Virtual Reality (VR) Market Expected To Witness A Sky Rocketing Growth by 2027by Sagy K. Digital Marketing Manager
Google Inc. (US), Microsoft Corporation (US), Blippar Inc. (UK), Vuzix Corporation (US), Metaio Gmbh (Germany), Qualcomm Incorporated (US), Oculus VR, LLC (US), and EON Reality, Inc. (US) are some of the prominent players at the forefront of competition in the Global Virtual Reality Market and are profiled in MRFR Analysis.
Virtual Reality Global Market - Overview
The Virtual Reality Market is booming and have taken giant companies such as Google, Microsoft, Facebook, and Samsung by its stride, prompting them to gamble up on virtual reality hardware and software. The VR Market is growing with the rapid pace; mainly due to the rising adoption of VR in gaming, headsets across Entertainment, Media and Fashion industries. Although, most of us think that VR is reliant and limited only to games and Movies, the potential impact of VR technology has already reached far in workplaces in the form of Virtual Prototyping with which Products will be developed faster than ever and for marketers VR will be offering with multiple new advertising options
Considering the potent Technology’s outpacing flight in future, recently the Market Research Future promptly published Virtual Reality Market insights stating that the Global Virtual Reality Headsets Market ALONE is projected to accrue up to USD ~ 5 Billion by 2027, with a whooping double digit CAGR of ~35 % between 2016 and 2027. And the global Virtual Reality in Gaming Market is estimated to accrual value of ~ USD 14.6 billion by 2023 with staggering double digit CAGR of 30.5% during forecast period 2017-2023. MRFR further asserts that the global Virtual Reality market will grow pervasively with far more forcibly during the forecasted period (2016-2027).
The vigorous growth of the VR Market will be attributing to the growing digitization coupled with the advancement of technology. Additionally, increasing demand for head mounted displays in gaming and entertainment industries is providing impetus to the market sales of VR. Availability of low cost displays and hardware components of HMDs at much affordable cost is fostering the market growth of VR up to a far extent. Moreover increasing application of VR technology in workplaces for training or to enhance smooth business workflows and operations are positively impacting the market growth. The Virtual Reality Headsets are widely used by military as well as other scientific applications to improve mental and health training programs. VR games are benefitting in health education and behavioural intervention in youth and young adults. Also rising proliferation of VR functionalities in mobile phones, tablets, and smartphones is a prominent market growth driving factor.
The accelerating Virtual Reality Market doesn’t seem to be giving a room for growth restraining factors, gone are the days when high cost of VR devices were considered as a restraint to the VR market growth. That’s no longer the case Thanks to the companies like Facebook (Oculus), Google, Microsoft, HTC, and so many others, for making the VR dream a virtual reality, from sci-fi to household increasing it’s affordability to the middle class genre. Yes, for namesake, we can say that the short of technical expertise required to develop easy Virtual Reality and tracking systems for its increased uptake which will help spreading penetration of the Technology is likely to present minor challenges to the market growth of VR, but on the other hand, rising investment transpired in Virtual Reality market in R&D activities to further explore the application area of VR will benefit the market growth a great deal. As more the applications (uses) more the sale, simple as that.
Industry/ Innovation/ Related News
November 15, 2017 – Disney Pixar launched Coco VR, The VR app debuted as an exclusive on the Oculus Rift, and it’s one more example of a large media company embracing the new medium of VR. Pixar has a reputation for excellence in animation, and it is wading into VR with the same sort of calculated and meticulous effort.
November 14, 2017 – HTC officially unveiled a standalone Virtual Reality Headset called the HTC Vive Focus at its annual Vive Developer's. The standalone headset that runs on HTC's own VR platform, the also brand new Vive Wave and has access to the Viveport content store for downloading apps and games. The HTC Vive Focus has inside-out 6-degrees-of-freedom tracking, which means it doesn't need to be connected to a gaming PC or use external sensors to work. Instead, all the technology is built into the headset itself, allowing its user to immerse in VR gaming irrespective of location.
