Jul 09, 2020 (AB Digital via COMTEX) -- Market Highlights
Market Research Future (MRFR), in its latest study on the global Virtual Reality Market 2020, reveals multiple factors that determine dynamics of the market in the review period. A detailed study of the impact of COVID 19 on the virtual reality market is explained in the report. As per MRFR analysis, the Virtual Reality Market can rise at 37.4% CAGR across the forecast period 2017–2027. The Virtual Reality Market value can touch USD 101.2 Bn by 2027.
The rise of the demand for virtual reality system in the expanding IT sector can support the rise of the virtual reality market in the years to come. The surge in the adoption of virtual reality technology across numerous enterprises across the globe can impel the expansion of the market in the years ahead. The presence of reputed developers of virtual reality solutions can bolster the expansion of the market in the years to come. The rapid expansion of the virtual reality market can also be attributed to increasing demand for VR applications in the field of gaming, consumer electronics, and entertainment industries.
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Microsoft Corporation (US), Vuzix Corporation (US), Eon Reality, Inc. (US), Sensics, Inc. (US), Sony Corporation (Japan), Avegant Corporation (US), Qualcomm Technologies, Inc (US), Facebook, Inc (US), Samsung Electronics (South Korea), Google LLC (US), and Sixense Entertainment, Inc. (US) are some reputed names in the virtual reality market as listed by MRFR.
Global Virtual Reality Market Segmentation
The segment analysis of the global virtual reality market is done by technology, component, device type, and vertical.
The component based segments of the virtual reality market are hardware and software. The hardware sub-segments are displays, semiconductor components, and sensors. The software sub-segments are cloud based and software development kits. The growing application of virtual reality software can support the expansion of the market in the near future.
The device type based segments of the virtual reality market are projectors & display walls, head-mounted displays, 3D cameras, and gesture tracking devices. The rise in the need for head-mounted displays can support the expansion of the Virtual Reality (VR) Market .
The technology based segments of the virtual reality market are semi-immersive, non-immersive, and fully immersive. The increase in the application of semi-immersive virtual reality market can promote the expansion of the market in the years to come.
The vertical based segments of the virtual reality market are healthcare, consumer electronics, and commercial, aerospace & defense, industrial, and other. The increase in demand for virtual reality solutions in the consumer electronics can generate high revenue for the market.
As per MRFR analysis, the virtual reality market in North America is expected to rise exponentially. The market in the US can thrive at 38.05% CAGR, followed by the market in Canada at 36.01% CAGR, and 34.47% CAGR in Mexico. The virtual reality market in the Asia Pacific region is likely to rise at 40.56% CAGR across the forecast period revealed MRFR study. In APAC, the rise in investments made in technological developments and high rate of adoption of HMD for training and simulation purposes can drive the market expansion of the Asia Pacific market. The expansion of the APAC market can be attributed to the high demand for mobile-based VR application in the region. In Europe, the virtual reality market can experience constant expansion in the years to come. The continuous application of virtual reality solution in the growing media and entertainment sector, along with education and healthcare industries can support the expansion of the market in Europe.
LIST OF TABLES
TABLE 1 GLOBAL VIRTUAL REALITY MARKET BY COMPONENT, 2017-2027 (USD BILLION)
TABLE 2 GLOBAL VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2017-2027 (USD BILLION)
TABLE 3 GLOBAL VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2017-2027 (USD BILLION)