VIRTUAL REALITY MARKET TO REACH USD 79.89 BILLION BY 2027 | CAGR 28.7% – FORENCIS RESEARCH

Global Virtual Reality Market: Key Highlights

• According to the new market research report “Virtual Reality Market by Component (Hardware, Software), by Technology (Non-Immersive, Semi-Immersive, and Total/Full Immersive), by End Use Industry (Media & Entertainment, Consumer Electronics, Healthcare, Military & Defense, Automotive, Sports, Building & Construction, Education, Engineering, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global Virtual Reality market is estimated to reach USD 79.89 Billion by 2027 at a CAGR of around 28.7% during the review period.
• Virtual Reality is gaining market growth in gaming & entertainment, healthcare, consumer electronics, automotive, and engineering & architecture industry because of the high operational performance, provision of real-time view with high resolution, and wireless connectivity
• VR is a computer interfaces which tries to mimic real world beyond the flat monitor to give an immersive 3D visual experiences. There are three types of technologies used in VR: non-immersive, semi-immersive, and fully immersive.

Global Virtual Reality Market: Key Market Dynamics

• Increasing demand of head mounted display (HMD) in gaming & entertainment and growing VR in consumer electronics and healthcare industry will expected to drive the market during growth period.
• Moreover, increasing need for HMD in engineering and architectural applications and integration of 5G with VR will create various market growth opportunities during assessment period.
• However, High initial investment will restrain the market during forecast period.

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Global Virtual Reality Market: Regional Overview

• North America

US and Canada are expected to drive the virtual reality market in North America. Mexico will grow at stable rate during forecast period. High presence of global players such as Google, Microsoft, Qualcomm, and Facebook. Increasing demand of gaming in youth population and increasing engineering market will have expected to drive the market in this region. On May 2020, Microsoft Hololens 2 add 5G support services. This will provide better speed, resolution, and speed while using VR applications.         

• Asia-Pacific

Asia-Pacific is expected to grow at faster rate during forecast period. China, Japan, South Korea, and Taiwan will drive the virtual reality market in Asia-Pacific. Increasing smartphone and various consumer electronic appliances and high presence of semiconductor industries will add more market value in virtual reality market. Sony Corporation partnered with Facebook to increase the sale of VR gaming devices. In June 2018, SAMSUNG partnered with NASA to launched A Moon for All Mankind” (AMFAM), an immersive, consumer-focused 4D lunar gravity virtual reality (VR) experience.   

Global Virtual Reality Market: Key Players Overview

• HTC Corporation:

The company is a global inventor of smart mobile devices, virtual reality, and connected technology. The company operates in three business segments: products, apps, and support. Product segment includes 5G, smartphones, blockchain phone, and VIVE. The company provide Cosmos series, Pro Eye series, Pro series, VIVE series, and various virtual reality accessories. In 2017, HTC Corporation launched virtual reality technology based VIVE products in India.       

• Facebook Technologies, LLC:

Facebook engages in social media and social networking management. Oculus is a subsidiary of Facebook which engages in the provision of VR headsets and VR equipment. The company provide Oculus Rift S and Oculus Quest for gaming and various virtual reality-based applications. In June 2020 Oculus discontinuous its low-end Go headset to focus on Oculus Quest. but the device is facing potential delays due to the impact of Covid-19 on product development and the global supply chain.

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