Virtual Reality Market Overview:
TheVirtual Reality Market Reportis projected to grow from USD5.91885 Billion in 2023 to USD 53.0195326 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.53% during the forecast period (2023 - 2032). The Virtual Reality Market is driving due to the increasing demand for head-mounted displays in the entertainment industry. And also with it, VR technology is significantly increasing due to market growth. The usage of virtual reality in many industries creates ample growth opportunities for the market. The COVID 19 impacted the market share positively as it halted the travel, and people got stuck in-home, increasing the market size. The high cost and availability of other smart devices with innovative technologies and security compliances, and lack of technical expertise are the major restraints of the market.
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Key Players:
Key CompaniesIn The Virtual Reality Market Include,
- Sony Corporation (Japan)
- Microsoft Corporation(US)
- Google LLC (US)
- Facebook Inc (US)
- Qualcomm Technologies Inc.(US)
- Samsung Electronics(South Korea)
- Sensics Inc. (US)
- Vuzix Corporation (US)
Virtual Reality Market Market Segmentation:
The Virtual Reality Market has been segmented into components, devices, technology and verticals. Based on the Component, the market is divided into Hardware and Software. The hardware segment dominates the market during the forecast period due to the rapid adoption of smartphones, tablets, and other digital electronic gadgets. The output devices, input devices and consoles are also parts of the hardware segments. By Device Type segment, the market is categorized into Head-Mounted Displays, Gesture Tracking devices, Projectors and Display Walls and 3D Cameras. The head-mounted displays are experiencing large market share and will significantly grow in the future owing to the increasing demand for virtual reality video games. Several consumers and tech giants will use the head-mounted display type and virtual reality, contributing to market growth. The variables of the segment Technology are Non-Immersive, Semi-Immersive and Fully Immersive. In 2020, the semi and fully immersive segments held the largest market share and were expected to dominate the segment between2022and2030.
The continuously growing demand for VR HMDs is the market growth. The increasing application of semi and fully immersive technology in industries construction, aviation, entertainment, education sector etc., are the key reasons for the segment's high growth. Based on the Vertical, the Virtual Reality Market is fragmented into Consumer Electronics, Aerospace and Defense, Healthcare, Commercial, Industrial and others. In 2020, the commercial vertical will dominate the market, and the trend will continue in the following years. The factor in the growth of the segment is the rising use of virtual reality headsets in the commercial sector like retail stores, real estate, and showrooms, which creates new opportunities for the market.
Regional analysis:
The Virtual Reality Market is studied majorly in Europe, North America, Asia Pacific and other parts. Among all the regions, Asia Pacific contributes largely to the market as China is the hub for the distribution of HMDs and has gained the largest market share. The market increment is majorly due to technological advancement in Southeast Asian countries. Government efforts, increase in funds for VR films and adaptation of VR technologies are the major reasons for the market growth in the region. Other regions are showcasing significant growth.
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Industry news:
Meta CEO Mark Zuckerberg has long been vocal about his plans for the "metaverse" a virtual world comprising gaming, social media, augmented reality, and cryptocurrency.
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