Global Virtual Reality Market Size Forecast to Reach USD 26.89 Billion by 2022 Grows to $600 billion
Zion Market Research has published a new report titled “Virtual Reality (VR) Market by Hardware and Software for (Consumer, Commercial, Enterprise, Medical, Aerospace and Defense, Automotive, Energy and Others). Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2022″. According to the report, the global Virtual Reality was valued at approximately USD 2.02 billion in 2016 and is expected to reach approximately USD 26.89 billion by 2022, growing at a CAGR of around 54.01% between 2017 and 2022.
Virtual reality (VR) creates an artificial environment in the world. Virtual reality is used to mention 3-dimensional computers, generated environment which can be explored and interacted with by a person. Virtual reality is a computer technology which uses virtual reality headsets sometimes in combination with physical spaces and multi-projected environments, for generating realistic images, sounds and other sensations that create a user’s physical presence in a virtual or imaginary environment.
Increasing mobile phones, tablets, and smartphones with built-in VR functionalities that have become an important tool in the workplace to enhance smooth business workflows and operations. Additionally, rising technology penetration across the many industries such as retail, healthcare, e-commerce and automotive is anticipated to drive the virtual reality market growth during the forecasted period. There is a limited user interface (UI) with virtual reality applications which are affecting the growth of the VR market. However, raising the investment by global players in the virtual reality applications is expected to grow the market during the upcoming time.
The global Virtual reality (VR) market
The global Virtual reality (VR) market segmented on the basis of technology, offering, device type, application, and regions. The technology segment includes non-immersive and semi-immersive & fully immersive. Hardware, software, and semiconductor component segment cover under offering segment. Hardware segment further divided into sub-segment i.e. sensors, cameras, and others. Sub-segment of software includes software development kits and cloud-based services.
Report segment of Virtual Reality
- Head-Mounted Displays (HMDs)
- Gesture Control Devices
- Projectors and Display Walls
Device type segment divides into the head-mounted display
Device type segment divides into the head-mounted display, gesture control devices, and projectors and displays walls. It is expected the head-mounted displays will hold a major share during upcoming due to head-mounted displays are the most promising devices to boost the growth of the virtual reality market. This also referred to sometimes as virtual reality headsets or VR glasses. HMD also use one of the several techniques to transfer images to the brain. Consumer, commercial, enterprise, medical, aerospace, and defense, automotive, energy and others applications come under application segment.
Virtual reality is the ‘ultimate empathy machine.’ These experiences are more than documentaries. They’re opportunities to walk a mile in someone else’s shoes. In virtual reality, it’s more about capturing and creating worlds that people are inhabiting. You really are a creator in the way the audience lives within the world that you are building.Chris Milk, Capital Inc.
North America emerged as the largest market for virtual reality (VR) market and it accounted for a maximum share of total revenue generated in 2016. Virtual reality has been rapidly adopted North America, owing to the extensive R&D and presence of several VR companies in North America. Most of the companies are offering VR technology which located in the U.S. The US-based company Google-owned Tilt Brush; this is the platform for artists to digitally sketch and create 3D content in a virtual reality environment. The company launched its first art gallery that allows users to browse and share each other’s 3D content. And other US-based company Facebook, cut USD 200 from the USD 600 price of its Oculus Rift virtual reality goggles plus to increase sale. Additionally, Apple Company is also investigating multiple ways virtual and augmented reality could be implemented into future iOS devices or new hardware products. Considering this factor market is expected to perform with the rate during the forecasted period.