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Virtual Reality Market to Exhibit a CAGR of 44.8% by 2028; Popularity of Ultra-modern Head-Mounted Displays (HMD) to Foster Growth

August 17, 2021 | Information & Technology

The global virtual reality market size is expected to reach USD 84.09 billion by 2028. The increasing application of virtual reality in the gaming and automotive industry will foster healthy growth of the market globally. This information is published by Fortune Business Insights, in a report titled “Virtual Reality (VR) Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, and Others), and Regional Forecast, 2021-2028.” The market size stood at USD 4.42 billion in 2020 and is expected to exhibit a CAGR of 44.8% between 2021 and 2028.


Introduction of Lenovo Mirage VR S3 Standalone Headset to Intensify Business


LenovoTM, introduced the Lenovo Mirage VR S3 headset with ThinkReality, which was available from June 1, 2020, at the VR/AR Global Summit Online Conference. Nathan Pettyjohn, Commercial AR/VR Lead, Lenovo's Intelligent Devices Group, announced the new business VR solution. The Lenovo Mirage VR S3 is the first headset created in collaboration with Pico Interactive, a worldwide technology firm specializing in virtual reality and corporate solutions. It is specifically built for business, featuring a 4K display for sharper images, hands-free control for use with or without the accompanying controller, and an easy-to-clean, sanitary faceplate, ideal for mass utilization. The new headset is durable, low weight, and ready to scale inside the enterprise, with integrated audio and up to three hours of battery life. The introduction of Lenovo's ThinkReality software platform will boost the virtual reality market growth owing to its AR/VR systems that allow clients to manage apps and content comprehensively.  


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378


Advent of 5G Technology to Intensify Market Growth


Prominent companies in the market are perpetually innovating their technologies to improve the virtual environment through 5G technology, which, in turn, will enable speedy expansion of the market. For instance, in February 2021, the Original Content Company (TOCC) and Vodafone are partnering with Xpllore, Gamoola, and The Grid Factory to create an Anatomical Learning platform on its 5G technology.  Moreover, Virtual training solutions are being utilized across the healthcare business. Healthcare practitioners can benefit exponentially from training to improve their operation precision and eliminate errors. Besides, in games and entertainment, the NFL and other American Football clubs are employing technologies to train, which can significantly reduce injuries.


Development of Ultra-modern Virtual Solutions by Companies to Reinforce Market


The market's major players are attempting to develop innovative virtual solutions to improve the consumer experience. The majority of players are focused on improving the hardware in order to improve the virtual impact on users. For instance, Oculus Quest 2, a virtual reality headset, was introduced by Facebook LLC and is now available on oculus.com and in retailers. The new wireless device has a higher resolution. The company is also concentrating on providing advanced virtual tools.


Notable Development:



  • May 2021: Pico Interactive Inc. introduced trailblazing 6DoF VR headsets, which will be available in North America, Europe, and China. The new headsets are fueled by Neo line Neo 3 Pro and Neo 3 Pro Eye.


Report Lists the Key Companies in the Market:



  • Crytek GmbH (Frankfurt, Germany)

  • Eon Reality Inc. (California, U.S.)

  • HTC Corporation (Taoyuan City, Taiwan)

  • Oculus Rift (Facebook Inc.) (California, U.S.)

  • Pico Interactive Inc. (California, U.S.)

  • Sensics, Inc. (Maryland, U.S.)

  • Sixense Enterprises Inc. (California, U.S.)

  • StarVR Corporation (Taipei, Taiwan)

  • Ultraleap Ltd. (Bristol, England)

  • Unity Technologies (California, U.S.)

  • Survios, Inc. (California, U.S.)


Further Report Findings:



  • Regional Insights: Asia Pacific is expected to hold the largest VR market share during the forecast period. The growth is attributed to the high demand for immersive technologies in countries such as India, China, and Singapore. Moreover, government initiatives and funding for technological advancements will have an excellent impact on the market.

  • Leading Segment: The software segment is expected to account for the largest share during the forecast period. The growth is attributed to the high demand for immersive technologies. The head-mounted display (HMD) is expected to hold a significant share due to the heavy demand for smartphone-connected headsets.


This Market is Segmented into:


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  Component; Device Type; Industry; and Region



By Component




  • Hardware

  • Software

  • Content



By Device Type




  • Head Mounted Devices

  • VR Simulator

  • VR Glasses

  • Treadmills & Haptic Gloves

  • Others



By Industry




  • Gaming

  • Entertainment

  • Automotive

  • Retail

  • Healthcare

  • Education

  • Aerospace & Defense

  • Manufacturing

  • Others



By Region




  • North America (By Component, By Device Type, By Industry, and By Country)

    • U.S. (By Device Type)

    • Canada (By Device Type)





  • Europe (By Component, By Device Type, By Industry, and By Country)

    • U.K. (By Device Type)

    • Germany (By Device Type)

    • France (By Device Type)

    • Scandinavia (By Device Type)

    • Rest of Europe





  • Asia Pacific (By Component, By Device Type, By Industry, and By Country)


    • China (By Device Type)

    • Japan (By Device Type)

    • India (By Device Type)

    • Southeast Asia (By Device Type)

    • Rest of Asia Pacific




  • The Middle East & Africa (By Component, By Device Type, By Industry, and By Country)

    • GCC (By Device Type)

    • South Africa (By Device Type)

    • Rest of the Middle East & Africa





  • Latin America (By Component, By Device Type, By Industry, and By Country)

    • Brazil (By Device Type)

    • Mexico (By Device Type)

    • Rest of Latin America




Virtual Reality Market
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  • 2020
  • 2017-2019
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