Virtual Reality Market is Anticipated to Grow at 42.78% CAGR During the Forecast

Posted by Adam Smith on February 8th, 2018

Virtual Reality Market is one of the fastest growing markets across the globe. Rise in innovative technology to operate the tasks efficiently would help by the virtual reality technology. The virtual reality provides the wide angle views according to the movements of the users. Advancement of technologies in virtual reality sector is projected to help various sectors like automotive & healthcare to introduce virtual reality for better safe drive and in diagnostics & imaging & technology. Further, banking upon the vast application in pilot training programs, military operations, real estate and gaming industry, virtual reality is projected to spur the global virtual reality market in near future. Further, technological advancements for operating tasks through fixed location is also projected to fuel the virtual reality market globally.

Global gaming virtual reality is the fast growing market across the globe due to presence of high-end & graphics game. The Global Virtual Reality Market is expected to grow at a CAGR of 42.78% in the forecast period of 2015-2021 and expected to cross USD 40 Million by 2021. Increasing utilization of virtual reality in industrial, consumer, commercial and healthcare sector is believed to the dynamic factor behind the growth of virtual reality market during the forecast period.

North-America Virtual Reality Market is projected to grow at a CAGR of >40% in the forecast period of 2015-2021. The penetration of smartphones in the region due to advancement of electronic devices in the U.S. would help the region to dominate the global virtual reality market in future. Further, on the back of reasons like, increased personal disposable figures, expanded demand from healthcare, enhanced IT infrastructure, better GDP figure etc. virtual reality market in Asia-Pacific is projected to grow at a CAGR greater than North America during 2015-2021. Further, high personal disposable income of the population is anticipated to drive the growth of virtual reality market in North America region. Asia Pacific is forecasted to witness robust growth over the forecast period. Availability and increasing adoption of low cost smartphones are propelling the growth of the virtual reality market in the Asia Pacific region.

Growth in Global Video Games Industry

Global video games industry revenue is anticipated to augment at a compound annual growth rate (CAGR) of 6.1% during 2015-2019. This expansion of gaming industry is likely to encourage more experiments in terms of quality and providing enhanced VR (virtual reality) experience to the gamers. This in-turn is expected to benefit both the VR hardware and software content developers and foster their market over the forecast period.

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Rising Penetration of Smartphones

In view of increasing users’ appetite, most of the virtual reality providers are currently focusing on developing certain VR (virtual reality) contents and devices that are compatible with smartphones. Users can easily access and experience virtual reality just by pairing these devices with their smartphones. It is anticipated that rising penetration of smartphones (global penetration of smartphones in 2011 was 9.7% and is expected to reach around 37% by 2018) to further boost the development of smartphone based virtual reality applications and fuel the growth of global virtual reality industry in future.

The report titled “Virtual Reality Market : Global Demand Analysis & Opportunity Outlook 2023      ” delivers detailed overview of the global virtual reality market in terms of market segmentation by hardware, by software, by devices, by immersion, by end user and by region.

Further, for the in-depth analysis, The Virtual reality technology is not timeworn and still in its transition phase. Owing to which, various technical and other issues related to this technology keeps arriving time and again. For instance, image latency is one such concern which leads to motion sickness, eye strain and nausea. In addition to this, people wearing a virtual reality device are more prone to get hurt physically as their vision is completely blocked.

This report also provides the existing competitive scenario of some of the key players of the global virtual reality market which includes company profiling of HTC Corporation, Samsung Electronics Co., Microsoft Corporation, EON Reality Inc., Philips Healthcare, Google Inc., Firsthand Technology Inc., Marxent Labs LLC, Oculus VR, LLC and Dell Technologies Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global virtual reality market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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