$44.7 Bn Virtual Reality Market - Global Forecast to 2024


Dublin, Feb. 25, 2019 (GLOBE NEWSWIRE) -- The "Virtual Reality Market by Offering, Technology, Device Type, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The virtual reality (VR) market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% during the forecast period.

The penetration of HMDs in the gaming and entertainment sector, huge investments in VR market, advancement of technology and growing digitization, and availability of affordable VR devices are the major factors fueling the growth of the overall market. However, display latency and energy consumption affecting the overall performance of VR devices and health concerns relating to low resolution and lack of movement might restrain the overall growth of the market.

The virtual reality (VR) technology has been in existence for decades; however, new technologies are evolving to make an effective contribution to thriving segments such as gaming, retail, military, and healthcare. The VR creates a virtual environment in which a user can interact with objects similar to those in the real world. The technology requires computer hardware and software and offers a fully immersive experience to the user. The VR technology is classified into 3 sections such as non-immersive, semi-immersive, and fully immersive technology. The VR environment can be experienced with the help of various VR devices such as head-mounted displays, gesture-tracking devices, video/display walls, and projectors.

The use of virtual reality in the gaming and entertainment sectors has been driving the growth of the market. The increased interest of the large technology companies in these emerging technologies such as virtual reality and augmented reality has been one of the major driving factors for the virtual reality market. The lack of awareness regarding the advantages using VR devices is a major challenge for the industry.

The increase in the number of start-ups in APAC is among the drivers for the virtual reality market. The major driver for the virtual reality market is its use for applications such as gaming and entertainment. The use of immersive virtual reality with enhanced user experience will drive the growth of the virtual reality market. The virtual reality market growth is due to the early adoption of its head-mounted displays in gaming and entertainment. The use of gesture-tracking devices provides additional features.

North America led the VR market in terms of market size in 2017, and APAC is expected to lead the market by 2024. Increasing R&D in APAC and growing acceptance of newer technologies in the region are the drivers for the market. The availability of affordable HMDs in APAC would be an added advantage.

The company profile section includes Google, Microsoft, HTC, Oculus, Samsung, Sony, EON Reality, Vuzix, Atheer, Osterhout Design Group, Magic Leap, Cyberglove, Sensics, Leap Motion, Sixense Enterprises, and Virtalis.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in Virtual Reality Market
4.2 Virtual Reality Market in APAC, By Application and Country
4.3 Market: Developed vs Developing Markets, 2017 and 2024 (USD Billion)
4.4 Market: Major Countries

5 Market Overview
5.1 Introduction
5.2 History and Evolution of VR Technology
5.3 Market Dynamics: VR Market
5.3.1 Drivers Penetration of HMDs in Gaming and Entertainment Sector Huge Investments in VR Market Advancement of Technology and Growing Digitization Availability of Affordable VR Devices
5.3.2 Restraints Display Latency and Energy Consumption Affect Overall Performance of VR Devices Health Concerns Relating to Low Resolution and Lack of Movement
5.3.3 Opportunities Penetration of HMDs in Healthcare and Architectural Applications Use of VR in Aerospace & Defense for Training and Simulation
5.3.4 Challenges Developing User-Friendly VR Systems
5.4 Value Chain Analysis
5.5 Emerging Trends
5.5.1 Microdisplays for VR Lomid Project Kopin's Microdisplay for VR Hmd

6 Virtual Reality Market, By Technology
6.1 Introduction
6.2 Virtual Reality Technology
6.2.1 Nonimmersive Technology Usage of Nonimmersive Technology in VR Software Development Set to Drive the Market
6.2.2 Semi-Immersive and Fully Immersive Technology Fully Immersive Technology to Be the Major Driver Owing to Demand in VR HMDs

7 Virtual Reality Market, By Offering
7.1 Introduction
7.1.1 Hardware Sensors Accelerometer Gyroscope Magnetometer Proximity Sensor Semiconductor Components Controller and Processor Integrated Circuits Displays and Projectors Position Trackers Cameras Others
7.1.2 Software SDKs Will Play Crucial Role in VR Software Market Software Development Kits Cloud-Based Services
7.1.3 VR Content Creation VR Content Creation is the Key to Strengthen VR Technology and Growth of VR Hardware Devices

8 Virtual Reality Market, By Device Type
8.1 Introduction
8.2 Virtual Reality Devices
8.2.1 Head-Mounted Displays Use of HMDs in Gaming and Entertainment is the Major Driver for Growth of VR Hardware Devices
8.2.2 Gesture-Tracking Devices Gesture-Tracking Devices to Play Crucial Role in Healthcare and Gaming Applications Data Gloves Others
8.2.3 Projectors & Display Walls Projectors & Display Walls are New Growth Avenues in VR Hardware Market

9 Virtual Reality Market, By Application
9.1 Introduction
9.2 Virtual Reality Applications
9.2.1 Consumer Gaming and Entertainment Applications are Major Drivers for VR Market Growth Gaming and Entertainment Sports Use-Cases in Consumer
9.2.2 Commercial Retail and Ecommerce to Drive Commercial Application in VR Market Retail & Ecommerce Education and Training Travel and Tourism Advertising Use-Cases in Commercial
9.2.3 Enterprise Increased Use of VR Technology and Devices in Industrial Facilities to Drive Enterprise Application in VR Market Use-Cases in Enterprise
9.2.4 Healthcare Patient Care Management and Medical Training & Education are Major Applications Driving the Growth of VR in Healthcare Surgery Patient Care Management Fitness Management Pharmacy Management Medical Training and Education Use-Cases in Healthcare
9.2.5 Aerospace & Defense Simulation Training to Be Major Growth Factor of VR in Aerospace & Defense Use-Case in Aerospace & Defense
9.2.6 Others Automotive Real Estate (Architecture and Building Design) Geospatial Mining Use-Cases in Other Applications

10 Virtual Reality Market, Geographical Analysis

11 Competitive Landscape
11.1 Introduction
11.2 Competitive Scenario
11.2.1 Product Launches & Developments
11.2.2 Partnerships
11.2.3 Agreements, Collaborations, and Capital Funding
11.2.4 Acquisitions and Expansions
11.3 Virtual Reality Market, Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.3 Innovators
11.3.4 Emerging Companies

12 Company Profiles
12.1 Introduction
12.2 Key Players
12.2.1 Google
12.2.2 Microsoft
12.2.3 Oculus VR (Facebook)
12.2.4 Sony
12.2.5 Samsung Electronics
12.2.6 HTC
12.2.7 Eon Reality
12.2.8 Vuzix
12.2.9 CyberGlove Systems
12.2.10 Leap Motion
12.2.11 Sensics
12.2.12 Sixense Enterprises
12.3 Key Innovators
12.3.1 Nintendo
12.3.2 Psious
12.3.3 Mindmaze
12.3.4 Firsthand Technology
12.3.5 Worldviz
12.3.6 Virtuix
12.3.7 Survios
12.3.8 Merge Labs
12.3.9 SpaceVR
12.3.10 Virtually Live

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