Virtual Reality Market

Introduction of Virtual Reality Market Report

As per the analysis report conducted by GMI Research, the virtual reality market is estimated over USD 6400 million in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 23.22% over the forecast period (2020-2027).

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Increasing adoption of virtual reality technology in the educational institutes to provide an enhanced teaching experience stands to be a chief factor driving the virtual reality market growth. In addition, as per the Virtual Reality Market research, the easy availability and affordability of VR devices has augmented the adoption across sports and entertainment industries. For example, leading sports-based game developers have launched sensor-enabled tennis racquets to play a computer-controlled game simulation in an enclosed space. Moreover, the extensive usage of AI technology across VR applications has improved the intelligence of virtual characters, thereby providing an immersive environment, driving the Virtual Reality Market size. The increasing deployment of VR technology in architecture helps to improve decision-making, visualize the impacts of architectural plans, early detection and correction of faults, thus saving time and money. Moreover, various real-estate agencies have started using virtual reality to provide virtual tours of properties, which increases the chances of a sale. For example, in February 2021, Zillow, an online real-estate marketplace company, launched Zillow 3D Home tour, an interactive media which helps real estate shoppers to check out houses remotely through VR technology remotely. Thus, all these factors together will expand the market growth. Additionally, various technological innovations which include the launch of innovative HMDs and goggles with 360-degree viewing capabilities, have stimulated the Virtual Reality market growth.

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Based on the technology, the market is segmented into non-immersive technology and semi-immersive and fully immersive technology. The fully immersive technology is projected to dominate the market during the forecast period. It provides direct experience of virtual environments and gives a sense of presence to the users that cannot be equalled by the other technologies. This factor is expected to help the market to grow at substantial rate during the forecast period. Additionally, growing utilization of HMD and other forms of head-coupled display such as a binocular omni-orientation monitor is further supporting the demand of fully immersive technology market.

Based on offering, the market is segmented into hardware, software, VR content creation. The hardware segment is expected to grow at a higher CAGR in the market owing to the increasing requirement of better hardware that allows our phones and other devices to track, measure, project, and map the environments around us and anticipate movement with zero latency. In addition, growing demand of sophisticated sensors that has the ability to measure depth reliably, and battery and processing power is further propelling the market growth.

Based on device type, the market is segmented into head-mounted display, gesture-tracking device, and projectors & display walls. Head mounted display segment is projected to lead the virtual reality market during the forecast period. This is primarily due to the extensive use of HMD in the virtual reality games to help users play in a simulated environment coupled with the rapidly growing virtual gaming industry. In addition, increasing demand of HMDs among military, medical and engineering sectors is further supporting the growth of the market.

Based on application, the market is segmented into consumer, commercial, enterprise, healthcare, aerospace & defence, and others. The consumer segment is anticipated to witness higher CAGR during the forecast period primarily due to the rising application of VR immersive technology in gaming and entertainment industries. Moreover, virtual reality in gaming offers 360-video content and dense graphics provides the feeling of presence to the players. Availability of various VR hardware for gamers that includes PC/Console VR headsets, Mobile VR headsets, Standalone headsets, and VR haptic feedback suits is expected to increase the demand of the virtual reality devices over the forecast period.

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Based on the region, North America is projected to lead the virtual reality market owing to the rapidly growing entertainment industry in the region, along with increasing application of VR technology for in entertainment industry various purposes including broadcasting live sport events in a 360-degree format, production of 3D movies, and VR application in museum, amusement parks, galleries, music concerts. Moreover, rapid economic development and rising online gaming industry, along with the introduction of 3D technology are also expected to contribute to the increasing demand of virtual reality in the region during the forecast period. Asia-Pacific region is anticipated to witness a significant growth in the virtual reality market during the forecast period. This is primarily due to the availability of mobile manufacturers and game developers along with the growing economies including China, Japan, India, and South Korea in the region. Adoption of high network technologies including 4G and 5G networks and increasing production of VR devices including head-mounted display, sensors, and projectors in China, India, and South Korea is also expected to contribute to the growth of the market over the forecast period.

