Pune, India, May 22, 2019 (GLOBE NEWSWIRE) -- The report found on Wise Guy Reports (WGR) predicts that the global virtual reality market is on its way to cross the value of USD 100 billion by 2027. The market is also expected to surge at a CAGR of 37.4% during the forecast period (2017-2027).
The Commercial Use of Virtual Reality Headsets to Benefit the Market
The emergence of commercial virtual reality (VR) headsets has accelerated the growth of the market in a big way. This reflects the manifestation of new technologies in VR, which is projected to give way to a slew of VR solutions with a number of capabilities, allowing the user to experience optimum immersion. The constant efforts being put in making the VR experience more real is presenting the market with numerous growth opportunities across the globe.
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The Rising Number of Startups to Boost the Market Growth
The boost in the number of start-ups, especially in the Asia Pacific region is among the prominent factors stimulating the growth of the virtual reality market. In addition, the increasing use of virtual reality for applications like gaming and entertainment is expected to boost the business to a large extent. On top of that, the growing use of immersive virtual reality which has elevated the user experience will result in the strong growth of the virtual reality market in the foreseeable years. Besides, the virtual reality market is benefiting from the early adoption of head-mounted displays, particularly in the gaming and entertainment sector.
Increasing Investments in the Field to Elevate the Market Position
The continuous rise in the investments made by the established technology vendors will bring about a radical transformation in the field of display technology, likely to revolutionize the traditional technologies. A number of technology giants such as Google are making massive investments in tech startups in a bid to develop sophisticated VR devices. Moreover, various other renowned industry participants are investing considerably, keeping in mind the benefits of research and development (R&D), thereby establishing the foundation of the virtual reality market substantially.
The Hardware Segment is Expected to Bag the Maximum Share
The global market has been classified into software and hardware, component-wise. The explosion of VR hardware in recent years, ranging from the housings present around lenses to headsets containing embedded screens. The virtual reality hardware provides a variety of advantages along with use cases, thus establishing the lavish growth of the segment in the global market.
The Head-mounted Displays to Lead the Market as their Applications Rise Across Sectors
In terms of device, the market is considered for gesture tracking devices, head-mounted displays, display walls and projectors, and 3D cameras. Among these, virtual reality head-mounted displays find widespread applications in healthcare, gaming and entertainment, enterprise, retail, and ecommerce. For instance, their use in the healthcare sector has seen a sharp rise as a result of their ability to engage the patient for a long period.
The Full Immersive Technology Races Ahead at a Significant Speed
Depending on the technology, the market is segmented on the basis of semi-immersive, non-immersive, and fully immersive. The fully immersive technologies are poised to bag the largest share of the overall market in the coming years on account of the increasing popularity of wearable devices around the world.
The Use of Virtual Reality in the Healthcare Industry to Grow at a Striking Rate
As per the industry verticals, the market can be broken down into segments like industrial, healthcare, aerospace and defense commercial, consumer electronics and others. Among the various fundamental challenges encountered by hospitals as well as clinics include data management and clinical operations management on account of the growing number of patients afflicted with chronic diseases, coupled with the increasing requirement for improved patient outcomes. Therefore, technological evolution in the form of virtual reality helps the healthcare industry in providing high-quality service in a cost-effective way.
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The Asia Pacific Market Bags the Leading Position in the Global Market
The virtual reality market has been analyzed among the key regions of Europe, Latin America, Asia Pacific, North America, the Middle East & Africa (MEA) and the Rest of the World (RoW).
According to the data analysts, the region of Asia Pacific is on track to gain maximum revenue in the global virtual reality market with the largest share, resulting from the presence of several developing economies. On top of this, the growing acceptance of virtual reality devices has done wonders for the growth of the regional market in recent years. This factor has prompted various companies to invest in the development of virtual reality in the region. Country-wise, China is poised to grab the major chunk of the regional market due to the surge in the adoption rate of the VR technology as well as constant technological innovations. A number of startups dealing with virtual reality has seen a sharp growth in the country as well as the region. Citing a reference, Palapple is in the process of launching its own VR products, in addition to developing a project called VResidence. This project provides a diverse range of virtual reality real estate products.
The Presence of Well-Known Vendors in the Region to Support the Growth of North America Market
Speaking of strong contenders, North America has emerged as one of the frontrunners in the global virtual reality market. The virtual reality technology finds many buyers in the region, on account of the extensive research and development (R&D) along with the existence of numerous VR vendors indulging in marketing hacks. A large number of these companies are based in the United States (U.S.).
Tilt Brush; a Google owned company in the U.S., provides a platform for artists for digitally sketching and making 3D content in a virtual reality environment. On the other hand, a US-based giant Facebook slashed off the cost of its Oculus Rift virtual reality goggles of USD 600 by USD 200 in order to raise their sale. In other news, the Apple Company has been analyzing the various ways of implementing virtual and augmented reality into the iOS devices in the future. Keeping in mind these factors, it is safe to assume that the regional market is set to perform exceptionally well in the near future.
The Growth in Investments to Bring Lucrative Results for the Europe Market
Another region depicted to showcase a phenomenal growth over the coming years is Europe, backed by the booming virtual reality ecosystem. The region is home to almost 300 companies that are noting significant expansion with time. The thriving manufacturing and retail sectors in the region are exhibited to contribute immensely to the regional market, other than the increasing investments in VR products as well as services.
The Boost in the Awareness Level to Benefit the Latin America and Middle East & Africa Markets
The market in Latin America as well as the Middle East and Africa are thriving as well, with the growing adoption of virtual reality backed by surging awareness regarding the implementation of virtual reality. An increasing number of companies in the region are realizing the benefits of the product, and are using it to raise their profits. Such factors are revolutionizing the market dynamics in the region.
Top Players
The top vendors in the worldwide virtual reality market are Microsoft Corporation, Qualcomm, Sixense Entertainment, Facebook, Sony Corporation, Avegant Corporation, Sensics Inc., Samsung Electronics Co. Ltd., Google LLC, Vuzix Corporation, EON Reality, among others.
Industry Update
May 2019 - St. Jude Children’s Research Hospital is currently studying the effects of virtual reality to analyze its application in decreasing the pain among patients in addition to reducing the dosage of opioids used in treating them. The ongoing clinical trial involves 50 percent of the sickle cell patients suffering from acute pain receiving the standard care; whereas the other 50 percent will be receiving the usual care in addition to 15 minutes with a virtual reality headset which will enable the patient to experience an underwater world blowing bubbles at whales, dolphins, and turtles swimming by.
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