Newark, NJ, Feb. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global VR market is expected to grow from USD 5.34 Billion in 2017 to USD 56.25 Billion by 2025 at a CAGR of 34.2% during the forecast period 2018-2025.
Use of improved technology, increasing digitization, use of head mount displays in the gaming & entertainment sector, heavy investments in the VR market to meet out rising need and availability of affordable VR devices are the factors fuelling the VR market. The use of HMDs has been maximum in the entertainment and gaming sector. The gaming industry has had a technological development with the arrival of VR and 3D technology. The use of HMDs has helped in realising a fully immersive experience for users and has taken the gaming experience to the next level. The flawless shift achieved with the use of VR HMDs has facilitated bring in a unique and enhanced experience to the users. HMDs have a high penetration rate in the video gaming sector.
Virtual reality (VR) is defined as an interactive computer-generated experience undertaken within a simulated environment. It includes mainly auditory and visual feedback, but may also permit other types of sensory feedback like haptic. This immersive environment can be similar to the real world or it can be fantastical. Augmented reality systems are also considered as a form of VR which layers virtual information over a live camera feed into a headset or through a smartphone or tablet device which helps the user to view three-dimensional images. Nowadays, VR technology incorporates virtual reality headsets or multi-projected environments, sometimes in combination with physical environments or props, to generate realistic images, sounds and other sensations that simulate a user's physical presence in a virtual or imaginary environment.
An increase in investments in the VR market to meet the rising needs is one of the driving force. Also, the usage of head mount displays in the gaming and entertainment sector are also fuelling the growth of the market. The availability of affordable VR devices is another propelling factor. But low resolution and lack of movement cause health concerns may hinder the growth of the market. However, incorporation of head mount displays in healthcare and architectural applications which should drive the industry growth in coming years.
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Key players operating in the global VR market include Sony, Oculus, Samsung Electronics, HTC, Google, PTC, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Osterhout Design Group, Magic Leap, Upskill, Continental, Visteon, Eon Reality, Vuzix, and MAXST among others. To enhance their market position in the global VR market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, HTC just announced the latest addition to its VR headset catalog, the Vive Focus Plus, which is targeting Enterprise users.
- Leaders are providing better opportunities and continuously focused on new product developments and venture capital investments to capture market share. For instance, in May
2019. Samsung is planned to launch new AR and VR products. Company’s director of developer relations for XR and gaming Farshid Fallah had given the indication. At Augmented World Expo in Santa Clara, Calif., Fallah mentioned Samsung had plans to release “multiple AR and VR products” in coming time. In addition to its mobile VR efforts, Samsung had also released two versions of a high-end VR headset powered by Microsoft’s Windows Mixed Reality platform. The company has also been exploring head-mounted augmented reality, and even presented an experimental augmented reality headset at its developer conference last year.
The semi-immersive segment is dominating the market with the highest share 64.40% in 2017.
The technology segment is classified nonimmersive technology and semi-immersive and fully immersive technology. The semi-immersive segment is dominating the market in 2017. Semi-immersive systems are a comparatively new implementation of VR technology which includes a relatively high performance graphics computing system which can be coupled with either a large screen projector system or multiple television projection systems.
The head-mounted display segment valued around USD 2.55 Billion in 2017.
Device type segment is divided into segments such as head-mounted display, gesture-tracking device and projector & display wall. The head-mounted display segment is dominating the market with the highest share in 2017. The major applications for VR HMDs have been in gaming and entertainment which is anticipated to dominate the market during the forecast period
The retail segment is dominating the market with the highest share 32.10% in 2017.
Application segment includes consumer, commercial, enterprise, healthcare, aerospace & defense and others. The consumer application segment is dominating the VR market in 2017. The consumer application leads the VR market due to the high demand for HMDs in gaming and entertainment.
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Regional Segment Analysis of the VR Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global VR market with USD 2.25 Billion in 2017 where as the Asia Pacific rapidly growing region in the market. Asia- Pacific is dominating the market owing to an increase in R&D in APAC and the growing acceptance of newer technologies. The North America region is growing rapidly region because of technological advancement and rising consumer lifestyle.
About the report:
The global VR market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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