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The global virtual reality market size was valued at USD 7.3 Billion in 2018 is projected to reach USD 120.5 Billion by 2026, exhibiting a CAGR of 42.2% during the forecast period.
Virtual reality (VR) is generating a simulated environment through HMDs (head-mounted display) by impacting all the senses with the help of technologies which can be interacted and explored by the user. Virtual reality (VR) involves an immersion experience that shuts out the physical world and users can experience realistic and unrealistic environments such as the middle of a squawking penguin colony, a space trip, entire manufacturing unit, entire body scan or body parts, among others.
Virtual reality technology is available at non-immersive and semi-immersive stage at present, in which the person loses the communication by slight to medium with the outer world. For the full immersive technology, it is a dream at present, though various R&D and investments are going on to achieve the fully immersive virtual technology. VR market potential is very high with its increasing applications and adoptions in the industry verticals such as healthcare, education, automotive, manufacture, and aerospace & defense, among others.
Virtual reality has a potential that places learners in spots and circumstances they are probably going to experience at work and gives them a chance to encounter how their activities influence results – all in a protected situation. VR instruction and preparation enables workers to fesure that they can play out their assignments securely and the sensible preparing encounters and enable them to express interests – which keeps them progressively associated.
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"Increasing Demand for VR Setup for Training Across Various End-user Segments"
Virtual reality market growth can be seen in the study training and simulation is the major contributing application. Any industry we consider has training sessions for its staff and users, with the help of virtual reality it can be achieved properly and most importantly safely. Industries such as oil & gas, manufacturing plants are risky places for newcomers, thus VR setups for training in these industries is boosting the VR Industry share.
"Huge Investments in VR Market"
With the rising virtual reality market potential, the investors are keen on projects of virtual reality. Many key companies are investing in innovation and research & development of virtual reality. Along with this, regional investment is also rising, North America and Europe are the top investors in the market.
Along with these two key drivers, another contributing market driver is the advancement of technology and growing digitization, an increase in smartphone penetration and also increasing the affordability of devices and components.
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"The software market is estimated to grow rapidly for the forecasted period"
In terms of the offering, the market is segmented into hardware and software. The hardware segment has seen a steady share over the forecasted period with the emerging new technological innovation for the devices. The growth rate is likely to increase rapidly for the software segment on account of rising new investments and research by key players.
"The increase in semi-immersive share with the rise in technological development"
The technology of virtual reality offers two segments, non-immersive technology, and semi-immersive technology. With the rise in technical development, many companies are investing in semi-immersive technology to create an impactful experience for the user.
"The education and healthcare industry is expected to witness a high rate of adoption in the virtual reality market"
The industry vertical has been studied in gaming & entertainment media, healthcare, education, automotive, aerospace & defense, manufacturing, and others. The adoption of virtual reality is expected to witness fast growth in healthcare and education industry for monitoring patient, training, and practicing surgeries, among others. With the impactful nature of virtual reality, the education industry is adopting it for concept clearing and broad exploration of the subject for students.
"Training & simulation and research & development is expected to capture the maximum share in the application segment"
The various types of the application included in this study are training & simulation, 3d prototype/modeling, attraction, research & development, among others. Training & simulation and research & development are likely to attain the highest share of the application.
For instance, according to one case study of basic Google dashboard headset, major surgery has been performed through virtual reality technology. The chief of cardiovascular surgery has performed surgery on a newborn child with one lung and half heart. The surgeon saved the life with the help of 3D images provided by the Google dashboard headset.
North America region is in the leading position in the market, and it has nearly 40 percent of the entire market share. The USA’s Silicon Valley with IT giants such as Google, Apple, and Facebook are focusing on the research and development for hardware and software and innovating the virtual reality market trend to the next stage. The USA is also providing a conducive market for start-ups, and many funding and R&D has been initiated by start-ups, which is making the market dynamic.
