Global Virtual Reality Market,By Component (Hardware and Software), Device Type (Head-Mounted Displays, Projectors & Display Walls and Gesture-Tracking Devices), Technology (Fully Immersive, Non-Immersive and Semi Immersive), Vertical (Entertainment & Media, Healthcare, Industrial, Commercial, Aerospace & Defense, Automotive, Education and Others) – Industry Trends and Forecast to 2029.
Virtual Reality Market Analysis and Size
The fast-growing phenomenon of virtual shopping is generating business opportunities for firms in the virtual and augmented reality industries. People can shop for things and see how they appear in their homes with the use of AR systems. Manufacturers in the virtual and augmented reality space must, however, take into account trade and travel limitations in nations like Canada, India, Germany, and Brazil that have been affected by the third wave of the coronavirus.
Global virtual reality market was valued at USD 16.73 billion in 2021 and is expected to reach USD 143.86 billion by 2029, registering a CAGR of 30.86% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Virtual Reality Market Scope and Segmentation
2022 to 2029
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2020 (Customizable to 2014 - 2019)
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Revenue in USD Billion, Volumes in Units, Pricing in USD
Component (Hardware and Software), Device Type (Head-Mounted Displays, Projectors & Display Walls and Gesture-Tracking Devices), Technology (Fully Immersive, Non-Immersive and Semi Immersive), Vertical (Entertainment & Media, Healthcare, Industrial, Commercial, Aerospace & Defense, Automotive, Education and Others)
U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
Market Players Covered
Axis Communications AB (Sweden), Johnson Controls (Ireland), Sony Corporation (Japan), Avigilon Corporation (Canada), Panasonic Corporation (Japan), SAMSUNG (U.S.), Arcules, Inc. (U.S.), Google, LLC (U.S.), Microsoft (U.S.), HTC Corporation (Taiwan), Oculus (U.S.), EON Reality. (U.S.), Vuzix (U.S.), CyberGlove Systems Inc. (U.S.), Ultraleap, Inc. (U.S.), and Sixense Enterprises Inc (U.S.) among many others.
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The term "virtual reality" refers to a technique that uses computers to generate a simulated environment. Virtual reality simulates a variety of sensations, including vision, touch, hearing, and even smell, to provide the viewer a fully immersive 3D experience. Realistic audio and graphics are provided via virtual reality to enhance the experience.
Virtual Reality Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Adoption of advanced technologies
According to 2020 data from a national survey, 90% of instructors concur that using AR/VR technology to create tailored and differentiating experiences for students is a viable strategy. The market prognosis for virtual classrooms is also projected to change as a result of the increasing use of AR and VR technology in corporate learning and development. This will bolster the market growth rate.
- Opportunities presented by head mount displays in APAC region
The gaming and entertainment industries have seen significant adoption of HMDs. With the advent of VR and 3D technology, the gaming business has undergone technical development. The usage of HMDs has improved the user experience and elevated gaming to a new level by enabling a fully immersive environment. The seamless transition made possible by the usage of VR HMDs has given users a special, improved experience.
Furthermore, the factors such as rising urbanization, industrialization and mounting awareness regarding the importance of education in the backward regions are some other important market drivers. Additionally, growing support by the government on the promotion of the technology and solutions and increasing per capita income are anticipated to drive the growth rate of the market.
- Growth and expansion
Growth and expansion of education industry especially in the developing economies will present very many opportunities for the growth of the market. Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. Rising number of end users on daily basis, both at large and small scale and complete digitization of operations will also work in favor of the market.
- Developing user friendly VRs
An intuitive virtual environment makes it simple for a user to move around and interact with the objects there. A combination of hardware and software makes up the VR system. Through a variety of sensors, VR devices track a user's movements and present them on the virtual screen. Because the virtual information displayed must satiate the user's needs, creating VR software and virtual content is a difficult challenge for developers.
