The global virtual reality (VR) market was estimated as USD 1.41 Billion in 2016 and is expected to reach USD 63.12 Billion by 2025, growing significantly with a CAGR of over 52.8% during the forecast period. Growing applications of virtual reality technology and associated devices across wide areas, such as aerospace & defense, commercial, consumer electronics, industrial and medical field and increasing interest of large technology companies in virtual reality is fuelling the growth of the market. Moreover, easy availability of head-mounted displays and other hardware components are driving the growth of virtual reality industry.

Virtual Reality is a three-dimensional, computer generated environment which can be explored and interacted by an individual. There are wide varieties of applications for virtual reality which includes architecture, sport, medicine, arts, entertainment and gaming, and healthcare. Moreover, with sound and vision, companies are also working on integrating more intelligence into the VR, to enhance their experience. Increasing trends in the virtual reality industry are related to the field of e-commerce. E-commerce companies have started adopting VR to enhance shopping experience for customers. Moreover, advertising companies are using VR to attract users to market their products. However, the high cost of virtual reality devices is the main factor obstructing the growth of this market.

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Growing use of Head Mounted Displays is driving the VR market

The global virtual reality market is bifurcated based on the device, components, technology, application and region. Based on the device, the market is segmented as head-mounted display (HMD), gesture tracking devices (GTD) and projectors & display walls (PDW). Decrease in the prices of HMD has led to growth in the use of HMD devices, in the field of consumer goods, commercial, medical, industrial sectors among others. Owing to this, the segment is expected to grow at the fastest pace during the forecast period. Moreover, the use of HMDs in applications such as education and training, are the factors fuelling the growth of the virtual reality industry.

Further, based on the components, the market is segmented as hardware components and software components. Hardware segment is the dominating segment, contributing a major share to the overall revenue, owing to the low cost of the electronic components as well as vast use of sensors. Few disruptions in the VR technology, which are expected to have huge impact on the hardware market size, while the software is anticipated to dominate the components segment over the forecast period, due to easy and simple interface.

Based on the technology, the market is bifurcated as non-immersive and semi & fully immersive technologies. The semi & fully immersive VR technology was the largest segment in terms of size, during 2016 and is anticipated to continue dominating the market over the forecast period. This is due to the rising preference of HMD-based VR devices, which are employed with semi & fully immersive technology. Based on the applications, the market is segmented as aerospace & defense, commercial, entertainment and gaming, industrial, healthcare and others. The application in the field of entertainment and gaming accounted for the largest market share, owing to its high penetration in the gaming industry. Commercial application is projected to be the second-largest application segment to grow during the forecast period, due to the rising demand for virtual reality devices for educational training.

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Rising number of startups in developing countries is driving the growth of the Virtual Reality Market.

North America region is expected to dominate the virtual reality market, owing to the increasing interests of companies and huge investments by the major players in VR technology in the region. The Asia-Pacific market is valued to grow at the fastest pace, due to the increased numbers of startups in developing countries such as China, India, Japan, and South Korea. Therefore, increased acceptances for the VR technology in the APAC region are the factors driving the virtual reality industry.

Major Players in the global virtual reality market include Oculus VR LLC., Sony Corporation, HTC Corporation, Samsung Electronics Co., Ltd., EON Reality Inc., Google Inc., Microsoft Corporation, Vuzix Corporation, CyberGlove Systems Inc., Sensics, Inc., Leap Motion Inc., and Sixense Entertainment, Inc. Recently in May 2018, Microsoft announced the launch date of its two enterprise apps on the HoloLens. The company also announced the launch of twor more apps Remote Assist and Layout on May 22. Other players are similarly involved in research & development, acquisitions, expansions and collaboration for their strategic growth.

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