November 2017, Cornerstone Partnership, a social enterprise working to improve the life chances of children in care, to recruit and train adopters and foster carers created a pair of new Virtual Reality (VR) film that gives adopters and foster carers the chance to put themselves in the shoes of a child in care and lets adults see neglect and abuse through a child's eyes. One of these Virtual Reality films will be used to recruit and hone empathy in adopters and foster carers. And other film, will be used in training programmes for adopters and foster carers, allowing users to experience the realities of being a child in care.
November, 2017 - NBA - National Basketball Association (USA) struck two partnerships to broadcast games in virtual reality the league is teaming up with Turner Sports and Intel TrueVR to air weekly games on TNT in VR starting with the All-Star weekend festivities from Los Angeles in February 2018. This partnership represents a doubling down of NBA's VR efforts. Last year, the NBA began airing games with NextVR as part of a multiyear deal.
November, 2017 – Dr. Benjy Li, (Researcher) with Stanford's Virtual Human Interaction Lab, mentioned that now, Virtual Reality which was earlier limited to treat senses such as sight and sound has further modernised to treat nostril senses too. The Modern Virtual Reality in its next radical evolution level would actually come via nose (and/or mouth). Li's research team at Nanyang Technological University, in Singapore, submitted a study for peer review that examines how VR can influence one's eating behaviour with virtual food. Not more details are available since the paper is still under review.
November, 2017 – News of China’s massive VR theme park at Guizhou named – “East Valley of Science and Fantasy” was out. The Park is partially opening for public in December 2017. The park was designed to be a science fiction world. The park site says it will include VR recreation halls, movie theatres, restaurants, and a children’s area. It reportedly cost $1.5 billion to build.
November, 2017 – First look of Legoland Florida’s Virtual Reality coaster was out. Legoland Florida previewed the brickish visuals for its upcoming virtual reality update for the Project X Coaster. The revamped attraction, dubbed The Great Lego Race, puts riders through digital near-misses with falling trees, flames, crumbling rock walls and cows while getting air time over a cliff and riding make-believe waves. It is said to be the first VR/coaster experience designed for kids. The look resembles the everything-made-of-bricks styling of Lego-themed movies, such as “The Lego Batman Movie.”
April 2017 – Amazon's Echo Look was launched the gadget which costs just $200, is said to be serving as a style assistant to help one decide what to wear. The Echo Look will not only give user the information on weather or play music but its voice-controlled camera will take user’s photos in various outfits as well. Virtual Reality technology will not only change our perspective on dressing but also on shopping.
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Virtual Reality Global Market - Competitive Analysis
Players operating in the global Virtual Reality markets are focusing upon optimized situational awareness for customers and ensure their mission success. The Market appears to be highly competitive and diversified with the presence of large number of players having global presence. To gain the competitive edge and to sustain in the market, these players are heavily investing in R&D, global expansion, advanced technologies and product Launch. Players compete against each other based on factors such as the product quality, reliability, cost, and aftermarket services. Marketers are tapping the growing markets for expansions. Well established players strive to develop unrivalled technology with adept features.
Virtual Reality Global Market - Segmentation
The Virtual Reality Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type: Comprises Augmented, Immersive, Video mapping.
Segmentation By Component : Comprises Projector, Sensor, HMD, and Semiconductor.
Segmentation By Application : Comprises Entertainment, Gaming, Tourism and other.
Segmentation By Technology : Comprises Non-Immersive, Semi-Immersive and Full-Immersive among others.
Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Virtual Reality Global Market - Regional Analysis
North America dominated the Global Virtual Reality Market with the largest market share due to growing demand for smartphones, and growing technical advancement in computers and internet facilities in the region, and therefore accounting for astronomical market value and is expected to grow over further by 2027. Virtual Reality Market in Asia-Pacific market is expected to grow at a substantial CAGR from 2016 to 2027. The European market for Virtual Reality Market is expected to grow with a considerable CAGR (2016-2027).
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Created on Nov 24th 2017 02:47. Viewed 198 times.