Global Virtual Reality Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024

Global Virtual Reality

Market Overview

Virtual reality (VR) is an incredible innovation to provide the real environment experience of sounds, images and sensations for consumers by means of imaginary settings. Improved display technology with enhance features such as ultra-high resolution, and 3D video displays is boosting the growth of virtual reality market to a new level. Moreover, declining price of micro displays has ignited the scope for developing economies to manufacture low cost head-mounted display (HMD) model for consumers. Head mounted display with high end aviation feature is gaining popularity mainly across defense sector. However, wearable glasses are showing promising results for future growth. Wearable glasses from Google are lightweight, portable and compact in nature which is expected to strengthen virtual reality market across the globe.

Rising number of private investments in developing VR technologies witnessed in past few years are likely to boost the growth of virtual reality market. Growing number of startups are creating market competitiveness and huge investments for the enhancement in VR technologies. For instance, an amount of USD 100 million is raised from Hinduja Group by a Swiss-based startup MindMaze for the development of VR hardware & software.

Market Segmentation

Global virtual reality market is categorized on the following basis:

Based on Components

• Hardware
• Software

Based on Devices

• Head Mounted Display (HMD)
• Gesture Tracking Devices (GTD)
• Projectors & Display Walls (PDW)
• Wearable Glasses

Based on End-User

• Gaming & Entertainment
• Healthcare
• Consumer Electronics
• Manufacturing
• Aerospace & Defense

Based on Geography

• North America (U.S. & Canada) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
•  Latin America (Brazil, Mexico & Rest of Latin America)         {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
•  Rest of World {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}

Market Size and Forecast (2016-2024)

Application of gesture recognition technology (GRT) in virtual reality is gaining huge consumer interest. The global GRT market holds an opportunity to reach over USD 45 billion by the end of 2024. Furthermore, global virtual reality market is expected to reach USD 58.61 billion in 2024 from USD 1.54 billion in 2016, growing at a CAGR of 57.60 % during the forecast period.

Geographically, North America and Asia- Pacific are anticipated to hold major revenue share of virtual reality market over the forecast period. Rising production of affordable mobile headsets, standalone devices and VR-compatible mobile phones in China and Japan are likely to expand the virtual reality business in Asia-Pacific region. Asia-Pacific virtual reality market is expected to grow at a CAGR of 59.0% over the forecast period.

Moreover, sport-centric regions such as North America and Europe are experiencing high adoption of HMDs for VR. HMD helps in analyzing individual performance and has tremendous popularity among sports like athletics, skiing, and cycling. Europe virtual reality market is expected to grow at a CAGR of 58.0% during the forecast period. Retail and manufacturing industry contributes largest shares in generating revenue from VR products and services in Europe. Latin America and the Middle East are also adopting the virtual reality technology with the increasing awareness and impact of digital transformation in all industry verticals.

Market Drivers and Challenges

Use of VR in defense and healthcare industry is driving the expansion of virtual reality market. Growing implementation of medical and consumer electronics based VR technology is expected to increase the adoption of VR technology based devices. Introduction of VR app store have also attracted large number of consumers. Light weight wearable displays and introduction of VR app store are also attracting large number of consumers across the globe.

However, high cost and lack of technical proficiency are main factors which are obstructing the expansion of VR market. Lack of awareness among customers and lack of consumer’s acceptance towards VR is hampering the VR business. Moreover, lack of capable camera to capture advanced VR content is affecting the promotion and growth of VR technology across the globe.

Key Market Players

• Google Inc.

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

• Oculus VR LLC
• Sony Corporation
• Samsung Electronics Co. Ltd.
• Microsoft Corporation
• HTC Corporation
• Ziess International
• Vuzix Corporation
• CyberGlove Systems LLC
• Barco NV
• Leap Motion, Inc.
• WorldViz
• Cyberith GmbH
• EON Reality Inc.
• Virtalis Limited
• Sixense Entertainment, Inc
• Marxent Labs LLC

Scope Background

Market Synopsis

Market Segmentation

The Global Virtual Reality Market is segmented as follows:

• By Components (Market Size, Demand Analysis and Growth Analysis)

• By Devices (Market Size, Demand Analysis and Growth Analysis)
• By End-User (Market Size, Demand Analysis and Growth Analysis)

By Regions

• North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}

• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors

• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remark