Asia Pacific Virtual Reality Market Future Outlook to 2027: Ken Research
by Ken Research Your Search Ends With Our ResearchVirtual Reality Market Definition and Overview
As a technological paradigm, Virtual Reality equips its
users with a computer-generated three-dimensional (3D) environment. The user
can interact with this environment in a natural way through a variety of
avenues, including head-mounted displays, while gesture recognition or handheld
controllers help with hand and body tracking. There could also be provisions
for haptic or touch-sensitive feedback. Humans experience things through
different senses, such as touch, vision, sound, smell, taste, etc. VR, an
extended reality technology, simulates these senses to offer an immersive user
experience. The higher the number of senses controlled by a VR device, the
better would be the user experience. Believability is a key feature of Virtual
Reality. Since it is a developing technology, providers are in the continuous
process of making it more realistic by bringing it closer to the real world,
making it more responsive, interactive, fast and bug-free. Apart from offering
entertainment through immersive films or video games, VR can also help train
people in areas that could otherwise prove to be risky or expensive for a
first-time learner, including trainee fighter pilots to trainee surgeons.
Asia Pacific Virtual Reality Market Outlook,
Drivers and Challenges
The Asia
Pacific Virtual Reality market is expected to
witness a strong growth of more than 20% in the next five years. While the
gaming and entertainment sector has been witnessing a strong surge in the
adoption of VR technology gears and interfaces for a more fulfilling and
immersive user experience, the healthcare industry is found to be leveraging it
for surgery simulation, robotic surgery, and surgical procedure trainings.
Industries like aviation or defense and security have also been implementing
this technology to train their pilots or vehicle drivers in a simulated
environment. Automotive engineers have been using the technology to experiment
with their designs and their applicability, saving on the cost of bringing out
costly prototypes. VR has proved to be of similar help for the architecture and
planning industry players who can now more effectively visualize the impact of
their designs and plans, detect faults and make necessary corrections before
starting with the construction. Real-estate and housing industry players have
also started incorporating VR in their applications to offer a virtual
experience of the property they are going to sell.
However, challenges like display latency, the delay between the
real or perceived response time and required or actual response time, continues
to hamper the industry’s growth by reducing the quality of user experience.
There are also factors like high cost of development and cyber security
concerns that plague the industry.
Asia Pacific Virtual Reality Market Value
Chain Analysis
The Virtual Reality market value chain
starts with the providers of VR content. The core VR content providers are
professional firms, such as studios and developers, who have been the
traditional providers of such content for other medium types as well. These
also include the prosumers who help inform and create content in VR and other
new media platforms. Once the content is ready, Virtual Reality experience
Developer Organizations appear as the next step in the value chain. These
developers could be technological software companies who help convert the
available content into usable formats. Next in the value chain are the
manufacturers of hardware who develop and offer devices and equipment required
to access the VR content. It may also include companies who provide support
systems such as computing platforms and supporting hardware to facilitate user
interaction with the content. Once the content and relevant access devices are ready,
they are distributed as integrated devices or solutions to end user industries
by marketers and distributors who sometimes sell them under own branding. This
segment involves companies who provide the processing power, IT infrastructure
and networks necessary to distribute the VR content to the end users and firms
hosting, marketing, selling and distributing the VR content and devices through
various portals, platforms, and retail avenues. The End User industries include
entertainment, media, healthcare, educational and multiple others and
subsequently the Individual End Users who purchase the VR devices and solutions
for their specific needs.
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Asia Pacific Virtual Reality Market
Segmentation
The Asia Pacific Virtual Reality market can be segmented into four
categories by the type of components involved. These categories include
Hardware, Software, Content, and Services. By device type, this market can be
segmented into four categories: Head Mounted Displays, Gesture Tracking
Devices, Projectors and Display Walls, and Others. By technology, the market is
split into three segments: Non-Immersive, Semi Immersive, and Fully
Immersive. On the basis of end-user
industries, the market can be segmented into Gaming and Entertainment,
Automotive, Retail and Ecommerce, Healthcare, Defense and Security, Education,
Architecture & Planning and Real Estate, Travel and Tourism, and Others.
Geographically, the major countries for the VR market in Asia Pacific are
China, Japan, India, South Korea, and Singapore.
Asia Pacific Virtual Reality Market
Competitive Landscape of Major Competitors
Some key players in the Asia Pacific Virtual Reality Market are
HTC Corporation, Meta Platforms Inc., Microsoft, Samsung, Sony, Google
(Alphabet Inc.), Qualcomm and NVIDIA, etc.
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Impact of Covid-19 on Asia Pacific Virtual
Reality Market
The outbreak of the Covid-19 pandemic initially resulted into
supply chain disruptions, resulting in irregular deliveries of components,
devices, equipment, and other relevant hardware required for the VR industry to
grow. Moreover, reduced availability of in-house staff also decelerated the
pace of production. However, for many industries, VR eventually became the tool
to combat the effects of the pandemic, gradually boosting production in this
space. Industries like healthcare used it to train medical professionals in a
simulated environment. Defense and security authorities could continue training
their fighter pilots, while travel and tourism companies – severely hit by the
pandemic-induced restrictions – started offering fun experiences through VR. VR
helped many other industries to simulate physical experiences in a virtual
environment and continue with their businesses. Examples of such application
areas of VR included retail pop-ups, car dealerships, bank branches, etc. All
these factors helped the market get back on a growth trajectory since 2021. The
market is expected to witness a steady growth owing to the cost reduction
benefits a simulated environment, created through the applications of VR
technology, has to offer.
Key
Segments Covered in Asia Pacific Virtual Reality Market
Asia Pacific
Virtual Reality Market by Component
Hardware
Software
Content
Services
Asia Pacific
Virtual Reality Market By Device Type
Head Mounted Displays
Gesture Tracking Devices
Projectors and Display Walls
Others
Asia Pacific
Virtual Reality Market by Technology
Non-Immersive
Semi Immersive
Fully Immersive
Asia Pacific
Virtual Reality Market by Type of End User Industry
Gaming and Entertainment
Automotive
Retail and Ecommerce
Healthcare
Defense and Security
Education
Architecture & Planning and Real Estate
Travel and Tourism
Others.
Asia
Pacific Virtual Reality Market by Geography and Major Countries
China
Japan
India
South Korea
Singapore
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Key
Competitors in Asia Pacific Virtual Reality Market
HTC Corporation
Meta Platforms Inc.
Microsoft
Samsung
Sony
Google
(Alphabet Inc.)
Qualcomm
NVIDIA
Time Period Captured in the Report: -
Historical Period: 2017-2021
Forecast Period: 2022-2027F
Key Target Audience:
Organizations
and Entities Who Can Benefit by Subscribing This Report:
Virtual
Reality Developers
Virtual Reality Content Providers
Virtual Reality Content Development Studios
Virtual Reality Hardware Manufacturers
Virtual Reality Software Solutions Developers
Virtual Reality Access Platform Developers
Potential Investors in Virtual Reality Companies
Virtual Reality Products/Services Distributors
Virtual Reality Associations
Virtual Reality Research Groups
Ministries of Electronics and Engineering
Media and Entertainment Service Organizations
For More Information on the Research Report,
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Future
Outlook of Asia Pacific Virtual Reality Market
Contact Us: -
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91-9015378249
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Created on Aug 15th 2022 05:23. Viewed 237 times.