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September 10, 2019 | Information & Technology
Exhibiting a stellar CAGR of 42.2%, the global Virtual Reality Market is projected to reach US$ 120.5 Bn by 2026, as against US$ 7.3 Bn in 2018. According to a report by Fortune Business Insights, titled “Virtual Reality Market Size, Share and Global Trend By Offering (Hardware, Software), By Technology (Nonimmersive, Semi-Immersive), By Industry Vertical (Gaming & Entertainment Media, Healthcare, Education, Automotive, Aerospace & Defense, Manufacturing), By Application (Training & Simulation, Educational, Attraction, Research & Development) and Geography Forecast till 2026” the rising adoption of virtual reality across several industries such as education, healthcare, aerospace, and others will boost the market.
Companies are heavily investing in research and development activities to introduce advanced virtual reality solutions, augmenting the virtual reality market growth. Virtual reality technology offers a real-time experience to users and allows interaction with other people in a non-real world.
Demand in Software Segment Expected to Rise Exponentially
As per the offer, software segment is projected to rise at a rapid pace in the forecast years owing to the increasing investments by key players in research and development activities. As per technology, companies plan to invest more in semi-immersive technology to create a better user experience. According to industry vertical, the adoption of virtual reality technology is expected to increase in education and healthcare industry.
As per the report, gaming and entertainment media covered a share of 40.5% in 2018, favoring the virtual reality market share. As per application. Virtual reality is gaining popularity in training and simulation. For instance, major cardiovascular surgery was performed with the help of a Google dashboard headset. The surgeon was able to save the life of a newborn as the headset could provide 3D simulated images.
Oculus’s Rift S Offers Higher Resolution Display Offering Support to its Customers
Companies such as Microsoft, Facebook, Eon reality, Google, HTC, Autodesk, Leap Motion, 3D, Sixense Enterprise, and Dassault Systemes are the primary contributors in the global market. These companies help in increasing the virtual reality market revenue as they cover more than half of the share. Several companies are putting efforts to incorporate senses in virtual reality, aiming to further enhance the user experience.
A division of Facebook called Oculus introduced an advanced VR headset in March 2019. This VR headset called Rift S comes with a new design and offers a high-resolution display. Facebook plans to set up a virtual reality technology for its tech-savvy customers.
In May 2019, UltraHaptics announces the acquisition of Leap Motion to expand its portfolio of virtual reality and augmented reality headsets. With the increasing innovations in technologies, companies are planning to establish their presence in the market and also enter into underdeveloped areas.
The virtual reality market size is expected to surge owing to the rising internet penetration and rising digitization. In addition to this, the market is gaining popularity as the affordability of smartphone and other devices is increasing.
Demand from France, Germany, and the UK to Boost the Market in Europe
From a geographical standpoint, North America is projected to lead the global market during the forecast period. As per the report, the market in this region was valued at US$ 3.0 Bn in 2018. The growth is attributable owing to the presence of well-established giants such as Google, Facebook, among others. These companies are continuously working on the hardware and software segments to innovate the virtual reality technology. Furthermore, start-ups in this region are receiving findings to accelerate R&D activities.
The market in Europe is expected to grow at a considerable CAGR owing to the increasing contributions from countries such as the UK, Germany, and France. The region is planning to offer software and middleware, which will help in the emergence of true value of VR. The market in this region is rising as industries such as aviation, machinery, medical are early adopters of this technology.
The market in Asia Pacific is anticipated to flourish owing to VR developments taking place in China, India, and Japan. Moreover, China covers more than one-fourth of the overall share in the market.
Browse Complet Report Details: https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378
The global virtual reality market can be segmented as mentioned below:
By Industry Vertical