Analysis of the Virtual Reality Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Virtual Reality Market by Component (Hardware and Software), by Device (Head Mounted Device (HMD), Gesture Tracking Device (GTD), and Projectors and Display Walls (PDW)), by Technology (Semi & Fully -Immersive and Non-Immersive), by Application (Consumer, Commercial, Enterprise, Healthcare, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - ICT
Report Code - OMR-ICT-200
Format: PDF, PPT, and Excel
Virtual Reality Market Overview
The term "virtual reality" refers to a computer-generated simulation that creates an artificial world that feels very real to the user. Computer software and hardware are used to generate the environment, yet users may also need to wear special equipment like helmets or goggles to engage with the environment fully. Users of virtual reality (VR) systems may physically interact with a three-dimensional environment. Virtual reality (VR) technology creates this fully submerged client experience using VR goggles, gloves, or full-body suits. As a result of VR's ability to immerse players in a fully realistic game environment, the gaming and entertainment industries have been completely transformed. Market growth is also fueled by the increased adoption of augmented reality for training in various industries, including construction, manufacturing, transportation, and aerospace. Virtual reality's practical advantages have led to widespread use in various fields, from the automobile sector to healthcare and education. The technology requires dependable hardware and powerful processing capabilities for gadgets to function properly. Unfortunately, most available desktop accessories cannot be used with the software. The global coronavirus outbreak has badly damaged hardware component, device, and equipment production and manufacturing facilities. The temporary suspension of industries has significantly impacted the supply of components and the delivery of final items, the restricted number of in-house staff, the closing of national borders, and other issues.
Virtual Reality Market Growth Factors
Accelerating Growth of Big Data to Extract Maximum Revenue from Market
More and more real-world uses are being found for virtual reality technology. HMDs are primarily used in the healthcare sector in medical education and training. As this technology rapidly gains acceptance among medical experts, it is expected to be soon useful to doctors and plastic surgeons. The medical community at large recognizes HMDs. Medical professionals may easily execute and provide post-operative care using Virtual simulation with advanced interfaces like HMDs. This means that HMD can make the medical profession more proactive in treating patients and that more accuracy is expected over the next 5-7 years. The construction and design sectors find great use in virtual reality technology. In the architectural and design sector, a three-dimensional image of the building design and its surroundings is obtained using building information modeling (BIM). Statistics on augmented reality and expert research suggest that VR apps will considerably alter medical treatment. The technology has shown promise in improving various aspects of healthcare, including delivery of care to patients, surgical preparation, and medical education. Demand in the healthcare sector is expected to rise due to the product's realistic simulation features. Virtual reality robots enable surgeons to perform their work. It also offers surgical training to help its students acquire marketable skills. For instance, in February of 2022, Memic Innovative Surgery and VirtaMed teamed up to create the Hominis surgical VR system for surgeon training. As a result, the growing number of popular uses for VR should propel the industry forward.
Growing Penetration of Live Entertainment Events to Increase Sales of VR Headsets
The idea of real-time virtual entertainment is spreading. Technology has made it possible for consumers to watch live events and performances from the comfort of their own homes. The popularity of using this technology to see live performances of music or sports is rising since it provides viewers with a realistic and immersive experience. The idea of live virtual entertainment is developing rapidly all around the world. Thanks to technological advancements, people today prefer to watch live events and performances from the comfort of their homes. Demand for real-world activities like concerts, games, and sporting events is rising rapidly due to the platform's virtual reality features. In April of 2022, the rock band Foo Fighters held a concert on the virtual stage Meta. Live footage from the concert was available in a full 360 degrees on the Meta Quest headset. Thus, rising interest in simulated real-time entertainment will fuel market growth. It is widely believed that virtual reality will revolutionize classroom instruction shortly. With virtual reality, it's possible to train for dangerous situations without harming yourself. Virtual reality's contribution to lowering training expenses and hazards has prompted its use in various sectors. The scalability of cloud technology is another area of promise for immersive VR providers. Cloud services will store programs, data, then memory on virtual servers and stream it on demand as the volume of data created by VR grows. As a result, we may anticipate a continuous cycle of improvements in fully immersive VR technology and service enhancements. Businesses have started using online tools for routine tasks like meetings and formulating new strategies. By hosting the event digitally and making it available as a VR experience, organizers provide attendees with a richer, more varied, and more immersive experience. Therefore, the increasing popularity of virtual events is fueling the development of the VR industry.
