The Global Virtual Reality (VR) Market is expected to reach USD 48.5 billion by 2025, according to a new report conducted by Hexa Reports. The VR Head Mount Devices (HMD) technology offers a cost-effective and reliable solution to experience immersive virtual experience by means of a smartphone.
The consumer electronics application segment would dominate the sector in terms of market size over the forecast period. The growing adoption of medical and consumer electronics based VR applications is anticipated to revolutionize the market by 2025.
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Non-mobile VR headsets have their own integrated screens, for example, Oculus Rift, whereas mobile VR headsets use smartphones as the screen, for example, Google Cardboard. Numerous large corporations, such as HTC Corporation and Sony Corporation, are venturing into space. The introduction of commercial VR headsets is expected to accelerate market growth over the next two years.
The market can be categorized based on components into hardware and software verticals. The hardware segment dominated the virtual reality market in terms of the overall market share in 2016. The rising demand for smartphone devices is anticipated to complement the growing VR hardware device sales. The increasing penetration of devices, such as smartphones and tablets, is expected to drive the software segment over the forecast period. The increasing demand for VR applications in the gaming and entertainment segments is expected contribute to the market growth.
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Further key findings from the report suggest:
• The semi and fully immersive segment dominated the VR market in 2016 in terms of the overall market share. Immersive VR devices aid users to achieve maximum isolation from the real world dimension into the virtual world.
• The GTD VR hardware includes sensors, processors, and displays. Furthermore, several companies are working on enhancing the quality of sensors and processors used in VR devices.
• In the entertainment and healthcare segments, VR applications can save time and reduce operational costs.
• The North American region dominated the marketplace, accounting for the largest global market share (in terms of revenue) in 2016.
• The key industry participants include CyberGlove Systems LLC, Barco, Alphabet Inc., HTC Corporation, Oculus VR LLC, and Leap Motion, Inc.
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Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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