According to a report by Grand View Research, Inc.; the global virtual reality (VR) market is anticipated to attain a valuation of USD 48.5 billion by 2025. Rising demand for advanced visual experience is expected to propel growth of the market over the forecast period (2018 to 2025). Virtual reality offers a feel of virtual world while watching visuals through a VR- based device.
Rising adoption of consumer electronics and healthcare based virtual reality applications are expected to impel market expansion. Continual R&D activities to develop new and innovative VR-based devices can also positively influence market in the forthcoming years. Increasing use of smartphones to watch videos can also stimulate market growth during the forecast period.
The virtual reality (VR) market can be segregated on the basis of device, component, technology, application, and region. Based on device, the market can be categorized into Head Mount Displays (HMD), Gesture Tracking Devices (GTD), and projectors and display walls (PDW). In 2016, HMD segment is anticipated to continue holding the largest market share over the forecast period. Integration of super-fast GPUs, stereoscopic displays, and motion tracking technology into VRs can augment the demand. The GTD segment is projected to register the fastest CAGR from 2017 to 2025. The segment includes large screen monitors, VR projectors, and multiple projection systems.
Full Research Report On Virtual Reality (VR) Market Analysis: www.grandviewresearch.com/industry-analysis/virtual-reality-vr-market
U.S. virtual reality market by component, 2014 - 2025 (USD Million)
Based on technology, the market for virtual reality can be classified into semi and fully immersive and non-immersive. In 2016, the semi and fully immersive segment held the highest market share owing to rising demand for HMD VR devices. Rising R&D activities in VR sector to develop lightweight and high resolution devices can fuel segment growth over the forecast period. Increasing number of prototypes of VR hardware under development stage can further stimulate segment expansion over the forecast period.
Based on component, the market can be bifurcated into software and hardware. Software segment is estimated to lead the market by 2025. Growing adoption of VR devices can fuel the growth in the forthcoming years.
Based on application, the market can be fragmented into commercial, aerospace and defense, consumer electronics, industrial, medical, and others. In 2016, consumer electronics segment emerged dominant with the highest market share. Increasing use of VR technology in games and other media applications can be attributed to this growth. In addition, rising adoption of technology by teenagers and kids can stimulate market growth over the forecast period. Medical segment is projected to register rapid CAGR from 2017 to 2025. Increasing use of smartphones is anticipated to bode well for market expansion in near future.
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Virtual reality market by application, 2016 (%)
Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East and Africa (MEA). Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period. Continual launch of innovative products such as VR headsets for gaming purposes can spur regional growth. Rising demand from education, military, healthcare, and retail sectors further propel demand.
Rising adoption in smartphones, cameras, and TVs can boost market expansion. In addition, increasing use of VR as an effective tool in promotion and marketing can stimulate regional growth. Moreover, continual technological advancements through R&D activities can offer wearable solutions at low cost. This, in turn can increase application range for VR devices in education and healthcare.
North America dominated the VR market in terms of revenue in 2015 attributed to early adoption of VR technology. Increasing investments from leading consumer electronics manufacturers like Samsung, HTC, and Sony can fuel regional growth. In addition, companies like Google, Facebook, and Microsoft are expected to penetrate VR market by offering innovative solutions. This factor can further boost regional market expansion in the forthcoming years.
Some of the leading companies operating in the Virtual Reality (VR) market are Alphabet Inc.; CyberGlove Systems LLC; Barco; HTC Corporation; and Oculus VR LLC.
Grand View Research has segmented the global virtual reality market based on device, component, technology, application, and region:
VR Device Outlook (Revenue, USD Million; 2014 - 2025)
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Head-Mounted Display (HMD)
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Gesture Tracking Devices (GTD)
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Projectors & Display Walls (PDW)
VR Component Outlook (Revenue, USD Million; 2014 - 2025)
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Hardware
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Software
VR Technology Outlook (Revenue, USD Million; 2014 - 2025)
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Non-Immersive
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Semi & Fully Immersive
VR Application Outlook (Revenue, USD Million; 2014 - 2025)
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Aerospace & Defense
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Commercial
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Consumer Electronics
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Industrial
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Medical
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Other
VR Regional Outlook (Revenue, USD Million; 2014 - 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Asia Pacific
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China
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Japan
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India
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South America
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Brazil
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The Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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