LOS ANGELES, April 27, 2021 (GLOBE NEWSWIRE) -- The Global Virtual Reality Market is expected to grow at a CAGR of around 44% from 2020 to 2027 and reach the market value of over US$ 56.2 Bn by 2027.
North America holds dominating market share for the global virtual reality market
North America is a significant region for the virtual reality market. It has also been a pioneer in adopting innovations, giving North America a competitive advantage over other regions. Furthermore, the region has the most startups focusing on bringing innovative VR technologies to various industries. According to Tracxn Technologies, for example, there are 951 Virtual Reality startups in the United States. Orbbec, JauntVR, Dreamscape, and Sandbox VR are a few examples. Dreamscape is developing immersive virtual reality entertainment that is location-based.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR during the forecast period. China has the largest market share in the region because it is the largest distributors of HMDs. Southeast Asian countries’ technological advancements are propelling the market's growth even further.
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Market Opportunity
Utility of VR in aerospace & defense for training and simulation
The use of virtual reality in aerospace and defence would benefit users, particularly for training and simulation. The use of virtual reality (VR) would aid in experiential training with data-driven applications in real-time. This improves the accuracy of skill transfer while also increasing knowledge retention. Before takeoff, VR is used to train the ground crew for pre-flight checks and ground crew procedures. VR can be used to inspect the plane before takeoff, ensuring greater safety.
Market Dynamics
Penetration of HMDs in the gaming and entertainment sector amid COVID-19
HMDs are widely used in the gaming and entertainment industries. With the introduction of VR and 3D technology, the gaming industry has undergone a technological evolution. The use of HMDs has aided in achieving a fully immersive experience for users and has elevated the gaming experience. The seamless transition made possible by the use of VR HMDs has contributed to providing users with a one-of-a-kind and enhanced experience. In the video gaming industry, head-mounted displays (HMDs) have a high penetration rate. HMDs are preferred by video game users for enhancing their gaming experience and entertainment. HMDs project digital images, allowing for a 3D view that improves the user experience. As a result, the expanding gaming sector would drive the market for HMDs and, as a result, VR.
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Segmental Outlook
The global virtual reality market is segmented based on device, technology, component, and application. The device is segmented as a head-mounted display (HMD), gesture-tracking device (GTD), and projectors & display wall (PDW). Further, by technology, the market is classified into semi & fully immersive and non-immersive. By component, the market is bifurcated into hardware and software. By application, the market is segregated as aerospace & defense, consumer, commercial, enterprise, healthcare, and others
Competitive Landscape
The prominent players of virtual reality involve Barco NV, CyberGlove Systems Inc., Facebook Technologies, LLC., HTC Corporation, Microsoft Corporation, Samsung Electronics Co., Ltd., Sensics corporation, Sixense Enterprises, Inc., Ultraleap Ltd., and among others.
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Some of the key observations regarding virtual reality include:
- In April 2021, Barco NV announced a collaboration with Steelcase. The collaboration will enable Barco and Steelcase to develop standard and customizable configurations for local, hybrid and virtual classrooms that integrate three key elements for learning: Space, Technology, and Pedagogy. With these elements, education and training organizations can transform the learning experience of every participant.
- In July 2018, Samsung Electronics Co., Ltd. announced the launching of a new product namely, “A Moon for All Mankind” (AMFAM)". The newly launched product is an immersive, consumer-focused 4D lunar gravity virtual reality (VR) experience. With Samsung Galaxy S9+ and Samsung Gear VR powered by Oculus, consumers immerse themselves in a visual and physical VR experience that accurately recreates a fictional Moon mission, allowing consumers to know what it’s like in lunar gravity. The AMFAM experience will be open to the public starting today through July 2019 at Samsung 837 in New York City’s Meatpacking District.
- In October 2020, HTC Corporation announced the launching of a new product namely, "Vive XR Suite”. The newly launched product is an enterprise-focused integrated VR software suite designed for office productivity and collaboration for remote workers across devices such as personal computers, tablets, smartphones, and most major VR devices.
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