Virtual reality (VR) Market Set for Rapid Growth, to Reach around USD 26.89 Billion by 2022

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 Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2022. According to the report, the global virtual reality (VR) market was valued at approximately USD 2.02 billion in 2016 and is expected to reach approximately USD 26.89 billion by 2022, growing at a CAGR of around 54.01% between 2017 and 2022.

 

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VR is an artificial environment which is created by software and presented to the user in such a way that the user belief and accepts it is as a real environment. Unlike traditional user interfaces, virtual reality (VR) places the user inside an experience. Instead of viewing a screen in front of them users are immersed and able to interact with 3D worlds. By simulating as many senses as possible like vision, hearing, touch, even smell the computer is transformed into a gatekeeper to this artificial world.

 

The increasing use of head-mounted displays in the entertainment and gaming sector along with decline in the prices of displays and other hardware components of HMDs and increasing uses of VR in training purpose are the key driving factors for the VR market. Additionally, 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. Market has challange to develop user-friendly virtual reality and tracking systems for easy acceptance and penetration of the virtual reality. However, increasing the investment by global players in the virtual reality applications is expected to grow the market during upcoming time.

 

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 and software segment cover under offering segment. Hardware segment further divided into sub segment i.e. sensors, semiconductor component, displays & projectors, position tracker, cameras and others. Sub segment of software includes software development kits and cloud-based services.

 

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Device type segment divide into head-mounted display, gesture control devices and projectors and display walls. Consumer, commercial, enterprise, medical, aerospace and defense, automotive, energy and others applications comes under application segment. Consumer application is holding largest market share as there is high use of virtual reality in gaming and entertainment sectors that has been driving factor to growth of the market. Additionally, increased interest of large technology companies in VR has been one of the key driver factors for the growth of the consumer virtual reality market.

 

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India and Brazil. North America is to holding the largest size of the market due to industry leaders in is present in US and has recognized potential opportunity in virtual reality. Followed by Europe, and expected that APAC region will hold highest market share during forecasted period.

 

The report covers detailed competitive outlook including company profiles of the key participants operating in the global VR market. Key players profiled in the report include Oculus VR, LLC, Sony Corporation, HTC Corporation, Samsung Electronics Co., Ltd., EON Reality Inc., Google Inc., Microsoft Corporation, Vuzix Corporation, CyberGlove Systems Inc, Sensics, Inc., Leap Motion Inc., Marxent Labs LLC, WorldViz, Jaunt, Inc., Cyberith GmbH, Virtalis Limited, and Sixense Entertainment, Inc among others.

 

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