Virtual Reality Market

Sony (Japan) and Samsung Electronics (South Korea) are the Key Players in the Virtual Reality Market

The virtual reality (VR) market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% during the forecast period. The penetration of HMDs in the gaming and entertainment sector, huge investments in the VR market, advancement of technology and growing digitization, and availability of affordable VR devices are the major factors fueling the growth of the overall market.

The major vendors in virtual reality market include Sony (Japan), Samsung Electronics (South Korea), Google (US), Microsoft (US), HTC (Taiwan), Oculus (US), Eon Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US), Sensics (US), and Sixense Enterprises (US). The other important and emerging companies include Nintendo (Japan), Psious (Spain), Mindmaze (Switzerland), WorldViz (US), Firsthand Technology (US), Virtuix (US), Survios (US), Merge Labs (US), SpaceVR (US), and Virtually Live (Switzerland).

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Companies have been keen on launching new products and partnerships with companies to expand their business to new horizons. Updating new features by product enhancement is expected to play a major role in the near future with the ever increasing competition. The major players such as Google, Oculus, HTC, Sony, and Samsung have been using these strategies to outgrow their competitors.

Sony Corporation primarily focuses on premium pricing strategy for all its products in all business segments. In contrast, the pricing of VR PlayStation headset is set to hundreds of dollars lesser than its counterparts. The late entry of Sony with less pricing in the VR market depicts their growth aspects in the VR market. The company would bank on the economies of scale to grow in the VR market to compete with the established headset makers in the VR market. The company currently leads the VR market space with the highest number of shipments with respect to its PlayStation VR headset. In October 2017, Sony announced to launch its improved version of PlayStation VR headset. The new headset—CUH-ZVR2—comes with streamlined cables, overall a slimmer build, and integrated stereo headphones.

Samsung Electronics (South Korea) has become a very powerful brand in recent years, mostly in consumer electronics and mobile devices segments. The company developed innovator edition of its Gear VR, which is compatible with smartphones such as Samsung Galaxy S6 and S6 edge mobiles. It offers enriched virtual reality experience to users and also offers features such as enhanced comfort, USB compatibility, and improved graphics. In August 2017, Samsung launched new Gear VR that is compatible with the newly launched Galaxy Note 8 smartphone.

Related Reports:

Virtual Reality Market by Component (Hardware and Software), Technology (Non-Immersive, Semi- & Fully Immersive), Device Type (Head-Mounted Display, Gesture Control Device), Application and Geography - Global Forecast to 2022

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Report Code
SE 3528
Published ON
Jan, 2019
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