The report "Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware and Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise, Healthcare) and Geography - Global Forecast to 2025" The most significant factors driving the growth of the virtual reality market are penetration of HMDs in gaming and entertainment sector post COVID-19, high investments in VR market, advancement of technology and growing digitization, availability of affordable VR devices, and growing adoption of HMDs in different industries.
Browse 121 market data Tables and 46 Figures spread through 196 Pages and in-depth TOC on "Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware and Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise, Healthcare) and Geography - Global Forecast to 2025"
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Software offering to hold the largest share of virtual reality market during forecast period.
The VR market for software has witnessed high growth in recent years and is set to lead the VR market for the next 5 years owing to the trend of VR content creation. The mass consumerization should be achieved to help the widespread adoption of VR. The consumer sector in the virtual reality software market is expected to lead, in terms of market size, the overall software market as gaming and entertainment are the leading applications in the virtual reality market. The content creation required for gaming and entertainment would be the major driver for the growth of the virtual reality market for consumer applications. The use of virtual reality in industrial setups for prototype creation boosts the VR market for enterprise applications.
Head-mounted display to hold the largest share of virtual reality market during forecast period.
The virtual reality market is expected to be led by head-mounted devices. Consumer applications such as gaming, sports, and entertainment are expected to boost the virtual reality market for head-mounted displays. Ecommerce is becoming a major area of focus for retailers in APAC, where China is becoming the largest e-commerce market worldwide. The high demand for HMDs and software from the commercial sector would help drive the VR market in APAC. Moreover, the market players based in APAC are likely to gain through the growing use of HMDs in the healthcare and enterprise sectors.
Consumer applications to hold the largest share of virtual reality market during forecast period.
The demand for head-mounted displays is high in consumer applications because of their use in gaming and sports & entertainment. The use of head-mounted displays as smart glasses in sports is increasing day by day. The demand for the development of VR apps is high in the entertainment sector to enhance the user experience in sports broadcasting, gathering information through social networking sites, and so on. The economic powerhouses in APAC—Japan and China—are likely to drive the growth of the virtual reality market for consumer applications in the region in the near future.
APAC to register highest CAGR in global virtual reality market during 2020- 2025.
The VR market in APAC is expected to grow at a high rate in sectors such as healthcare, commercial, and consumer. The increasing number of players in the region would boost the growth of the VR market. Growing consumer and commercial markets with increasing investments in countries such as Japan, India, and China would boost the growth of the VR market in APAC. The low-priced VR headsets are easily available in APAC countries, which would, in turn, help the market in APAC to grow at a high pace. APAC has been the leading manufacturing region worldwide and is expected to witness the inflow of advanced technologies in the next 5–8 years. The rising investments would also boost the growth of the VR market in APAC.
Major players in the virtual reality market include Sony (Japan), Samsung Electronics (South Korea), Google (US), Microsoft (US), HTC (Taiwan), Oculus VR (US), EON Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US), and Sixense Enterprises (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global virtual reality market.
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