Various notable players operating in the global Virtual Reality market include Sony Corporation, Samsung Electronics Co., Ltd., Alphabet Inc., Microsoft Corporation, HTC Corporation, Facebook Technologies, LLC, Eon Reality, Vuzix Corporation, CyberGlove Systems Inc., and Leap Motion among other companies. 

Key Developments:

• • In 2020, The Microsoft collaborated with HP and Valve to introduce a new VR headset in the market that delivers a more immersive and comfortable VR experience to the users.
  • In 2021 – HTC Vive introduced two VR headsets, a new VR headset connected to the PC, and the HTC Vive Focus 3, a standalone VR headset to cover both high-end and low-end VR markets.
  • In 2020, HP Development Company, L.P. partnered with Microsoft Corporation and Valve, a gaming company for the development of a next-gen virtual reality headset. This VR headset is capable of delivering immersive and cosy VR experiences to participants.
  • In 2020, Facebook Technologies, LLC launched Oculus Quest 2, the next generation of all-in-one VR headset with new Touch controllers, and high resolution display to power the next generation of VR games and experiences.
  • In 2019, Facebook Technologies, LLC introduced hand-tracking feature in its Oculus Quest standalone virtual reality headset. Hand tracking feature on Quest VR headset provides people to be more expressive in VR. It can be used across various sector including entertainment, education and enterprise.

The global virtual reality market has been segmented on technology, offering, device type, application, and region. On the basis of technology, the market is segmented into non-immersive technology and semi-immersive and fully immersive technology. On the basis of offering, the market is segmented into hardware, software, VR content creation. On the basis of device type, the market is segmented into head-mounted display, gesture-tracking device, and projectors & display walls. On the basis of application, the market is segmented into consumer, commercial, enterprise, healthcare, aerospace & defence, and others.

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Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Technology, By Offering, By Device Type, By application, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Sony Corporation, Samsung Electronics Co., Ltd., Alphabet Inc., Microsoft Corporation, HTC Corporation, Facebook Technologies, LLC, Eon Reality, Vuzix Corporation, CyberGlove Systems Inc., and Leap Motion among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Virtual Reality Market by Technology

• • Non-immersive Technology
  • Semi-Immersive and Fully Immersive Technology

Global Virtual Reality Market by Offering

• • Hardware
  • Sensors
  • Semiconductor Components
  • Displays and Projectors
  • Position Trackers
  • Cameras
  • Others
  • Software
  • VR Content Creation

Global Virtual Reality Market by Device Type

• • Head-Mounted Displays
  • Gesture-Tracking Devices
  • Projectors & Display Walls

Global Virtual Reality Market by Application

• • Consumer
  • Gaming and Entertainment
  • Sports
  • Commercial
  • Retail & Ecommerce
  • Education and training
  • Travel and tourism
  • Advertising
  • Enterprise
  • Healthcare
  • Aerospace & Defence
  • Others

Global Virtual Reality Market by Region

• • North America Virtual Reality Market (Option 1: As a part of the free 25% customization)
    • By Technology
    • By Offering
    • By Device Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Virtual Reality Market (Option 2: As a part of the free 25% customization)
    • By Technology
    • By Offering
    • By Device Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Virtual Reality Market (Option 3: As a part of the free 25% customization)
    • By Technology
    • By Offering
    • By Device Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Virtual Reality Market (Option 4: As a part of the free 25% customization)
    • By Technology
    • By Offering
    • By Device Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Virtual Reality Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Sony Corporation
  • Samsung Electronics Co., Ltd.
  • Alphabet Inc.
  • Microsoft Corporation
  • HTC Corporation
  • Facebook Technologies, LLC
  • Eon Reality
  • Vuzix Corporation
  • CyberGlove Systems Inc. 
  • Leap Motion