The ‘Global Virtual Reality Market Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global virtual reality market research, assessing the market on the basis of its segments like component, technology, device, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Virtual Reality Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 33%
With the exponential growth of technology, the virtual reality market is flourishing, driven by the increasing investments in virtual reality by key players and the arrival of the 5G network. The growing adoption of virtual reality or VR in education end uses in order to provide students with an immersive-learning experience and boost their engagement is leading to the steady growth of this market. Besides, VR is used to train soldiers for real-life situations with real-feel weapons, without posing a threat to their lives.
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The real-world environment offered by VR helps consumers enjoy live shows and concerts from the comfort of their homes. Thus, there has been surging demand for VR as more and more people want to enhance their at-home cinema and sports experience. Furthermore, the applications of VR in architecture, interior designing, and engineering for preparing 3D models of buildings has widened the scope for the expansion of the virtual reality market in the future. The adoption of gesture tracking VRs owing to their growing usage in the healthcare sector to provide medical training in surgeries and endoscopies is expected to further augment the growth of the VR market.
Virtual Reality Industry Definition and Major Segments
Virtual reality (VR) is the use of computer technology to create simulated experiences using 3D near-eye displays. The VR process combines the use of hardware, that supports simulations such as sounds, touch, smell, or heat intensity, with software. It works on principles such as gesture recognition systems, sensors, and embedded electronic components.
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On the basis of component, the market is classified into:
- Hardware
- Breakup by type
- Sensors
- Semiconductor Components
- Others
- Breakup by type
- Software
- Content
Based on technology, the market is bifurcated into:
- Non-Immersive
- Semi and Fully Immersive
On the basis of device, the market is divided into:
- Gesture-Tracking Device (GTD)
- Projectors and Display Wall (PDW)
- Head Mounted Display (HMD)
- Others
Based on end use, the market is classified into:
- Education
- Gaming
- Media and Entertainment
- Healthcare
- Military and Defence
- Real Estate
- Others
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Virtual Reality Market Trends
Growing digitisation has encouraged a sizeable population to reap the benefits of advanced technologies like virtual reality. A key trend observed in the virtual reality market is its increasing usage in the gaming and entertainment industry to generate realistic experiences. Content components of this market are expected to witness a boom due to the surging demand for fascinating and interactive virtual reality content. Meanwhile, software components of the virtual reality market are further expected to capture a huge market due to its ability to generate feedbacks and manage input/output devices.
The adoption of VRs by real estate agencies to give virtual walkthroughs of the properties to the customers has increased the sales of VRs as its saves both the parties from a lot of hassle. The increased deployment of VR in product prototyping to enhance immersion during prototype testing and minimising costs is positively impacting the growth of the virtual reality market. In automotives, VR technology is being deployed for supporting the concept of virtual showrooms and saving time while designing exterior and interior components. The thriving online-shopping sector and increased virtual trainings in the aviation and teaching sector is likely to flourish the market for VR.
Key Market Players
The major players in the global virtual reality market report are:
- Google LLC
- Sony Corporation
- HTC Corporation
- Samsung Electronics Co., Ltd
- Facebook Technologies, LLC
- Microsoft Corporation
- Vuzix Corporation
- EON Reality, Inc
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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