The global virtual reality market is anticipated to value USD 62.1 billion until 2027. It is also expected to register a CAGR of 21.6% over the forecasted years, 2020 to 2027. Shifting trend towards the adoption of VR technology for enhancing user experience is expected to trigger the market growth for virtual reality.
The semi & fully immersive technology segment held the largest share of around 79.4% across the global market in 2019 on account of the increasing popularity of HMD-based VR devices. The non-immersive segment is projected to register moderate growth from 2020 to 2027 due to its feature of offering an enhanced computer-generated environment despite its immersion in the virtual world.
In 2019, the hardware segment held the highest share of 68.8% across the global market due to the increasing usage of electronic devices and smartphones among the millennial population. On the other hand, the software segment is estimated to witness the fastest growth over the forecasted years, 2020 to 2027 on account of the surging need for analyses of incoming data and input-output device management.
Market Share Insights
The key players operating across the global market are Barco; Alphabet, Inc.; HTC Corporation; Microsoft; Sensics, Inc.; Facebook Technologies, LLC; Ultraleap Limited; and CyberGlove Systems Inc. They are continuously focusing on product development and innovation to widen their geographical reach and customer base.
Several strategies like acquisitions, mergers, collaborations, and partnerships are being undertaken by the key players to gain a competitive advantage. For example, Apple Inc. is planning to acquire a U.S.-based company named NextVR Inc. in 2020. This is anticipated to boost the VR initiative undertaken by Apple for enhancing its presence across the gaming and entertainment industry.
Request free sample to get a complete analysis of the market players @ https://www.millioninsights.com/industry-reports/virtual-reality-vr-market/request-sample
In 2019, Asia Pacific held the largest share of around 41.4% across the global market. This can be associated with the rapid technological advancements being undertaken by key organizations for promoting VR technology across developing countries like India, Japan, and China. For example, the introduction of 5G services across Japan in 2019 is driving the telecom companies to offer several VR/AR platforms for enhancing the usage of 5G services. Moreover, favorable policies and initiatives being undertaken by governing authorities for the promotion of travel and tourism activities are anticipated to propel the demand for virtual reality across this region.
Europe is projected to witness the highest growth with a 23.3% CAGR from 2020 to 2027. This can be associated with the rising adoption of VR technology in many organizations located across Germany, France, the U.K., and Italy. Further, the rising popularity of VR headsets in the gaming community residing across this region is expected to trigger up market growth.
COVID-19 Impact Insights
The virtual reality (VR) market has been impacted positively on account of the ongoing COVID-19 pandemic. The imposition of work from home policies by several organizations has triggered the need for virtual team meetings and conferences. Also, the emerging concept of online education and training is estimated to upsurge the market growth for VR technology. Further, rapid technological advancements being undertaken by key players for enhancing user experience are expected to contribute significantly towards the market growth over the post-pandemic period.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment