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(IT-NEWSWIRE.COM, November 10, 2017 ) 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 virtual reality market.
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This report segments the virtual reality market based on component, technology, device type, application, and geography. The market is further segmented on the basis of geography into various countries. The consumer application is expected to hold the largest market share during the forecast period. The consumer application in the virtual reality market which includes gaming and entertainment applications accounted for the largest share. The large share can be attributed to the high penetration of this sector in the gaming industry. A major factor that is driving the growth of the virtual reality market includes the penetration of HMD in the gaming and entertainment industries. The commercial application would be the second-largest market during the forecast period, owing to the increasing demand for VR devices in the retail sector and for the purpose of educational training. The increased interest of large technology companies in VR has been one of the major driving factors for the growth of the virtual reality 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.
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 virtual reality market.
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