The global virtual reality market is expected to reach USD 48.5 billion by 2025, according to a new report conducted by Grand View Research, Inc. Virtual Reality (VR) technology based Gesture Tracking Devices (GTD) find commercial applications in high-performance computers and VR gaming applications. The VR Head Mount Devices (HMD) technology offers a cost-effective and reliable solution to experience immersive virtual experience by means of a smartphone. The consumer electronics application segment would dominate the sector in terms of market size over the forecast period. The growing adoption of medical and consumer electronics based VR applications is anticipated to revolutionize the market by 2025.
Non-mobile VR headsets have their own integrated screens, for example, Oculus Rift, whereas mobile VR headsets use smartphones as the screen, for example, Google Cardboard. Numerous large corporations, such as HTC Corporation and Sony Corporation, are venturing into space. The introduction of commercial VR headsets is expected to accelerate market growth over the next two years.
The market can be categorized based on components into hardware and software verticals. The hardware segment dominated the VR market in terms of the overall market share in 2016. The rising demand for smartphone devices is anticipated to complement the growing VR hardware device sales. The increasing penetration of devices, such as smartphones and tablets, is expected to drive the software segment over the forecast period. The increasing demand for VR applications in the gaming and entertainment segments is expected contribute to the market growth.
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Further key findings from the report suggest:
The semi and fully immersive segment dominated the VR market in 2016 in terms of the overall market share. Immersive VR devices aid users to achieve maximum isolation from the real world dimension into the virtual world
The GTD VR hardware includes sensors, processors, and displays. Furthermore, several companies are working on enhancing the quality of sensors and processors used in VR devices
In the entertainment and healthcare segments, VR applications can save time and reduce operational costs
The North American region dominated the marketplace, accounting for the largest global VR market share (in terms of revenue) in 2016
The key VR industry participants include CyberGlove Systems LLC, Barco, Alphabet Inc., HTC Corporation, Oculus VR LLC, and Leap Motion, Inc.
Grand View Research has segmented the global virtual reality (VR) market based on device, component, technology, application, and region:
Virtual Reality Device Outlook (Revenue, USD Million, 2014 - 2025)
Head-Mounted Display (HMD)
Gesture Tracking Devices (GTD)
Projectors & Display Walls (PDW)
Virtual Reality Component Outlook (Revenue, USD Million, 2014 - 2025)
Virtual Reality Technology Outlook (Revenue, USD Million, 2014 - 2025)
Semi & Fully Immersive
Virtual Reality Application Outlook (Revenue, USD Million, 2014 - 2025)
Aerospace & Defense
Virtual Reality Regional Outlook (Revenue, USD Million, 2014 - 2025)
The Middle East & Africa (MEA)
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