Virtual Reality Industry Segmentation
Component
• Hardware
o Sensors
o Displays & Projectors
o Position Trackers
o Cameras
o Others
• Software
o Software Development Kits
o Cloud-based Services
o VR Content
Device
• Head Mounted Device (HMD)
• Gesture Tracking Device (GTD)
• Projectors and Display Walls (PDW)
Technology
• Semi & Fully -Immersive
• Non-Immersive
Application
• Consumer
o Gaming
o Video-based Content
• Commercial
o Retail & E-commerce
o Education & Travel
o Travel & Tourism
o Others
• Enterprise
• Healthcare
o Surgery
o Patient Care Management
o Pharmacy Management
o Medical Training and Education
o Others
• Others
Virtual Reality Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Component Insights
Hardware to Race Towards the Largest Revenue Owing to Rising Capabilities
The global market can be differentiated between hardware and software on the basis of component.
Developers incorporating virtual reality-based capabilities into more devices, with the widespread adoption and use of tablets, smartphones, and other cutting-edge electronic portable gadgets, could drive the growth of the hardware domain. The section also covers the input and output devices and game consoles that customers purchase to complement their VR systems. In addition, original equipment manufacturers (OEMs) are expected to benefit from the rising demand for virtual reality (VR) headsets in business applications, theme and entertainment parks, and other areas.
The software industry is expected to grow the fastest during the projection period. The capacity of the software to generate input, analyze data, and manage input/output streams is largely responsible for the expansion of this market. The amazing interactivity with programs and activities that may be achieved in a virtual reality environment has led to its widespread usage in product development. Since the technology has several potential uses, including but not limited to training, simulation, producing virtual tools, virtual reality apps, virtual reality game creation, learning experience mediums, and segment reality. It is anticipated that demand for the sector will rise.
Device Insight
HMDs to Occupy Maximum Revenue Due to Widening Application Such as Advertising and Entertainment
The market can be split into the head mounted device (HMD), gesture tracking device (GTD), and projectors and display walls (PDW)
As the provider of the most compelling virtual reality experience, HMD is poised to dominate the industry. Due to technical advancements and inexpensive investments like Google's inexpensive drawing board-based headgear, the demand for smartphone-connected 360-degree headsets is rising. The use of HMD for a wide variety of business purposes (e.g., instruction, advertising, entertainment) is on the rise. For instance, the European Union Aviation Safety Agency approved Vajro and VRM Switzerland for virtual aviation training in April 2021. Using data from human eye resolution, the businesses have developed a headgear for pilot training.
From 2023 to 2030, the market for GTDs is expected to expand at a rate higher than any other category. Since gesture tracing is a novel and rapidly used technology that provides extra immersive and nearly natural engagement, its popularity has increased significantly, driving the growth of this market sector.
Regional Insights
North America to Dominate Global Utilization Owing to the Presence of Major Players
The global market can be fragmented across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa based on geographical split.
Due to the number of established businesses and emerging start-ups, the industry in North America has great potential for expansion. North America is ahead of other parts of the world because it has been an early adopter of advancements. The potential for the protection, military, and judicial sectors to use immersive VR technology is also growing. Modeling real vehicles, soldiers, and battlefield conditions, aids in providing training simulations that may be used to prepare individuals for a wide range of scenarios. In addition to boosting personnel's situational awareness and responsiveness, these technologies can give data in real-time. The United States spends more on defense than any other country. The Biden administration requested USD 813.3 billion for national defense in their budget proposal for the upcoming fiscal year, issued in March last year. The desire for immersive VR is rising in the region due to expenditures made to improve military equipment.
It is predicted that Europe will become the area with the highest growth rate in the industry. The extensive use of virtual reality technology in various applications across several industries, especially the gaming and automotive sectors, has contributed to this trend. The greater number of gamers in Europe is a major factor in the region's early adoption of high-end VR headsets. During the predicted period, the European market is expected to grow faster than other regions thanks to the rapid creation and sale of powerful VR technology aimed at game players.
Demand for immersive technology in developing regions drives strong expansion in Asia Pacific throughout the projection period. Since China is a leading distributor of virtual reality (VR) headsets and other gear, the country stands to win the most market share. In addition, progress in China's 5G wireless networks and infrastructure is anticipated to bolster business prospects.
