According to the analysts at Zion Market Research, the global virtual reality (VR) market stood at US$ 2.02 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this market is expected to reach US$ 26.89 billion by the end of the forecast period.
New York, NY, July 12, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Virtual Reality (VR) Market by Hardware and Software for (Consumer, Commercial, Enterprise, Medical, Aerospace and Defense, Automotive, Energy and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”.
As estimated in this report, the global virtual reality (VR) market stood at US$ 2.02 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this market is expected to reach US$ 26.89 billion by the end of the forecast period.
With the presence of a large pool of participants, the global virtual reality (VR) market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Oculus VR LLC, Sony Corporation, HTC Corporation, and Samsung Electronics Company Limited are some of the key vendors of virtual reality across the world. These players across virtual reality (VR) market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the virtual reality (VR) market study.
Browse through 56 Tables & 31 Figures spread over 110 Pages and in-depth TOC on “Virtual Reality Market Size & Growth 2016 Analysis: Industry Statistics & Forecast Report by 2022”.
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Virtual reality (VR) creates an artificial environment in the world. Virtual reality is used to mention 3-dimensional computers, generated environment which can be explored and interacted with by a person. Virtual reality is a computer technology which uses virtual reality headsets sometimes in combination with physical spaces and multi-projected environments, for generating realistic images, sounds and other sensations that create a user's physical presence in a virtual or imaginary environment.
Increasing mobile phones, tablets, and smartphones with built in VR functionalities that have become an important tool in the workplace to enhance smooth business workflows and operations. Additionally, rising technology penetration across the many industries such as retail, healthcare, e-commerce and automotive is anticipated to drive the virtual reality market growth during the forecasted period. There is a limited user interface (UI) with virtual reality applications which are affecting the growth of the VR market. However, raising the investment by global players in the virtual reality applications is expected to grow the market during the upcoming time.
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The global Virtual reality (VR) market segmented on the basis of technology, offering, device type, application, and regions. The technology segment includes non-immersive and semi-immersive & fully immersive. Hardware, software, and semiconductor component segment cover under offering segment. Hardware segment further divided into sub segment i.e. sensors, cameras and others. Sub segment of software includes software development kits and cloud-based services.
Device type segment divides into the head-mounted display, gesture control devices, and projectors and displays walls. It is expected the head-mounted displays will hold a major share during upcoming due to head-mounted displays are the most promising devices to boost the growth of the virtual reality market. This also referred to sometimes as virtual reality headsets or VR glasses. HMD also use one of the several techniques to transfer images to the brain. Consumer, commercial, enterprise, medical, aerospace, and defense, automotive, energy and others applications come under application segment. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil. APAC region is anticipated to lead the virtual reality (VR) market in terms of revenue and is likely to witness the highest growth rate in the market by 2022. This is due to; increase in research and development centers in APAC and the growing acceptance of newer technologies in the countries such as China, India, and Japan are the drivers for the AR market in APAC region.
This review is based on a report by Zion Market Research, titled “Virtual Reality (VR) Market by Hardware and Software for (Consumer, Commercial, Enterprise, Medical, Aerospace and Defense, Automotive, Energy and Others) Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022.”- Report at http://www.zionmarketresearch.com/report/virtual-reality-market
Massive VR Applications Across Myriad Industries To Spur Growth
“The increasing application of head-mounted displays in the entertainment, retail, healthcare, e-commerce and automotive, gaming sector, will garner the growth for virtual reality (VR) market in the years ahead,” says the author of this study. Apart from this, use of virtual reality for training activities along with its extensive use in mobile phones, tablets, and smartphones to enhance business operations will boost virtual reality (VR) market trends in the future.
Limited user interface (UI) with virtual reality applications, however, is anticipated to inhibit the virtual reality (VR) market growth over the forthcoming years. Nevertheless, high investment by global players in the virtual reality applications is expected to impel the virtual reality (VR) market size in the couple of years, normalizing the impact of hindrances on the virtual reality (VR) market, reports the study.
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Presence of Big Players In The Region Support North American Dominance
Regionally, North America has been leading the worldwide virtual reality (VR) market and is anticipated to continue on the dominant position in the years to come, states the virtual reality (VR) market study. The presence of big players in the countries such as the US is one of the key factors behind the dominance of the North America virtual reality (VR) market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional virtual reality (VR) market.
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The global virtual reality (VR) market is segmented as follows:
- Head-Mounted Displays (HMDs)
- Gesture Control Devices
- Projectors and Display Walls
- Semi-Immersive & Fully Immersive
- Hardware Components
- Proximity Sensors
- Image Sensors
- Semiconductor Components
- Integrated Circuits
- Software Components
- Software Developer Kits (SDK)
- Cloud-Based Solutions
- Aerospace & Defense
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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