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 the 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.
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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. 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 in 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.
The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil. North America is to hold the largest size of the market due to industry leaders in is present in the US and has recognized the potential opportunity in virtual reality. Followed by Europe, and expected that APAC region will hold highest market share during the forecasted period.
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.