What is Driving the Virtual Reality Market
The global virtual reality market is anticipated to reach US$ 120.5 Bn by 2026, as against US$ 7.3 Bn in 2018. Virtual reality or VR is advancing at a fast pace. The advent of virtual reality technology has transformed the way we live, work, and socialize. Both virtual reality and augmented reality possess the potential to transform the world. As people are eager to learn and grow, virtual reality plays a significant role in learning and development. From entertainment to education & training and travel, virtual reality offers a real-time experience to its users at a reasonable price. Virtual reality is gradually paving its way into the automotive sector. Besides the integration of voice assistants, vehicles nowadays come integrated with several advanced features to offer improved driver safety. Spurred by these factors, the global virtual reality market share is expected to increase considerably in the near future.
The report profiles some of the leading players in the global virtual reality market. These include:
- Oculus VR (Facebook)
- Autodesk Inc.
- Samsung Electronics
- Eon Reality
- Leap Motion
- Sixense Enterprises
- Dassault Systemes SE
- Lenovo Group Ltd.
- Magic Leap, Inc.
Fortune Business Insights in a report, titled “Virtual Reality Market Size, Share and Global Trend By Offering (Hardware, Software), By Technology (Nonimmersive, Semi-Immersive), By Industry Vertical (Gaming & Entertainment Media, Healthcare, Education, Automotive, Aerospace & Defense, Manufacturing), By Application (Training & Simulation, Educational, Attraction, Research & Development) and Geography Forecast till 2026” studies growth opportunities and threats prevalent in the market. As per the report, the global market is likely to report a stellar CAGR of 42.2% berween 2019 and 2026. Virtual reality has the ability to stimulate the environment via head-mounted displays, helping a user to interact and explore. Growing technological advancements in virtual reality are likely to generate plenty of VR solutions, allowing real-time experience to customers. This, in turn, is expected to drive the virtual reality market growth in the forthcoming years.
Google and Apple Focussing on R&D to Innovate the Virtual Reality Market in North America
North America covers 40% of the share in the global virtual reality market and is leading the market. US giants such as Facebook, Google, and Apple continue to focus on research and development (R&D) activities for software and hardware to further stimulate the virtual reality market share. The growth in this region is mainly attributable to the increased funding in start-ups, making the market dynamic.
The market in Europe is projected to hold a quarter share in the forecast years. Countries such as France, Germany, and France are the major contributors to the market. Apart from North America and Europe, the market is expected to rise in other regions such as Asia Pacific, Latin America, and the Middle East & Africa.
Over 70% of the Players have their Dominance in North America
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1. By Offering
2. By Technology
3. By Industry Vertical
- Gaming & Entertainment Media
- Aerospace & Defense
4. By Application
- Training & Simulation
- Research & Development
- Others (3D prototyping, modelling, etc.)
5. By Region
- North America (S. and Canada)
- Europe (UK, Germany, France, and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Other Than Gaming & Media, Virtual Reality to Penetrate into Healthcare, Education, and Other Sectors
The demand for virtual reality applications is increasing in healthcare, gaming & entertainment media, automotive, manufacturing, and other industries. Of these, gaming and entertainment media covers 40.5% of the global virtual reality market share. The adoption of virtual reality technology is likely to increase in the education and healthcare industry, thus boosting the virtual reality market size. The technology can be used for providing training, monitoring patients, and practicing surgeries. As per research studies, virtual reality is expected to be the future of online learning. For instance, an education technology start-up called 3rdFlix raised around US$ 5 million from Exfinity Ventures to create a live learning experience. With the rising awareness about virtual reality, the adoption of concept leaning among students is increasing.
As per technology, companies plan to invest in semi-immersive technology than non-immersive with am aim to create a better user experience. Owing to the rising investments and research and development activities, the software segment is expected to be on the rise whereas hardware witnessed a steady rise.
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Of these, companies such as Facebook, Google, Microsoft, HTC, Autodesk, Leap Motion, 3D, Sixense Enterprise, Dassault Systemes, and Eon reality are responsible for the surge in the virtual reality market revenue. Moreover, over 70% of these players have their dominance in North America. Recently Dassault Systemes offered help to the students of the University of Switzerland by making them aware of the latest technologies and industrial process. With the help of virtual reality, the company helped more than 700 engineering students and made them aware of ENOVIA for collaboration, CATIA for multi-disciplinary systems design and documentation, 3DEXCITE for high-end 3D visualization, and DELMIA for manufacturing simulation and robotics. Companies are increasingly investing in virtual reality technology to stay ahead of the competition. Some of the recent industry developments are mentioned below:
June 2018: A virtual reality headset called Oculus Go was launched in Canada and UK. It is now available at reasonably affordable prices.
May 2019: Ultrahaptics announced the acquisition of a hand-tracking headset maker called Leap Motion to strengthen its market position
August 2019: Sony Interactive Entertainment patented a virtual reality device combating eye-tracking and other simulation sicknesses.