The Global Virtual Reality Market size is expected to reach $31. 2 billion by 2026, rising at a market growth of 20. 3% CAGR during the forecast period. Virtual Reality (VR) is bringing a paradigm shift in the manner we interact with the environment and objects around us.
New York, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Virtual Reality Market By Component, By Device, By Technology, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06021509/?utm_source=GNW
Growing adoption and utilization of virtual reality in different sectors is boosting the global demand of the virtual reality market. A person can explore a 3D computer generated environment which is presented by virtual. With the help of this, a person feels himself to be part of the near-reality world. Virtual reality has been rising to prominence across different sectors such as real estate, healthcare, entertainment, and education, etc. Moreover, VR is consistently being used to give training to employees and doctors to prevent any errors. With the help of VR technology, conference and meetings in real-time are becoming possible. Virtual reality makes it more convenient for engineers to assess designs and check how the structure will appear in real.
The adoption of VR is boosted by the rising affordability of 360-degree cameras because these cameras are becoming independent accessories in smartphones. These cameras, integrated in smartphones and mobile apps, are well-versed in capturing 360-degree videos. As a result, network sites such as Facebook and YouTube are adopting and promoting such videos. Manufacturers of smartphones are planning to develop operating systems incorporated with pre-installed camera apps with 360-degree photo capacities. The growth of the VR market is boosted by the rising popularity of 360-degree picture content.
Based on Component, the market is segmented into Hardware and Software. The hardware segment held the significant revenue market of the global virtual reality market in 2019. Demand for HMDs combined with the reducing prices of the display will boost the growth of the segment in the next few years. Consumer-ready headsets to experience VR can accelerate the segment growth during the forecast years.
Based on Device, the market is segmented into Head-mounted Display (HMD), Gesture-tracking Device (GTD) and Projectors & Display Wall (PDW). The HMD segment held a significant revenue share of the global market in 2019. The segment is anticipated to keep up its dominance over the forecast years. The gesture tracking devices segment is expected to gain popularity because of its application in the design, defense, and architecture sectors.
Based on Technology, the market is segmented into Semi & Fully Immersive and Non-immersive. The fully immersive segment holds a major market share. This segment is anticipated to increase further and display a major CAGR during the forecast years. Numerous companies are researching haptic gloves and other wearables. In 2018, Microsoft Corporation introduced Microsoft Layout which is a mobile application for VR headsets. This application allows users to virtually move 3D objects on a floor plan, making it convenient for architects to observe their designs.
By End User
Based on End User, the market is segmented into Consumer, Commercial, Healthcare, Enterprise, Aerospace & Defense and Others. The virtual reality market will be dominated by consumer applications in the next few years. Consumer sectors include gaming and entertainment applications, accounted for the highest revenue share of the market. This is credited to the high penetration of this sector in the gaming industry. The immersive technology accompanied with VR in gaming and entertainment lets a user experience a completely new virtual world. The virtual reality market will be led by consumer applications during the forecast years.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, the market was dominated by North America. This is owing to the high adoption of new technologies by the common people and the presence of numerous virtual reality companies. The U.S. is a leading contributor to the development of the virtual reality market in North America. However, Asia-Pacific is anticipated to witness the biggest development rate during the forecast years. This is credited to the increase in adoption of technologically advanced solutions, a rise in penetration of smartphones in developing countries such as India and China, and increase in application areas among end-use industries.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, Google, Inc., Facebook, Inc., and Samsung Electronics Co., Ltd. are the forerunners in the Virtual Reality Market. Companies such as Eon Reality, Inc., Dassault Systemes SE, Ultraleap Limited, Sony Corporation, and Autodesk, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google, Inc., Microsoft Corporation, Facebook, Inc., Sony Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Autodesk, Inc., Dassault Systemes SE, Vuzix Corporation, Ultraleap Limited (Leap Motion, Inc.) and Eon Reality, Inc.
