Surge in adoption of automation in consumer sector in developing countries will fuel growth of the virtual reality market to a significant extent going ahead
Vancouver, BC -- (SBWIRE) -- 05/03/2021 -- The global virtual reality (VR) market size is expected to reach USD 43.01 Billion at a steady CAGR of 27.5% in 2028, according to latest analysis by Emergen Research. Virtual reality technology and solutions demand is increasing due to surge in usage of head-mounted displays in gaming and entertainment, as well as in the retail sector, which is expected to continue to drive market revenue growth going ahead.
In March 2021, Square Yards, which is a brokerage firm, acquired PropVR, which is an AI-based platform specializing in developing digital property experiences using 3D technologies, augmented reality, and virtual reality. PropVR converts physical space or floor plan into an interactive 3D walkthrough. Square Yards covers the entire real-estate journey from search & discovery, mortgages, transactions, rentals, interiors, property management, and post-sales services.
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Some Key Highlights From the Report
Gesture tracking devices provide real-time data to computers to fulfil the user's commands. Gesture recognition also offers better ergonomics for consumer devices. Motion sensors can track and interpret gestures, and use them as a primary source of data input. Moreover, rise in use of biometric systems in various fields of people's lives, from home and cars, to shops, is also driving demand for these devices.
Virtual reality proved to be a game changer in the gaming sector as it boosts user experience. VR provides gamers with attractive virtual objects, and provides them ability to invite players into the game in the real-time. Broadcasters are also streaming live games in virtual reality and planning to sell virtual tickets to live games in the future so that anybody from any part of the world can watch the event. It will enable those fans who cannot afford to travel to the event, to be included remotely.
Semi and fully immersive simulations offer users a realistic experience, complete with sound and sight. This type of virtual reality is common in gaming and other entertainment in virtual reality arcades, or even in the user's home. Rise in demand for complete immersion in virtual reality will continue to drive revenue growth of the semi and fully immersive segment.
North America virtual reality market accounted for the largest revenue share among other regional markets in 2020 due to rising adoption of the technology in the education system across countries in the region to help students with learning disabilities and autism. Rise in demand for virtual reality technology in the U.S. military for training purposes will also propel market growth going ahead.
Key players in the market include Microsoft, Samsung Electronics, Google, Eon Reality, Sony, Mindmaze, Panasonic Corporation, HTC, Firsthand Technology, and Cyberglove Systems.
Virtual Reality Market Segmentation:
Emergen Research has segmented the global virtual reality market on the basis of offering, technology, device type, application, and region:
Offering Outlook (Revenue, USD Billion; 2018–2028)
Hardware
Displays and Projectors
Sensors
Cameras
Position Trackers
Semiconductor Components
Others (Computer/video generator and combiner)
Software
Cloud-Based Services
Software Development Kits
VR Content Creation
Technology Outlook (Revenue, USD Billion; 2018–2028)
Non-immersive
Semi and Fully Immersive
Device Type Outlook (Revenue, USD Billion; 2018–2028)
Head-Mounted Displays
Projectors and Display Walls
Gesture-Tracking Devices
Application Outlook (Revenue, USD Billion; 2018–2028)
Consumer
Gaming and Entertainment
Sports
Commercial
Education and Training
Retail and Ecommerce
Advertising
Travel and Tourism
Enterprise
Healthcare
Patient Care Management
Surgery
Pharmacy Management
Fitness Management
Medical Training and Education
Aerospace & Defense
Others
Automotive
Geospatial Mining
Real Estate (Architecture and Building Design)
The market is spread across several key geographical regions, and the report covers the regional analysis as well as the production, consumption, revenue, and market share in those regions for the forecast period. The regions include North America, Latin America, Europe, AsiaPacific, and Middle East and Africa.
Comprehensive Regional Analysis Covers the Following Regions:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Coverage of the Virtual Reality Market:
Insightful information regarding the global Virtual Reality market
Identification of growth in various segments and sub-segments of the Virtual Reality market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision-making process through the availability of the drivers and limitations
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Virtual Reality Market Segmentation & Impact Analysis
4.1. Virtual Reality Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Advancement of technology and growing digitization
4.2.2.2. Growing adoption of HMDs in different industries
4.2.2.3. Penetration of HMDs in the gaming and entertainment sector post COVID-19
4.2.3. Market restraints analysis
4.2.3.1. Display latency and energy consumption affect overall performance of VR devices
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Virtual Reality Market By Offering Insights & Trends, Revenue (USD Billion)
5.1. Offering Dynamics & Market Share, 2021 & 2028
5.1.1. Hardware
5.1.1.1. Displays and Projectors
5.1.1.2. Sensors
5.1.1.3. Cameras
5.1.1.4. Position Trackers
5.1.1.5. Semiconductor Components
5.1.1.6. Others (Computer/video generator and combiner)
5.1.2. Software
5.1.2.1. Cloud-Based Services
5.1.2.2. Software Development Kits
5.1.2.3. VR Content Creation
CONTINUED..!!
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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