“Virtual reality market projected to grow at 33.47% CAGR during 2018–2024”
The virtual reality (VR) market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% during the forecast period. The penetration of HMDs in the gaming and entertainment sector, huge investments in VR market, advancement of technology and growing digitization, and availability of affordable VR devices are the major factors fueling the growth of the overall market. However, display latency and energy consumption affecting the overall performance of VR devices and health concerns relating to low resolution and lack of movement might restrain the overall growth of the market.
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“Fully immersive technology to grow at highest CAGR during forecast period”
The fully immersive technology-based VR devices enable users to feel the virtual environment in a realistic way. Head-mounted displays (HMD) or virtual reality goggles offer a fully immersive virtual reality environment. The realistic and interactive real-time environment offered by these devices make them ideal for gaming and entertainment. The increased use of fully immersive technology in the HMDs will drive this technology in the VR market.
“Software to register high CAGR in virtual reality market during forecast period”
VR devices have been available from last 3–4 years in a good number, though the content creation for the VR devices was lacking. Recently, the VR content creation has witnessed a high growth owing to the high demand. This will boost the VR software market growth in the next 5 years. The cloud-based services for VR and SDKs will play a crucial role in the development of the VR software market.
“APAC to lead virtual reality market by 2024”
Growing consumer and commercial markets with increasing investments in countries such as Japan, India, and China would boost the growth of the VR market in APAC. The use of VR has increased in commercial and consumer markets in APAC owing to the easy availability of VR technology in the region. The low-priced VR headsets are easily available in APAC countries, which would, in turn, help the market in APAC grow at a high pace. APAC will grow at the highest CAGR and is also expected to lead the VR market by 2024.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the virtual reality marketspace.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 – 36%, Tier 2 – 44%, and Tier 3 – 20%
- By Designation: C-level Executives – 61%, and Managers – 39%
- By Region: North America – 35%, Europe – 32%, APAC – 21%, South America – 7%, and Middle East & Africa – 5%
The report profiles key players in the virtual reality market with their respective market ranking analysis. Prominent players profiled in this report are Sony (Japan), Samsung Electronics (South Korea), Google (US), Microsoft (US), HTC (Taiwan), Oculus (US), Eon Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US), Sensics (US), Sixense Enterprises (US), Nintendo (Japan), Psious (Spain), Mindmaze (Switzerland), WorldViz (US), Firsthand Technology (US), Virtuix (US), Survios (US), Merge Labs (US), SpaceVR (US), and Virtually Live (Switzerland).
- This research report categorizes the global virtual reality market on the basis of technology, offering, device type, application, and geography.
- The report describes the major drivers, restraints, challenges, and opportunities pertaining to the virtual reality market and forecasts the same till 2024.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the virtual reality market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business.
- The competitive landscape section includes product launches, partnerships, acquisitions, collaborations, expansion, and capital funding.