Virtual Reality Market Size, Opportunities, Analysis and Trends by Forecast to 2027

 

Market Highlights

The Global Virtual Reality Market is expected to reach USD 101.2 Billion by 2027 at a CAGR of over 37.4% by the end of the forecast period 2017–2027.

Virtual reality in healthcare is expanding providing many benefits such as surgery simulation, robotic surgery, and skills training. The major advantage of VR in healthcare is that it assists healthcare professionals in acquiring new skills and training on new operating procedures which can be practiced in a safe environment. In the field of diagnostics, virtual reality helps medical practitioners to obtain better insights as compared to MRI scans and other methods, thereby eliminating the need for invasive procedures or surgeries, unless absolutely required. Samsung Electronics, Facebook Inc., Google LLC, Microsoft Corporation, and Sony Corporation are the major players operating the global VR market.

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Segmentation:

The global virtual reality market has been segmented on the basis of component, device type, technology, vertical, and region. Based on component, the market has been segmented into hardware and software. The hardware segment has further been divided into semiconductor components, sensors, and displays. The software segment has further been divided into software development kits and cloud based. The device type has been segmented into head-mounted displays, gesture tracking devices, projectors & display walls, and 3D cameras. The technology segment has been sub-segmented into non-immersive, semi-immersive, and fully immersive. The vertical segment has been sub-segmented into consumer electronics, aerospace & defense, healthcare, commercial, industrial, and others. The region includes North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

The global virtual reality system market is spanned across North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to be one of the largest markets with the highest adoption of virtual reality technology. For the purpose of analysis, North America has been segmented into the US, Canada, and Mexico. During the forecast period, the US is expected to be the leading region, growing at a CAGR of 38.05%, followed by Canada with 36.01%, and Mexico with 34.47%. The presence of key market players such as Microsoft Corporation, Google LLC, and Facebook Inc. in the US has driven the growth of the virtual reality market in the region. Moreover, increasing demand for VR applications in consumer electronics and gaming and entertainment industries is further expected to propel the growth of the virtual reality market in North America in the near future.

On the other hand, Asia-Pacific is expected to witness the fastest growth at a CAGR of 40.56% in the virtual reality market during the forecast period. Increasing investments in the technological developments and rising adoption of HMD for simulation and training purposes is driving the market in the region. The Asia-Pacific region has been segmented into five regions–China, Japan, India, South Korea, and the rest of Asia-Pacific. China is dominating the market in the Asia-Pacific region owing to various government initiatives supporting the growth of start-ups in VR technology. India is expected to grow with the fastest CAGR of 42.09% owing to the growing number of mobile-based VR application developers in the country.

Europe is witnessing a steady growth in the global virtual reality market. For the purpose of analysis, Europe has been segmented into five regions—the UK, Germany, Italy, France, and the rest of Europe. Growing media and entertainment industry, increasing VR applications in the education and healthcare sector, and strategic alliances among the key market leaders and new entrants are driving the market growth in Europe. The UK, Germany, and France are the major revenue contributors to the market in the region.

Key Players

Some of the Prominent Players in the global virtual reality market are Microsoft Corporation (US), Sony Corporation (Japan), Google LLC (US), Qualcomm Technologies, Inc (US), Facebook, Inc (US), Samsung Electronics (South Korea), Vuzix Corporation (US), Sensics, Inc. (US), Eon Reality, Inc. (US), Avegant Corporation (US), and Sixense Entertainment, Inc. (US).

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Virtual Reality Market Research Report: by Component (Hardware and Software), by Device Type (Head-Mounted Displays, Gesture Tracking Device, Projectors and Display Walls and 3D Cameras), by Technology (Non-Immersive, Semi-Immersive and Fully Immersive), by Vertical (Consumer Electronics, Aerospace and Defense, Healthcare, Commercial, Industrial and others) and Region (North America, Europe, Asia-Pacific, ROW) - Forecast till 2027

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