- Lack of technical expertise
Dearth of expert knowledge and technical expertise and lack of awareness especially in the underdeveloped economies will create hurdles for the market in regards to the smooth growth in the market value. Additionally, dearth of technologically advanced infrastructure in the underdeveloped territories will further derail the market growth rate.
This virtual reality market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the virtual reality market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Virtual Reality Market
One of the major cross-disciplinary technological advances is virtual reality (VR), which combines computer, multiple sensors, graphic pictures, communication, measurement, and control multimedia, artificial intelligence, and other technologies. The coronavirus pandemic has had a favorable effect on the market share for virtual reality. Travelers felt deprived when the pandemic struck and travel came to an abrupt end. However, a number of VR service providers have entered the market with affordable and entertaining offerings, including Amazon Explore and a new virtual reality service from Airbnb. Two-way video and emerging communication technologies will dominate social media in 2020. The COVID 19 has sped up innovation in numerous VR and virtual travel businesses that have previously been offering 360 technology and immersive experiences to consider how to do it on a much greater scale.
- A new VR headset that offers customers a more immersive and pleasant VR experience will be released in the market in March 2020 thanks to a partnership between Microsoft, HP, and Valve.
- Microsoft intends to submit a patent application in October 2019 for a vibrating floor mat for virtual reality. According to the patent, the mat will also serve as a partition for the VR game area.
- The hand-tracking function was included to Oculus's Oculus Quest standalone virtual reality headset in December 2019. The capability will be included in the most recent Quest v12 software update from Facebook.
Virtual Reality Market Scope
The virtual reality market is segmented on the basis of component, device type, technology and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Semiconductor Components
- Displays and Projectors
- Position Trackers
- Computer/video generator
- Software Development Kits
- Cloud-Based Services
- VR Content Creation
- Head-Mounted Displays
- Projectors & Display Walls
- Gesture-Tracking Devices
- Fully Immersive
- Semi Immersive
- Entertainment & Media
- Patient Care Management
- Fitness Management
- Pharmacy Management
- Medical Training and Education
- Retail and Ecommerce
- Education and Training
- Travel and Tourism
- Aerospace & Defense
- Real estate
- Geospatial mining
Virtual Reality Market Regional Analysis/Insights
The virtual reality market is analyzed and market size insights and trends are provided by country, component, device type, technology and vertical as referenced above.
The countries covered in the virtual reality market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America is flourishing its dominance in the global virtual reality market due to factors the ageing infrastructure, and growing adoption and deployment of virtual public health veterinary training courses. Additionally, presence of major players in this region such as Apple, Inc.; Microsoft; Magic Leap; and Google LLC is also bolstering the growth of the market.
Over the forecast period, Asia-Pacific is anticipated to have the greatest CAGR. The growth of the region is attributed to the increasing adoption of augmented and virtual reality technologies in APAC nations. In order to encourage economic growth, many nations, notably China, India, and others, are increasing their investments in infrastructure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Virtual Reality Market Share Analysis
The virtual reality market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to virtual reality market.
Some of the major players operating in the virtual reality market are
- Axis Communications AB (Sweden)
- Johnson Controls (Ireland)
- Sony Corporation (Japan)
- Avigilon Corporation (Canada)
- Panasonic Corporation (Japan)
- SAMSUNG (U.S.)
- Arcules, Inc. (U.S.)
- Google, LLC (U.S.)
- Microsoft (U.S.)
- HTC Corporation (Taiwan)
- Oculus (U.S.)
- EON Reality. (U.S.)
- Vuzix (U.S.)
- CyberGlove Systems Inc. (U.S.)
- Ultraleap, Inc. (U.S.)
- Sixense Enterprises Inc (U.S.)
Research Methodology: Global Virtual Reality Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.
The global virtual reality market size was estimated at USD 21.83 billion in 2021 and is expected to reach USD 28.42 billion in 2022.
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Augmented Reality & Virtual Reality In Healthcare Market - The global augmented reality & virtual reality in healthcare market size is expected to reach USD 9.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.2% from 2021 to 2028.
