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Global Virtual Reality (VR) Market Will Reach USD 26.89 Billion by 2022: Zion Market Research(August 10, 2017)
Sarasota, FL, Aug. 10, 2017 (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.
VR is an artificial environment which is created by software and presented to the user in such a way that the user belief and accepts it as a real environment. Unlike traditional user interfaces, virtual reality (VR) places the user inside an experience. Instead of viewing a screen in front of them users are immersed and able to interact with 3D worlds. By simulating as many senses as possible like vision, hearing, touch, even smell the computer is transformed into a gatekeeper to this artificial world.
Browse through 56 Market Tables and 31 Figures spread through 110 Pages and in-depth TOC on "Global Virtual reality Market: By Type, Technology, Size, Share, Trends and Forecast 2016 2022.
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The increasing use of head-mounted displays in the entertainment and gaming sector along with a decline in the prices of displays and other hardware components of HMDs and increasing uses of VR in training purpose are the key driving factors for the VR market. Additionally, 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. The market has the challenge to develop user-friendly virtual reality and tracking systems for easy acceptance and penetration of the virtual reality. However, increasing 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 and software segment cover under offering segment. Hardware segment further divided into sub segment i.e. sensors, a semiconductor component, displays & projectors, position tracker, cameras and others.
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Sub segment of software includes software development kits and cloud-based services.
Device type segment divides into the head-mounted display, gesture control devices, and projectors and displays walls. Consumer, commercial, enterprise, medical, aerospace, and defense, automotive, energy and others applications come under application segment. Consumer application is holding largest market share as there is a high use of virtual reality in gaming and entertainment sectors that has been driving factor to the growth of the market. Additionally, increased interest of large technology companies in VR has been one of the key driving factors for the growth of the consumer virtual reality market.
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North America emerged as the largest market for virtual reality (VR) market and it accounted for a 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. The company launched its first art gallery that allows users to browse and share each others 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 with the rate during the forecasted period.
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 engaged 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.
Latin America and the Middle East are also adopting the virtual reality as increasing awareness of how virtual reality implementation can improve profit of the industry and how digital transformation can impact all industry verticals. These factors are increasing investments in virtual reality in these regions.
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The report covers detailed competitive outlook including company profiles of the key participants operating in the global VR market. 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., Cyberith GmbH, Virtalis Limited, and Sixense Entertainment, Inc among others.
The report segments Virtual Reality (VR) market into:
Global Virtual Reality (VR) Market: Device Type Segment Analysis
- Head-Mounted Displays (HMDs)
- Gesture Control Devices
- Projectors and Display Walls
Global Virtual Reality (VR) Market: Technology Segment Analysis
- Semi-Immersive & Fully Immersive
Global Virtual Reality (VR) Market: Offering Segment Analysis
- Hardware Components
- Proximity Sensors
- Image Sensors
- Semiconductor Components
- Integrated Circuits
- Software Components
- Software Developer Kits (SDK)
- Cloud-Based Solutions
Global Virtual Reality (VR) Market: Application Segment Analysis
- Aerospace & Defense
Global Virtual Reality (VR) Market: Region Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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