Overview:
Introduction of wearable devices such as head mounted displays for consumer applications including gaming and entertainment is one of the major factors driving the virtual reality market worldwide. The introduction of consumer VR devices and the entry of leading companies like Sony, Facebook, and HTC have helped demonstrate the benefits of the VR technology to a wider consumer base. These factors are expected to contribute towards a double digit compounded annual growth rate (CAGR) during the forecast period 2021 – 2029.
Report Scope
This report analyzes the global virtual reality market in terms of platform, component, end-use application, and geography. On the basis of platform, the global virtual reality market is segmented in to mobile, PC, and console. Furthermore, based on component, the market is segmented into hardware (display, sensors, and semiconductor component), and software. Similarly, on the basis of end-use application, the market for virtual reality is classified into consumer (gaming, and entertainment) and enterprise & public sector (retail, healthcare, education, military, engineering and design, etc.). The geographical distribution of the global virtual reality market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Virtual Reality Market - Growth, Share, Opportunities, and Competitive Analysis, 2020 – 2023” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the virtual reality market.
1.1.1 Target Audience
1.1.2 USP and Key Offerings
The report titled “Global Virtual Reality Market - Growth, Share, Opportunities, and Competitive Analysis, 2020 – 2023” offers strategic insights into the global virtual reality market along with the market size and estimates for the duration 2020 to 2023. The said research study covers in-depth analysis of multiple market segments based on platform, component, end-use application, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the key industry participants, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and recent developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global virtual reality market, offering market size and estimates for the period from 2020 to 2023, keeping in mind the above-mentioned factors.
By Platform 'Virtual Reality (VR) Market'
Platform Segmentation Analysis
In recent years, the virtual reality (VR) technology has garnered a lot of interest for its potential as both hardware device and software platform.
In the base year of 2020, the personal computer segment was the most preferred deployment platform in the global virtual reality (VR) market. Personal Computer-based virtual reality devices have been benefited from a huge installed base and rising number of personal computers equipped with the hardware required to facilitate a high-quality VR experience. The trend shall continue for the majority of the forecast period, with the segment remaining the largest revenue-generating segment by 2021. However, we expect the mobile platform segment to surpass PC segment to become the major virtual reality platform in 2023. Thus, the mobile segment is presumed to witness maximum growth during the forecast period 2021 – 2029. The use of virtual reality technology over mobile devices is expected to be highest owing to ease of access to hardware, relatively lower price points and forced adoption. The console platform segment is also anticipated to witness steady regulated growth during the forecast period 2021 – 2029.
By End User 'Virtual Reality (VR) Market'
There has been a lot of interest surrounding the virtual reality (VR) technology and its potential in hardware as well as software business segment. While the technology was predominantly used in gaming and entertainment applications, recent advancements in technology development has extended its application base to varied verticals including retail, healthcare, military, engineering, and architectural design among others.
In the base year of 2020, the consumer segment comprising gaming and entertainment was the major application segment in the global virtual reality (VR) market. The use of virtual reality in gaming, live events, and video entertainment is poised to witness steady growth during the forecast period. Gaming is the largest revenue contributing segment to the consumer virtual reality market. Leading manufacturers such as Oculus VR, Carl Zeiss, and Samsung Electronics Co., Ltd have developed virtual reality devices such as head-mounted displays, gaming consoles, controllers and trackers specifically for gaming applications. On the other hand, the use of virtual reality technology in retail, healthcare, engineering and design, and education among others is expected to grow as manufacturers venture into these verticals and seek to gain first-mover advantage.
By Component 'Virtual Reality (VR) Market'
In the base year of 2020, the hardware component was the largest revenue contributing segment in the global virtual reality (VR) market. The trend is expected to continue, at least during the first half of the forecast period 2021 – 2029. Ideally, virtual reality hardware offers visual immersion via a wide-angle wearable display that displays a stereo image in 3D. Sensors used in the headset track the activities of users and change view accordingly. On the other hand, virtual reality software allows user to interact with the virtual environment displayed on the screen of wore device. The need for software solution depends upon immersion type (semi immersion, full immersion, etc.), type of device, and other related requirements for the virtual environment experience. The virtual reality software market is poised to exhibit maximum growth, offering attractive investment opportunities for technology developers in the coming years. The growth is majorly expected to come from application segments including entertainment, gaming, and healthcare among others. The sale of virtual reality software is presumed to surpass that of hardware by 2020. Looking at bright future prospect, device manufactures are venturing into software business.
By Geography 'Virtual Reality (VR) Market'
As of 2020, the global virtual reality market was dominated by North America (comprising U.S. and Canada). The region accounted for over one-third of the global market revenue in the same year. The U.S. represents the largest and most attractive individual virtual reality market worldwide. Heavy research in the field of virtual reality coupled with the high acceptance for the technology in varied verticals is instrumental in fueling market momentum in the country. Over the forecast period 2021 – 2023, North America is expected to remain the largest virtual reality market worldwide. On the other hand, Asia Pacific is poised to exhibit robust growth, outpacing developed markets like North America and Europe during the forecast period 2021 – 2029. As manufacturers and software developers seek to gain first-mover advantage, we expect increased technology penetration and intensifying competition in the emerging economies of Asia, Middle-East, and Latin America.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Virtual Reality (VR) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Component
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End-use Application
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Platform
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
