Application of gesture recognition technology (GRT) in virtual reality is gaining huge consumer interest. The global GRT market holds an opportunity to reach over USD 45 billion by the end of 2024. Furthermore, global virtual reality market is expected to reach USD 58.61 billion in 2024 from USD 1.54 billion in 2016, growing at a CAGR of 57.60 % during the forecast period.
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According to Goldstein Research, “Innovative treatment approach with advance technologies is transforming the whole spectrum of healthcare industry. Application of VR technology in medical sector gives an advantage over conventional treatment methods and helps in understanding complex surgeries and reduces complications. VR technology applied for developing mobile apps to provide instructions in health and fitness management is gaining huge popularity and is projected to drive the growth for virtual reality market in the near future.” Global virtual reality (VR) market segmentation has been carried out on the basis of components, devices and end user. End-user segment is further categorized into gaming & entertainment, healthcare, consumer electronics, manufacturing and aerospace & defense industry. Gaming & entertainment and defense industry is estimated to hold more than 70% of market share during the forecast period. Moreover, rising trend in the adoption of virtual reality (VR) technology in healthcare sector is likely to drive the growth of global virtual reality market over the forecast period. Implementation of VR technology is expected to transform the athletics events and live concerts. Virtual Reality is proving itself as an effective tool for learning and development in sports field. Companies such as EON Sports, STRIVR labs are utilizing VR to help athletics to improve their performance. Moreover, companies like Apple is investing on R&D to explore multiple ways of virtual and augmented reality which can be implemented for iOS devices or new products. North America virtual reality market size reached USD 0.51 billion in 2016 and is expected to reach over USD 18.17 billion in 2024, registering a notable CAGR during the forecast period. Rapid adoption of VR technology, huge spending on R&D and presence of leading VR companies in North America is propelling the growth of VR market in the region.
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Market Segmentation
Global virtual reality market is categorized on the following basis:
• Based on Components
o Hardware
o Software
• Based on Devices
o Head Mounted Display (HMD)
o Gesture Tracking Devices (GTD)
o Projectors & Display Walls (PDW)
o Wearable Glasses
• Based on End-User
o Gaming & Entertainment
o Healthcare
o Consumer Electronics
o Manufacturing
o Aerospace & Defense
• Based on Geography
o North America (U.S. & Canada)
o Latin America (Brazil, Mexico & Rest of Latin America)
o Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE)
o Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia)
o Middle East & Africa (GCC, South Africa, North Africa, RoMEA)
o Rest of World
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“Global Virtual Reality Market Outlook 2024” contains detailed overview of the global virtual reality market in terms of market segmentation by components, by devices and by end user.
Further, for the in-depth analysis, the virtual reality market report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global virtual reality market report also provides competitive outlook of some of the major players of global virtual reality market which includes profiling of companies such as Google Inc., Oculus VR LLC, Sony Corporation, Samsung Electronics Co. Ltd., Microsoft Corporation, HTC Corporation, Ziess International, Vuzix Corporation, CyberGlove Systems LLC, Barco NV, Leap Motion, Inc., WorldViz, Cyberith GmbH, EON Reality Inc., Virtalis Limited, Sixense Entertainment, Inc. and Marxent Labs LLC. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global virtual reality market trends that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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