and Defense, Automotive, Energy and Others): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2022".
According to the report, the global virtual reality (VR) market was valued at approximately USD 2.02 billion in 2016 and is expected to reach approximately USD 26.89 billion by 2022, growing at a CAGR of around 54.01% between 2017 and 2022.
Virtual reality (VR) creates an artificial environment in the world. Virtual reality is used to mention 3-dimensional computers, generated environment which can be explored and interacted with by a person. Virtual reality is a computer technology which uses virtual reality headsets sometimes in combination with physical spaces and multi-projected environments, for generating realistic images, sounds and other sensations that create a user's physical presence in a virtual or imaginary environment.
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Increasing mobile phones, tablets, and smartphones with built-in VR functionalities that have become an important tool in the workplace to enhance smooth business workflows and operations. Additionally, rising technology penetration across the many industries such as retail, healthcare, e-commerce and automotive is anticipated to drive the virtual reality market growth during the forecasted period. There is a limited user interface (UI) with virtual reality applications which are affecting the growth of the VR market. However, raising the investment by global players in the virtual reality applications is expected to grow the market during the upcoming time.
The global Virtual reality (VR) market segmented on the basis of technology, offering, device type, application, and regions. The technology segment includes non-immersive and semi-immersive & fully immersive. Hardware, software, and semiconductor component segment cover under offering segment. Hardware segment further divided into sub-segment i.e. sensors, cameras, and others. Sub segment of software includes software development kits and cloud-based services.
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Device type segment divides into the head-mounted display, gesture control devices, and projectors and displays walls. It is expected the head-mounted displays will hold a major share during upcoming due to head-mounted displays are the most promising devices to boost the growth of the virtual reality market. This also referred to sometimes as virtual reality headsets or VR glasses. HMD also use one of the several techniques to transfer images to the brain. Consumer, commercial, enterprise, medical, aerospace, and defense, automotive, energy and others applications come under application segment.
North America emerged as the largest market for virtual reality (VR) market and it accounted for maximum share of total revenue generated in 2016. Virtual reality has been rapidly adopted North America, owing to the extensive R&D and presence of several VR companies in North America. Most of the companies are offering VR technology which located in the U.S. The US based company Google-owned Tilt Brush; this is the platform for artists to digitally sketch and create 3D content in a virtual reality environment. Company launched its first art gallery that allows users to browse and share each other’s 3D content. And other US-based company Facebook, cut USD 200 from the USD 600 price of its Oculus Rift virtual reality goggles plus to increase sale. Additionally, Apple Company is also investigating multiple ways virtual and augmented reality could be implemented into future iOS devices or new hardware products. Considering this factor market is expected to perform at the rate during the forecasted period.
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Europe was the second largest regional market and is expected to show strong growth in the years to come. Europe is booming virtual reality ecosystem, now Europe consists of nearly 300 companies. In Europe, manufacturing and retail sectors are anticipated to contribute the next largest shares of spending, driven by investments in VR related products and services.
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Increasing industrialization and technology adoption in developing country such as China, Japan, and India is boosting the growth of virtual reality market in Asia Pacific region. Consumer demand is driven in China and china is engage in experience spots such as VR pods or VR cafes. According to the survey, this year showed that more than half of Chinese gamers are interested in VR and almost 30% are willing to spend up to USD 200 USD on a device.
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Latin America and the Middle East are also adopting the virtual reality as increasing awareness of how virtual reality implementation can improve the profit of the industry and how digital transformation can impact all industry verticals. These factors are increasing investments in virtual reality in these regions.
Key players profiled in the report include Oculus VR, LLC, Sony Corporation, HTC Corporation, Samsung Electronics Co., Ltd., EON Reality Inc., Google Inc., Microsoft Corporation, Vuzix Corporation, CyberGlove Systems Inc, Sensics, Inc., Leap Motion Inc., Marxent Labs LLC, WorldViz, Jaunt, Inc., Nokia, Cyberith GmbH, Virtalis Limited, and Sixense Entertainment, Inc among others.
The report segments Virtual reality (VR) market into:
Global Virtual reality (VR) Market by Device Type
Global Virtual reality (VR) Market by Technology
Global Virtual reality (VR) Market by Offerings
Global Virtual reality (VR) Market by Applications
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