Recent strategies deployed in Virtual Reality Market
Partnerships, Collaborations, and Agreements:
Dec-2020: Eon Reality signed a partnership agreement with Mississippi Gulf Coast Community College. The partnership focused on providing augmented (AR), virtual (VR), and extended (XR) reality technology to improve remote skills-based learning and to provide training for students in the new Simulation and Game Design Technology program.
Oct-2020: Eon came into partnership with King Mongkut’s Institute of Technology Ladkrabang (KMITL). Under this partnership, they established an Interactive Digital Center that allowed KMITL to continue its growth as one of the top universities in Thailand and added a new section like a VR Innovation Academy and educator certification programs.
Sep-2020: Eon Reality came into partnership with the National Company for Educational Services and Training (NEST) in Kuwait. This partnership aimed to bring an AR and VR center to the region, which provides excellence in the region for lifelong learning dissemination of AR and VR-based knowledge transfer solutions.
Jul-2020: Eon entered into a partnership with Dell. This partnership aimed to promote AR and VR solutions for academic and industrial facilities across the globe, particularly by using Dell’s potentially unmatched reach and ability to bring EON-XR to new potential users.
Mar-2020: Eon Reality partnered with Assam Electronics Development Corporation Limited, a machinery company. The partnership aimed to establish the first Augmented and Virtual Reality Center in India. This center offers effective AR and VR enterprise and academic solutions to provide training for the next generation of students and upskill workers within the area’s significant oil and gas industry.
Jul-2019: Sony signed a partnership agreement with Oculus, a brand of Facebook Technologies. In this partnership, Oculus extended the olive branch and shared VR games with Sony’s popular Playstation VR platform.
Feb-2019: Dassault signed a partnership agreement with ABB, a pioneering technology leader. Under this partnership agreement, the companies offered customers in digital industries, a unique software solutions portfolio ranging from product life cycle management to asset health solutions.
Acquisition and Mergers:
Jun-2020: Facebook took over Ready at Dawn, an American video game developer. The acquired company developed the Lone Echo games for the Oculus series of Facebook and afterward joined the Oculus series of Facebook.
Feb-2020: Facebook took over Sanzaru Games, the maker of the VR adventure title Asgard’s Wrath. This acquisition helped Facebook to pursue a future of rich, immersive, and original VR game content.
2017-Oct: Microsoft took over AltSpaceVR, a software startup company. This acquisition aimed to launch Windows Mixed Reality and the Windows 10 Fall Creators update.
Oct-2016: Google acquired Eyefluence, the first eye-interaction technology for AR, VR, and MR devices. The acquisition focused on the launch of the Pixel phone line with VR capabilities enabled by the Daydream VR headset.
Product Launches and Product Expansions:
Sep-2020: Facebook unveiled the Oculus Quest 2, its next-generation virtual reality headset. The VR headsets comprise new Touch controllers with optimized controller tracking to increase their efficiency.
Jul-2020: Microsoft introduced new features in Microsoft Teams. These features make virtual interactions highly organic and engaging that support the global shift of a more hybrid model of work, learning, and life.
May-2020: Eon Reality introduced EON-XR for Magic Leap. It focused on bringing the intuitive and flexible nature of EON-XR to a device that offers the ultimate freedom in movement and environmental awareness.
Sep-2019: Facebook launched Facebook Horizon, a platform where people can interact with others as digital avatars. The users can even add the elements of the world to the platform.
Nov-2020: Samsung opened the AR-VR Innovation Lab at IIT-Jodhpur. This lab helps in providing training to students on new technologies like Augmented Reality and Virtual Reality and helps them in learning industry-relevant skills and making them job-read
Scope of the Study
Market Segments covered in the Report:
• Head-mounted Display (HMD)
• Gesture-tracking Device (GTD)
• Projectors & Display Wall (PDW)
• Semi & Fully Immersive
By End User
• Aerospace & Defense
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Google, Inc.
• Microsoft Corporation
• Facebook, Inc.
• Sony Corporation
• Samsung Electronics Co., Ltd. (Samsung Group)
• Autodesk, Inc.
• Dassault Systemes SE
• Vuzix Corporation
• Ultraleap Limited (Leap Motion, Inc.)
• Eon Reality, Inc.
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