The demand for VR technology increased in industries apart from healthcare, such as education, gaming, entertainment, manufacturing, retail, military, and defense, among others.
Yes, VR is still a dominant force in the gaming industry, but it is also a huge asset for businesses all over the world. The most popular uses of VR within companies involve training, remote collaboration, tests and prototyping, but there are also plenty of creative uses that fall outside these categories.
According to a recent Mordor Intelligence report, the Virtual Reality (VR) market was valued at USD 17.25 billion in 2020 and is expected to reach USD 184.66 billion by 2026, at a CAGR of 48.7% over the forecast period 2021-2026.
General User Statistics
The number of augmented reality users on social media in the US is around 46.9 million and will rise to 48.3 million in 2022 (eMarketer, 2020). 19% of adults in the US have tried virtual reality (AR Insider, 2020).
Virtual Reality is one of the technologies with the highest projected potential for growth. According to the latest forecasts from IDC Research (2018), investment in VR and AR will multiply 21-fold over the next four years, reaching 15.5 billion euros by 2022.
- Military and law enforcement. It's said that the biggest advancements in science and technology were created for military use first, then adapted for your everyday consumer. ...
- Education. ...
- Human resources and recruiting. ...
- Corporate learning and training. ...
Virtual reality is becoming more popular for several reasons. VR provides a unique and immersive way to interact with others. It is an effective training tool and can be used to escape the real world. VR is also more affordable than ever before and has been embraced by the entertainment industry.
Types of virtual reality. There are three main types of virtual reality used today to transform the world around us, including non-immersive, semi-immersive, and fully-immersive simulations.
Users can become isolated and dependent on the use of VR. They can become antisocial and lose basic social skills, which can then form into social anxiety and other mental health problems.” Using VR for long periods can also cause physical harm.
The VR gaming industry earned $1.1 billion in 2020.
Although its entry point is still significantly more expensive than consoles for the average consumer, VR statistics confirm that the VR gaming industry is steadily growing. Analysts predict this industry will be earning $2.4 billion a year by 2024.
Typically, people aged 16-34 are those who are more likely to use virtual reality. 34% of those between 16 and 24 years old use VR, and 35% of those between 25 and 34 years old also. Only 6% of people older than 55 years are users of this technology.
The target audience for virtual reality in gaming industry are gamers who have computers that are powerful enough to handle the technological demands of VR. So even though more mobile headsets were “sold” in 2016, the demand for future VR development is for desktop gamers.
In 2030, technology will respond to your thoughts and share them with others. By 2050, virtual reality headsets will be equipped with brain-computer interfaces. While these brain-computer interfaces are still experimental today, they will become more mainstream.
Answer: Frame rate and latency are most important for Virtual Reality to provide a smooth and enjoyable experience for the user.
By 2050, most headsets now come with 16K resolution as a standard, which is 4 times the number of pixels as 8K displays from 2030 and more than 16 times the pixel count of 4K devices from the early 2020s.
Launched in 2012, Oculus was bought by data-hungry tech giant Facebook for $2 billion in 2014. At the time, Oculus co-founder Palmer Luckey said you wouldn't need a Facebook account to use Oculus. Yet this change was introduced last year to come into place for all users by 2023.
Basically, a place parallel to the physical world, where you spend your digital life. A place where you and other people have an avatar, and you interact with them through their avatars. Some also argue that the metaverse in the truest sense of the term doesn't actually exist yet.
VR creates an immersive virtual environment, while AR augments a real-world scene. VR is 75 percent virtual, while AR is only 25 percent virtual. VR requires a headset device, while AR does not. VR users move in a completely fictional world, while AR users are in contact with the real world.
Mixed Reality Training
This type of XR uses advanced computer technology, graphics, and input systems that allow learners to co-exist and interact with physical and digital objects in real-time. With mixed reality, learners can direct their vision in 360° across an entire space and in every direction.