Overview:
Introduction of wearable devices such as head mounted displays for consumer applications including gaming and entertainment is one of the major factors driving the virtual reality market worldwide. The introduction of consumer VR devices and the entry of leading companies like Sony, Facebook, and HTC have helped demonstrate the benefits of the VR technology to a wider consumer base. These factors are expected to contribute towards a double digit compounded annual growth rate (CAGR) during the forecast period 2021 - 2029.
Report Scope
This report analyzes the global virtual reality market in terms of platform, component, end-use application, and geography. On the basis of platform, the global virtual reality market is segmented in to mobile, PC, and console. Furthermore, based on component, the market is segmented into hardware (display, sensors, and semiconductor component), and software. Similarly, on the basis of end-use application, the market for virtual reality is classified into consumer (gaming, and entertainment) and enterprise & public sector (retail, healthcare, education, military, engineering and design, etc.). The geographical distribution of the global virtual reality market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Virtual Reality Market - Growth, Share, Opportunities, and Competitive Analysis, 2020 - 2022” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the virtual reality market.
1.1.1 Target Audience
- Industry Investors
- Head Mounted Display Manufacturers
- Other VR-based Product Manufacturers
- Software Developers
- End-users
1.1.2 USP and Key Offerings
The report titled “Global Virtual Reality Market - Growth, Share, Opportunities, and Competitive Analysis, 2020 - 2022” offers strategic insights into the global virtual reality market along with the market size and estimates for the duration 2020 to 2022. The said research study covers in-depth analysis of multiple market segments based on platform, component, end-use application, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the key industry participants, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and recent developments.
Other in-depth analysis provided in the report includes:
- Current and future market trends to justify the forthcoming attractive sub-markets within the virtual reality market
- Market fuelers, market impediments, and their impact on the market growth
- In-depth competitive environment analysis
- Trailing 2-Year market size data (2018 - 2019)
- SRC (Segment-Region-Country) Analysis
Overall, the research study provides a holistic view of the global virtual reality market, offering market size and estimates for the period from 2020 to 2022, keeping in mind the above-mentioned factors.
By Platform Virtual Reality (VR) Market
Platform Segmentation Analysis
In recent years, the virtual reality (VR) technology has garnered a lot of interest for its potential as both hardware device and software platform. Based on the platform of deployment, the virtual reality (VR) market is categorized into the following segments :
- Mobile
- Personal Computer (PC)
- Console
In the base year of 2020, the personal computer segment was the most preferred deployment platform in the global virtual reality (VR) market. Personal Computer-based virtual reality devices have been benefited from a huge installed base and rising number of personal computers equipped with the hardware required to facilitate a high-quality VR experience. The trend shall continue for the majority of the forecast period, with the segment remaining the largest revenue-generating segment by 2021. However, we expect the mobile platform segment to surpass PC segment to become the major virtual reality platform in 2022. Thus, the mobile segment is presumed to witness maximum growth during the forecast period 2021 - 2029. The use of virtual reality technology over mobile devices is expected to be highest owing to ease of access to hardware, relatively lower price points and forced adoption. The console platform segment is also anticipated to witness steady regulated growth during the forecast period 2021 - 2029.
By End User 'Virtual Reality (VR) Market'
There has been a lot of interest surrounding the virtual reality (VR) technology and its potential in hardware as well as software business segment. While the technology was predominantly used in gaming and entertainment applications, recent advancements in technology development has extended its application base to varied verticals including retail, healthcare, military, engineering, and architectural design among others. On the basis of the end-use application, the virtual reality (VR) market is categorized into the following segments:
Consumer
- Gaming
- Entertainment
Enterprise and Public Sector
- Retail and Advertising
- Engineering and Design
- Healthcare
- Military
- Others (Education, etc.)
In the base year of 2020, the consumer segment comprising gaming and entertainment was the major application segment in the global virtual reality (VR) market. The use of virtual reality in gaming, live events, and video entertainment is poised to witness steady growth during the forecast period. Gaming is the largest revenue contributing segment to the consumer virtual reality market. Leading manufacturers such as Oculus VR, Carl Zeiss, and Samsung Electronics Co., Ltd have developed virtual reality devices such as head-mounted displays, gaming consoles, controllers and trackers specifically for gaming applications. On the other hand, the use of virtual reality technology in retail, healthcare, engineering and design, and education among others is expected to grow as manufacturers venture into these verticals and seek to gain first-mover advantage.
By Component 'Virtual Reality (VR) Market'
Based on component, the global virtual reality (VR) market is segmented into the following categories
- Hardware
- Sensor
- Semiconducting Material
- Display
- Software
In the base year of 2020, the hardware component was the largest revenue contributing segment in the global virtual reality (VR) market. The trend is expected to continue, at least during the first half of the forecast period 2021 - 2029. Ideally, virtual reality hardware offers visual immersion via a wide-angle wearable display that displays a stereo image in 3D. Sensors used in the headset track the activities of users and change view accordingly. On the other hand, virtual reality software allows user to interact with the virtual environment displayed on the screen of wore device. The need for software solution depends upon immersion type (semi immersion, full immersion, etc.), type of device, and other related requirements for the virtual environment experience. The virtual reality software market is poised to exhibit maximum growth, offering attractive investment opportunities for technology developers in the coming years. The growth is majorly expected to come from application segments including entertainment, gaming, and healthcare among others. The sale of virtual reality software is presumed to surpass that of hardware by 2020. Looking at bright future prospect, device manufactures are venturing into software business.
By Geography 'Virtual Reality (VR) Market'
On the basis of geography, the global virtual reality (VR) market is segmented into following regions and countries.
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australasia
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East
- Africa
As of 2020, the global virtual reality market was dominated by North America (comprising U.S. and Canada). The region accounted for over one-third of the global market revenue in the same year. The U.S. represents the largest and most attractive individual virtual reality market worldwide. Heavy research in the field of virtual reality coupled with the high acceptance for the technology in varied verticals is instrumental in fueling market momentum in the country. Over the forecast period 2021 - 2022, North America is expected to remain the largest virtual reality market worldwide. On the other hand, Asia Pacific is poised to exhibit robust growth, outpacing developed markets like North America and Europe during the forecast period 2021 - 2029. As manufacturers and software developers seek to gain first-mover advantage, we expect increased technology penetration and intensifying competition in the emerging economies of Asia, Middle-East, and Latin America.
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Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Virtual Reality Market, By Component
Chapter 5 Virtual Reality Market, By End-use Application
Chapter 6 Virtual Reality Market, By Platform
Chapter 7 North America Virtual Reality Market Analysis
Chapter 8 Europe Virtual Reality Market Analysis
Chapter 9 Asia Pacific Virtual Reality Market Analysis
Chapter 10 Rest of World Virtual Reality Market Analysis
Chapter 11 Company Profiles
Companies Mentioned
- Oculus VR Inc.
- Sony Corporation
- Samsung Electronics
- Co. Ltd.
- Sensics Inc.
- Vuzix Corporation
- Microsoft Corporation
- EON Reality Inc.
- Sixense International Inc.
- Leap Motion Inc.
- Barco N.V.
