Virtual Reality Market is expected to reach USD 101.2 Billion by 2027 | Top Players are Sony Corporation (Japan), Google LLC, Microsoft Corporation (US),
Research Reports
Feb 10, 2022
Market Highlights
Market Research Future (MRFR), in its latest study on the global Virtual Reality Market 2020, reveals multiple factors that determine dynamics of the market in the review period. A detailed study of the impact of COVID 19 on the virtual reality market is explained in the report. As per MRFR analysis, the Virtual Reality Market can rise at 37.4?GR across the forecast period 2017–2027. The Virtual Reality Market value can touch USD 101.2 Bn by 2027.
VR tech has gained widespread recognition following the growing adoption of the technology in the past few years. Given this, a number of players are emerging in the market with the goal of navigating VR towards mainstream adoption. Furthermore, the introduction of commercial virtual reality headsets is expected to stimulate market growth, and investments by technological giants such as ‘Google’ are likely to lead to advancements in the field of display technology. Moreover, with growing investment in research and development by key players, Market Research Future (MRFR) projects the global virtual reality market to be more competitive in the coming years and is estimated to hit USD 101.2 billion at a 37.4?GR during the forecast period (2017–2027).
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Segmentation Table
By Component
- Hardware
- Software
- Services
By Device Type
- Head-Mounted Displays
- Gesture Tracking Device
- Projectors & Display Walls
- 3D Cameras
- Others
By Technology
- Non-Immersive
- Semi-Immersive
- Fully Immersive
By Vertical
- Consumer Electronics
- Aerospace & Defense
- Healthcare
- Commercial
- Industrial
Virtual reality has often found its application enthralling, with interactive video games or even movies and television series. Where it is too dangerous, costly, or impractical to do in reality, virtual reality is seen as an ideal alternative. With the growing demand for cloud gaming and innovative gaming consoles, demand for immersed environment gaming is rising rapidly.
One of the most common uses of VR headsets is in gaming applications. Companies like Oculus, HTC, and Sony, have built a variety of items that consumers can use for an overall immersive gaming experience. However, there are other applications for VR products, like remote assistance and training.
Investments by technology vendors are creating innovations in the field of display technology, which will shift the vision of conventional methodology. With technology giants like Google investing significant amounts in technology start-ups to grow VR devices and other main players investing in their R&D across this segment, the future of the industry will be more competitive.
Consumers are extensively using VR applications, which are based on a variety of purposes, such as the automobile, gaming, media, and entertainment industries. The new developments in the consumer electronics segment are driving the development of virtual reality for multiple applications across the marketplace. For example, consumers are moving towards virtual reality in gaming with high definition, stunning graphics, and motion with high-end audio.
Virtual Reality (VR) is one of the main multidisciplinary technology trends, incorporating computers, various sensors, graphic images, communication, measurement and control of multimedia, artificial intelligence, and other technologies. The coronavirus pandemic has had a positive effect on the virtual reality market share. When the pandemic hit, and the travel screeched to a halt, the globetrotters felt deprived.
However, numerous VR service companies, such as Amazon Explore and the new Airbnb virtual reality service, have hit the market with cost-effective and fun services. In 2020, evolving communication systems and two-way video became primary social channels. COVID 19 has stimulated progress in many VR and virtual travel companies that have already offered 360 technology and immersive experience to figure out how to do it on a much wider scale.
Moreover, with many individuals compelled to work remotely as a result of the COVID-19 outbreak, the very idea of how organizations work together is increasingly changing. This is expected to increase the demand for virtual reality. As of now, employees are communicating on video conferencing platforms, such as Zoom, and Slack, Teams, and other texting apps. Nowadays, VR is providing what consumers are looking for and has the potential to play a major role in the future of learning and development. In addition, with virtual simulation, a person can feel the real-life-like experience at a fraction of the cost. However, the advancement in virtual reality is still in progress, and there are high expectations on what the future holds for VR.
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Global Virtual Reality Market Research Report: By Component (Hardware and Software), By Device Type (Head-Mounted Displays, Gesture Tracking Device, Projectors and Display Walls and 3D Cameras), By Technology (Non-Immersive, Semi-Immersive and Fully Immersive), By Vertical (Consumer Electronics, Aerospace and Defense, Healthcare, Commercial, Industrial and others) – Forecast till 2027
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