Europe is expected to see significant growth and is likely to have almost a quarter market share of the market. The major contributing countries in the Europe region are the UK, France, and Germany. Europe is likely to provide in middleware and software, both of which are soon expected to emerge as the true value for VR. On the user side, the European automotive industry, medical, aviation, and machinery are early adopters of VR technologies.
Asia Pacific virtual reality market trends are expected to increase fast, mostly in countries like China, Japan, South Korea. China accounts for more than the one-fourth of the total market in the Asia Pacific. The market in Asia Pacific is expected to rise at a high rate with the presence of firms such as HTC, Sony, Samsung. Asia Pacific region is likely to be a major manufacturer in hardware and providing competitive pricing.
North America Virtual Reality Market, 2018
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Latin America and the Middle East and Africa are also steadily adopting virtual reality trends. Latin America is likely to invest in innovation and R&D for the software market of the market.
Some of the key players in virtual reality market such as Facebook, Microsoft, Google, HTC, Leap Motion, Autodesk, 3D, Dassault Systemes, Sixense Enterprise, Eon reality, among others has contributed majorly in market. These players tend to account for almost half of the entire market. More than seventy percent of players in the market have dominance in the North America region. North America also accounts for most of the company headquarters of key players.
One of the case study provided by the Dassault Systemes, where the challenge for a leading university of Switzerland was to make the engineering students ready for the job market through teaching them latest digital technology and industrial process. Dassault Systems provided the solution to the university through which more than 700 students in different engineering disciplines learn to use CATIA for multi-disciplinary systems design and documentation, ENOVIA for collaboration, DELMIA for manufacturing simulation and robotics, and 3DEXCITE for high-end 3D visualization.
The report provides qualitative and quantitative insights on the VR market and the detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by offering, technology, industry vertical, application, and geographically. Based on the offering, the market is categorized into hardware and software. By technology, the market is studied as non-immersive and semi-immersive. In terms of industry vertical, the market has been segmented into gaming & entertainment media, healthcare, education, automotive, aerospace & defense, manufacturing, and others. Based on the global market, application segments are training & simulation, 3d prototype/modelling, attraction, research & development, and others. By region, the market is segmented into five major geographic regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of market dynamics and competitive landscape. Key insights provided in the report are the adoption of virtual reality trends, cost structure analysis, recent industry developments such as partnerships, mergers & acquisitions, industry SWOT analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
By Industry Vertical
According to the Fortune Business Insight report, the global virtual reality market is estimated to reach USD 120.5 Bn by 2026, with a CAGR of 42.2% (2019 -2026).
The global virtual reality market is growing at a fast pace, with the CAGR of 42.2% during the forecast period (2019-2026). The high adoption of VR in industries such as oil & gas, chemical, and manufacturing for training and simulation is boosting the virtual reality market intensively.
North America and Europe are among the top region with high investment in the virtual reality market. Considering the excessive potential of virtual reality marker, many leading companies are heavily investing in the innovation and R&D of virtual reality technology.
North America accounts for more than 40% of market share globally in the virtual reality market with USD 3.0 Bn in the year 2018. The presence of Silicon Valley IT giants such as Google, Apple, and Facebook in North America is boosting the market of Virtual reality. Also various government initiatives and funding are helping SMEs and start-ups for entering into the market.
The industries such as education, healthcare, and automotive are expected to gain lucrative growth in the forecasted period. The major factor of this growth is due to increasing demand for application in educational and training & simulation
Top players in the virtual reality market are Facebook, Microsoft, Google, HTC, Leap Motion, Autodesk, 3D among others. These players account for more than 50 percent of total market. Seventy percent of considered top players have their headquarters in North America.
Virtual reality gained popularity through gaming in the initial years. Due to the high potential of VR, it has been implemented in various sectors. The learning & simulation and educational applications have seen lucrative growth in the forecasted period. Many industries require training sessions for inexperienced people such as oil & gas, manufacturing, and chemical plants. The healthcare and education institutes are adopting the VR for providing effective education to the learner.