Virtual Reality Market Overview:
Virtual reality (VR) can be termed as an incredible innovation which helps in providing the real environment experience of sounds, sensation and images for consumers with the help of imaginary settings. Improved display technology with enhanced features such as ultra-high resolution, and 3D video displays is helping in the increase of the growth of virtual reality market to a higher level. Moreover, the decline in price of micro displays has boosted 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 getting immense popularity mainly across defense sector. However, wearable glasses are showing promising results for future growth. For example, wearable glasses from Google are lightweight, portable and compact in nature which has the potential to increase the global market for VR wearables. Increasing number of private investments in developing VR technologies witnessed in past few years are likely to increase the growth of virtual reality market. A good 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 start-up MindMaze for the development of VR hardware & software. Virtual reality is gaining huge consumer interest.
The 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.
Drivers and Restraints:
Higher implementation of medical and consumer electronics based on VR technology is expected to increase the adoption of respective devices. Introduction of VR app store has also helped in attracting large number of consumers. Light weight wearable displays and introduction of VR app store are attracting large number of consumers across the globe. However, higher costs and lack of technical proficiency are some of the main factors challenging the expansion of VR market. Lack of awareness among customers and lack of consumer’s acceptance towards VR is hampering the business.
Geographically, North America is the largest market for VR wearables followed by Europe, and Asia-Pacific has been termed as an emerging market with utmost significance to India and China that account for the high growth rate of virtual reality.
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Some of the key players in the global virtual reality market are Google, Sony, Oculus, HTC Technologies, Google Inc, Cyberith GmbH, Eon Reality Inc, Virtalis Limited, Sixense Entertainment Inc, Zeiss International, Barco NV, Microsoft Corporation, Vuzix Corporation, CyberGlove Systems LLC, and Samsung.
Scope of the report:
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