New York, NY, Jan. 23, 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’’. According to the 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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Citing an instance, in August 30th, 2018, BigBasket, an Indian based supermarket grocery supplies private limited, decided to introduce virtual reality (VR) store on its app.
The main types available in this virtual reality (VR) market are head-mounted display, gesture control devices, and projectors & displays walls. Among the three, the demand for head-mounted displays is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
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.
The 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 a 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
North America emerged as the largest market for virtual reality (VR) market and it accounted for a maximum share of total revenue generated in 2016. Virtual reality has been rapidly adopted North America, owing to the extensive R&D and presence of several VR companies in North America. Most of the companies are offering VR technology which located in the U.S. The US-based company Google-owned Tilt Brush; this is the platform for artists to digitally sketch and create 3D content in a virtual reality environment. Company launched its first art gallery that allows users to browse and share each other’s 3D content. And other US-based company Facebook, cut USD 200 from the USD 600 price of its Oculus Rift virtual reality goggles plus to increase sale. Additionally, Apple Company is also investigating multiple ways virtual and augmented reality could be implemented into future iOS devices or new hardware products. Considering this factor market is expected to perform with the rate during the forecasted period.
Europe was the second largest regional market and is expected to show strong growth in the years to come. Europe is booming virtual reality ecosystem, now Europe consists of nearly 300 companies. In Europe, manufacturing and retail sectors are anticipated to contribute the next largest shares of spending, driven by investments in VR related products and services.
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
Increasing industrialization and technology adoption in a developing country such as China, Japan, and India is boosting the growth of virtual reality market in Asia Pacific region. Consumer demand is driven in China and China is engaged in experience spots such as VR pods or VR cafes. According to the survey, this year showed that more than half of Chinese gamers are interested in VR and almost 30% are willing to spend up to USD 200 USD on a device.
Latin America and the Middle East are also adopting the virtual reality as increasing awareness of how virtual reality implementation can improve profit of the industry and how digital transformation can impact all industry verticals. These factors are increasing investments in virtual reality in these regions.
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The global virtual reality (VR) market is segmented as follows:
By Type
- Head-Mounted Displays (HMDs)
- Gesture Control Devices
- Projectors and Display Walls
By Technology
- Non-Immersive
- Semi-Immersive & Fully Immersive
By Offering
- Hardware Components
- Sensors
- Magnetometers
- Accelerometers
- Gyroscopes
- Proximity Sensors
- Image Sensors
- Sensors
- Semiconductor Components
- Controllers/Processors
- Integrated Circuits
- Displays
- Software Components
- Software Developer Kits (SDK)
- Cloud-Based Solutions
By Application
- Consumer
- Commercial
- Aerospace & Defense
- Medical
- Industrial
- Others
By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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