Virtual Reality Market Size, Growth, Trend and Global Forecast to 2022

From: MarketsandMarkets
Published: Thu Oct 04 2018

The virtual reality market size, in terms of value, is expected to grow from USD 1.37 Billion in 2015 to USD 33.90 Billion by 2022, at a CAGR of 57.8% between 2016 and 2022. The increasing use of head-mounted displays (HMD) in the entertainment and gaming sector, decline in the prices of displays and other hardware components of HMDs, and use of VR for training and simulation in the defense sector are the major driving factors for the market.

North America is expected to hold the largest size of the virtual reality market, while the market in Asia-Pacific is estimated to grow at the highest rate. Countries such as China, India, Japan, and South Korea in the APAC region are witnessing a huge demand for head-mounted displays for the gaming application. The increased number of start-ups and the increased acceptance for the VR technology in the APAC region are the market drivers.

Head-mounted displays are increasingly being used for applications such as consumer, commercial, medical, industrial sectors among others. In advanced gaming, HMD facilitates quality effects and an environment that enables a user to experience the thrill of gaming. The use of HMDs in other applications such as education and training, facility management are some of the drivers for the growth of the virtual reality market for HMDs.

However, the display latency and energy consumption affect the overall performance of the VR devices. Also, lack of movement and health concerns related to low resolution are the restraining factors for the growth of the virtual reality market.

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The key players in virtual reality market include Oculus VR, LLC (US), Sony Corporation (Japan), HTC Corporation (Taiwan), Samsung Electronics Co., Ltd. (South Korea), EON Reality Inc. (US), Google Inc. (US), Microsoft Corporation (US), Vuzix Corporation (US), CyberGlove Systems Inc. (US), Sensics, Inc. (US), Leap Motion Inc. (US), and Sixense Entertainment, Inc. (US). These players adopted various strategies such as new product developments, partnerships, collaborations, and acquisitions to cater to the needs of the customers in the market.

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