Virtual Reality Industry Analysis
The market's leaders are working on innovative virtual solutions to serve their customers better. The major players in the market are extending their global client bases due to the introduction of new products that target the most widespread application areas. Key market players are also engaging in strategic alliances and mergers and acquisitions to broaden their reach in the industry.
In addition, leading businesses diversify their offerings by introducing innovative new items and dramatically improving old ones. The virtual reality sector is undergoing rapid technical advancement, and more products are being released with improved capabilities.
Virtual Reality Market Recent Developments
• In May 2022, PrecisionOS and Siemens Healthineers have established a collaboration to provide VR training with a fully immersive environment. Siemens Healthineers' Cios Spin is a portable 3D C-arm used for intraoperative quality control and surgical workflow guiding, and this module enables surgeons and technicians get experience with it. Surgeons and technicians might collaborate on a virtual patient through the use of multi-user, peer-to-peer training sessions. This would facilitate their collaboration.
• In April 2022, the Shenzhen MetaVision Tech Co. has released updated models of its comprehensive virtual reality headgear. The business plans to release the world's lightest smartphone with augmented reality capabilities.
• In March 2022, Nvidia has expanded its partnerships with cloud service providers to enable high-quality virtual reality streaming. Thanks to cloud-based streaming, users may now experience VR/AR/XR anytime, anywhere.
Global Virtual Reality Market Prominent Players
• Oculus (U.S.)
• Samsung Electronics Co., Ltd. (South Korea)
• Google LLC (U.S.)
• HTC Corporation (Taiwan)
• Microsoft Corporation (U.S.)
• Sony Interactive Entertainment LLC (Japan)
• Unity Software (U.S.)
• Qualcomm Incorporated (U.S.)
• Nvidia Corporation (U.S.)
• HaptX Inc. (U.S.)
• Sensics, Inc. (Taiwan)
• Ultraleap Limited (U.K.)
Frequently Asked Questions (FAQs)
At what rate will the Virtual Reality Market Expand?
According to Objective industry Research, throughout the projection period, the virtual reality industry will grow at a CAGR of 26.5%.
What are the factors driving the global Virtual Reality Market?
The global virtual reality market is expected to expand during the forecast period owing to wider adaptability within various industries, integration into the healthcare sector, and the proliferation of Industry 4.0/5.0.
Which segment accounted for the largest Virtual Reality Market share by Technology?
In 2022, the non-immersive category provided in terms of revenue. Non-immersive virtual reality platforms provide users with a computer-generated or synthetic environment, unlike completely immersive systems.
What region holds the major share in the global market scape?
Due to the number of established companies and new ventures, this sector in North America has considerable growth potential. North America is ahead of the rest of the globe due to its early adoption of technological advances.
Which are the dominating players in the market during the forecast period?
Some prominent industry leaders in the global virtual reality market are Oculus (U.S.), Samsung Electronics Co., Ltd. (South Korea), Google LLC (U.S.), HTC Corporation (Taiwan), and Microsoft Corporation (U.S.), among others.
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com
Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Adaption within Various Sectors
4.1.1.2. Rising Number of Live Entertainment Events
4.1.2. Restrain
4.1.2.1. Lower Powered Battery
4.1.3. Opportunities
4.1.3.1. Integration of HMDs within the Healthcare Sector
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Virtual Reality Market Analysis & Forecast, by Component from 2019-2030 (in USD million)
5.1. Hardware
5.1.1.1. Sensors
5.1.1.2. Displays & Projectors
5.1.1.3. Position Trackers
5.1.1.4. Cameras
5.1.1.5. Others
5.2. Software
5.1.2.1. Software Development Kits
5.1.2.2. Cloud-based Services
5.1.2.3. VR Content
6. Global Virtual Reality Market Analysis & Forecast, by Device from 2019-2030 (in USD million)
6.1. Head Mounted Device (HMD)
6.2. Gesture Tracking Device (GTD)
6.3. Projectors and Display Walls (PDW)
7. Global Virtual Reality Market Analysis & Forecast, by Technology from 2019-2030 (in USD million)
7.1. Semi & Fully -Immersive
7.2. Non-Immersive
8. Global Virtual Reality Market Analysis & Forecast, by Application from 2019-2030 (in USD million)
8.1. Consumer
8.1.1. Gaming
8.1.2. Video-based Content
8.2. Commercial
8.2.1. Retail & E-commerce
8.2.2. Education & Travel
8.2.3. Travel & Tourism
8.2.4. Others
8.3. Enterprise
8.4.Healthcare
8.4.1. Surgery
8.4.2. Patient Care Management
8.4.3. Pharmacy Management
8.4.4. Medical Training and Education
8.4.5. Others
8.5. Others
9. Global Virtual Reality Market by Region from 2019-2030 (in USD million)
9.1. North America
9.1.1. North America Virtual Reality Market Analysis & Forecast, By Country
9.1.1.1. U.S.
9.1.1.2. Canada
9.1.1.3. Mexico
9.1.2. North America Virtual Reality Market Analysis & Forecast, By Component
9.1.3. North America Virtual Reality Market Analysis & Forecast, By Device
9.1.4. North America Virtual Reality Market Analysis & Forecast, By Technology
9.1.5. North America Virtual Reality Market Analysis & Forecast, By Application
9.2. Europe
9.2.1. Europe Virtual Reality Market Analysis & Forecast, By Country
9.2.1.1. Germany
9.2.1.2. UK
9.2.1.3. France
9.2.1.4. Spain
9.2.1.5. Italy
9.2.1.6. Rest of Europe (RoE)
9.2.2. Europe Virtual Reality Market Analysis & Forecast, By Component
9.2.3. Europe Virtual Reality Market Analysis & Forecast, By Device
9.2.4. Europe Virtual Reality Market Analysis & Forecast, By Technology
9.2.5. Europe Virtual Reality Market Analysis & Forecast, By Application
9.3. Asia-Pacific (APAC)
9.3.1. Asia-Pacific (APAC)
9.3.1.1. Japan
9.3.1.2. China
9.3.1.3. India
9.3.1.4. South Korea
9.3.1.5. Rest of the APAC
9.3.2. Asia-Pacific Virtual Reality Market Analysis & Forecast, By Component
9.3.3. Asia-Pacific Virtual Reality Market Analysis & Forecast, By Device
9.3.4. Asia-Pacific Virtual Reality Market Analysis & Forecast, By Technology
9.3.5. Asia-Pacific Virtual Reality Market Analysis & Forecast, By Application
9.4. Latin America
9.4.1. Latin America Virtual Reality Market Analysis & Forecast, By Country/Region
9.4.1.1. Argentina
9.4.1.2. Brazil
9.4.1.3. Rest of Latin America
9.4.2. Latin America Virtual Reality Market Analysis & Forecast, By Component
9.4.3. Latin America Virtual Reality Market Analysis & Forecast, By Device
9.4.4. Latin America Virtual Reality Market Analysis & Forecast, By Technology
9.4.5. Latin America Virtual Reality Market Analysis & Forecast, By Application
9.5. Middle East & Africa
9.5.1. Middle East & Africa Virtual Reality Market Analysis & Forecast, By Country/Region
9.5.1.1. South Africa
9.5.1.2. UAE
9.5.1.3. Saudi Arabia
9.5.1.4. Rest of Middle East & Africa
9.5.2. Middle East & Africa Virtual Reality Market Analysis & Forecast, By Component
9.5.3. Middle East & Africa Virtual Reality Market Analysis & Forecast, By Device
9.5.4. Middle East & Africa Virtual Reality Market Analysis & Forecast, By Technology
9.5.5. Middle East & Africa Virtual Reality Market Analysis & Forecast, By Application
10. Competitive Landscape
10.1. Market Share Analysis (2022)
10.2. Market Positioning of Top Players (2022)
10.3. Key Developments & Growth Strategies (2020-2022)
10.3.1. Product Launches
10.3.2. Merges, Collaborations & Agreements
10.3.3. Expansion
10.4. SWOT Analysis
11. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
11.1. Oculus (U.S.)
11.1.1. Company Snapshot
11.1.2. Business Overview
11.1.3. Financial Data
11.1.4. Key Products Offered
11.1.5. Recent Developments
11.2. Samsung Electronics Co., Ltd. (South Korea)
11.3. Google LLC (U.S.)
11.4. HTC Corporation (Taiwan)
11.5. Microsoft Corporation (U.S.)
11.6. Sony Interactive Entertainment LLC (Japan)
11.7. Unity Software (U.S.)
11.8. Qualcomm Incorporated (U.S.)
11.9. Nvidia Corporation (U.S.)
11.10. HaptX Inc. (U.S.)
11.11. Sensics, Inc. (Taiwan)
11.12. Ultraleap Limited (U.K.)
11.13. Others
12. Appendix
12.1. Currency Exchange Rate to USD
12.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain