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The Virtual Reality (VR) Market is segmented by Type (Hardware, Software), End-user Vertical (Consumer, Commercial), and Geography.
Fastest Growing Market:
The Virtual Reality (VR) market was valued at USD 11.52 billion in 2019 and is expected to reach USD 87.97 billion by 2025, at a CAGR of 48.7% over the forecast period 2020 - 2025. VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes to navigate it toward mainstream adoption.
Virtual reality blurs the line between digital and physical worlds, thereby, generating a sense of being present in the virtual environment for consumers. Several multinational corporations, such as Sony and HTC, are venturing into this market space.
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Mobile virtual reality (VR) is the most affordable experience for consumers who want to explore VR without spending a substantial amount of money. Additionally, the portability and massive install base of smartphone users, across the world, lead to its wide-scale adoption. VR headsets rely on the smartphone to display content and use numerous specially developed apps for the same.
For instance, Matterport VR Showcase is a virtual reality app compatible with Samsung Galaxy series (Android KitKat 4.4+), for which the Oculus Gear VR app needs to be installed on the device.
In 2016, approximately 87% of the virtual reality headsets sold worldwide were mobile phone-based, meaning a user’s smartphone mounted on the headset and operated as the screen. Popular mobile phone VR headsets include the Google Daydream View and Samsung Gear VR.
While VR for mobile is currently a less immersive experience than console and PC-based VR, its adoption is expected to increase over the forecast period, due to a host of technological advancements in the mobile VR space. Also, with the growth of smartphones, there is massive potential for the VR market, over the forecast period.
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Asia-Pacific is expected to hold the major share, owing to the presence of large and several emerging economies, along with the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in the region. China is expected to account for a prominent share in the region, owing to the rising adoption of VR technology in the country. VR took the center stage in China’s tech scenario in 2016. Many startups related to virtual reality are also growing in the country. For instance, Palapple is developing its own VR products. The company also created a project called VResidence, which offers a number of virtual reality real estate products, including an online platform for second-hand property.
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The global virtual reality market is witnessing a rise in competitiveness among the companies. The market consists of various major players, such as Oculus, Google, HTC, Samsung, Sony, and Lenovo. In terms of market share, these major players currently dominate the market. However, with increasing innovations in the technology, many of the companies are increasing their market presence by securing new contracts and by tapping new markets.
For instance, in June 2018, Oculus Go was launched in the United Kingdom, Europe, and Canada, less than two months after its US debut. The prices for the standalone VR headset started at EUR 199 (EUR 219/CDN 270). Further, in 2018, Sony Corporation patented a VR headset that combats simulation sickness with eye-tracking and more. According to the patents, the headset would use these features to establish a “health threshold value” that could presumably tell when a VR experience was becoming too intense for the user and then act accordingly.
1.1 Scope of the Study
1.2 Study Assumptions
1.3 Study Deliverables
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Increasing Adoption of Virtual Reality in Commercial Application
4.4.2 Increasing Demand for VR Setup for Training Across Various End-user Segments
4.5 Market Restraints
4.5.1 Health Risks from Using Virtual Reality Headsets in the Long Run
4.6 Industry Attractiveness – Porter’s Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Competitive Rivalry within the Industry
5. MARKET SEGMENTATION
5.1 By Type
5.2 By End-user Vertical
18.104.22.168 Media and Entertainment
22.214.171.124 Military and Defense
126.96.36.199 Real Estate
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Oculus VR LLC
6.1.2 Sony Corporation
6.1.3 Samsung Electronics Co. Ltd.
6.1.4 Google LLC
6.1.5 Lenovo Group Ltd.
6.1.6 Pico Interactive Inc.
6.1.7 StarVR Corporation
6.1.8 FOVE Inc.
6.1.9 Unity Technologies Inc.
6.1.10 Unreal Engine (Epic Games Inc.)
6.1.11 Crytek GmbH
6.1.12 Autodesk Inc.
6.1.13 Eon Reality Inc.
6.1.14 3D Systems Corporation
6.1.15 Dassault Systemes SE
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS