The new report by Expert Market Research titled, ‘Global Virtual Reality Market Size, Share, Segmentation, Statistics, Report and Forecast 2023-2028’, gives an in-depth analysis of the global virtual reality market, assessing the market based on its segments like components, technology, devices, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 18 billion
- Forecast CAGR (2023-2028): 33%
The virtual reality industry is expected to witness significant growth because of surging demand for virtual interfaces from diverse areas. The outbreak of coronavirus pandemic had led the organisations to look for alternative work interface and meeting places. To reduce the risks associated with physical contact, initiatives like work from home have started. This has caused a surge in virtual reality demand.
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The healthcare and academic institutions are promoting the use of virtual reality among their organisation. Remote learning and training demand is also rising steadily. The government regulations and investments have been favourable to virtual reality industry that will drive the market demand.
Virtual Reality Industry Definition and Major Segments
Virtual reality is an interactive three-dimensional interface generated by computer simulation. Electronic equipment like gloves and headsets are required for the user to actively interact with the artificial visual environment. The virtual reality technology can be used for gaming, entertainment as well as academic, healthcare centre and architecture for visualisation of figures for better understanding.
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On the basis of component, virtual reality industry is categorised into:
The hardware component is further divided into sensors and semiconductor components, among others.
On the basis of technology, the virtual reality is categorised into:
- Semi and Fully Immersive
The industry is categorised on the basis of device into the following:
- Gesture-Tracking Device (GTD)
- Projectors and Display Wall (PDW)
- Head Mounted Display (HMD)
Based on the end use, the virtual reality is segmented into:
- Media and Entertainment
- Military and Defence
- Real Estate
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Virtual Reality Market Trends
The rising population, urbanisation, and surging economies of developing nations is providing impetus to industry growth. The market players have been investing in the research and development. The improved and innovative technologies will drive the market for virtual reality. The network connectivity is expected to improve sharply with the healthy adoption of 5G technology. The low latency and very high network speed will propel the market demand for virtual reality. The demand from security forces will further propel the virtual reality industry. This is because of the advantage of the three-dimensional simulation for the training of personnel along with the preparation and formulation of strategy for the military missions.
Key Market Players
The major players in the market are Google LLC, Sony Corporation, HTC Corporation, Samsung Electronics Co., Ltd, Facebook Technologies, LLC, Microsoft Corporation, Vuzix Corporation, and EON Reality, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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