Global Virtual Reality Market, By Technology (Non-immersive, Semi and Fully-immersive), By Offering (Hardware, Software) By Application (Consumer, Commercial, Enterprise, Healthcare) opportunities and forecast 2023-2030
VR has gained extensive recognition and adoption in the past few years. Major tech giant have led the market to evolve, building trust and awareness among the users. Many players are developing in this market with hopes to navigate it toward the mainstream adoption. The launch of commercial VR headsets is anticipated to fuel the market growth. Technological advancements in the sector are expected to create a plethora of solutions with varied capabilities, allowing consumers to experience utmost immersion. Making the experience more real functions as key driver for the market adoption and penetration.
The technology has often found its application persuasive, with cooperative video games or movie and TV series. Technology serves as a platform to plan the things that are otherwise expensive, too dangerous, or impractical to do.
Above 70% of the market has been dominated by the major technological giants. The ompanies are launching new products to differentiate themselves from other competitors. For instance, in June 2018, tech giant Oculus launched Oculus Go in UK, Europe, and Canada, after two months of its U.S. debut. The prices for standalone VR set started at EUR 199. Similarly, Sony Corporation patented VR headset which combats simulation sickness by eye-tracking in the same year. According to patent, headset would use the features to establish the “health threshold value” that could apparently tell when VR experience is becoming too intense for user and then act accordingly.Segment Overview
Based on technology, semi-immersive technology is expected to grow at hgher rate owing to the investment by the companies to create better user experience. Rising investments and R&D, the software segment is anticipated to be on rise whereas hardware observed a steady rise.
The adoption of VR technology is likely to rise in the healthcare and education industry, thus boosting the market size. VR can be used for providing monitoring patients, training, and practicing surgeries. As per the research studies, the technology is anticipated to be the prospect of online learning in the coming future. For instance, c3rdFlix, education technology start-up, raised over USD 5 million from the Exfinity Vnetures to create live learning experience. Regional Overview
U.S. giants such as Google, Facebook, and Apple remain to focus on their research and development activities for hardware and software to further stimulate the VR market share. The growth in thie region is largely attributed to the enlarged funding in start-up and new firms, making the market dynamic.
Asia-Pacific is anticipated to grow at higher rate, due to the presence of several emerging economies, along with the increasing acceptance of VR devices in the region. This in turn, is likely to encourage the industry players to invest in this region. China is anticipated to account for prominent share owing to the increasing adoption of technology in the country. Technology took the centre stage in the country’s tech scenario in 2016. Many VR start-ups are also rising in the country. For instance, Palapple is currently developing its VR products. Company also created project called VResidence that offers a number of VR real estate products, such as an online platform for the second-hand property.Competitor overview
Some of the key industry players include Oculus, HTC, Google, Samsung, Lenovo and Sony. These major players dominate the market. However, with growing innovations in the technology, several of the companies are focusing on increasing their market presence by securing the new contracts and by tapping the new markets.
Investments by technology vendors are building an advancement in the area of display technology, this is likely to affect the vision of traditional methodology. With technology giants, such as Google, investing substantial amounts in the startups for development of VR, along with other noticeable players investing in R&D over this sector, the future of VR market is likely to be more competitive.Key Players
- Oculus VR
- Samsung Electronics
- EON Reality
- Cyber Glove System
- Semi- and Fully Immersive
- Gaming and Entertainment
- Retail and Ecommerce
- Education and Training
- Travel and Tourism
- Patient Care Management
- Fitness Management
- Pharmacy Management
- Medical Training and Education
- Aerospace & Defence
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA