Virtual Reality for Consumer Global Market – Overview
Virtual reality (VR) is precisely defined as an interactive computer-generated experience taking place within a simulated environment. Market Research Future (MRFR) has published a research report about the global virtual reality for the consumer market that estimates massive hike for this market at 19% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of value, this market has been anticipated to be worth the US $ 4 bn by the end of forecast period.
The key factors contributing to the Covid-19 Impact on Virtual Reality For Consumer Market growth are adoption for advanced cloud and next generation of virtual reality. A second important factor driving the market growth is increasing usage of VR-equipped online applications by consumers for different purposes like entertainment and travel. Third important factors supporting the market growth is an innovation of latest technologies, the leading craze among consumers for VR-based gaming that features high definition, stunning graphics, and motion with high-end audio.
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Latest Industry News
Vive has announced their new consumer VR headset called the Vive Cosmos. This is a positionally-tracked headset that features tracked hand controllers. It can be interestingly be powered via PC or “other methods” making it the first in a new class of hybrid VR headsets. 7 JAN 2019
The German luxury marque Audi has released a new virtual reality platform developed by Audi Electronics Venture. Founded by Audi, startup company, Holoride will commercialize the technology via an open platform that allows other companies to create content for it. 8 JAN 2019
A new virtual reality headset called XTAL is launching very soon with a starting price of US $ 6000. It has OLED, non-fresnel screen, and a resolution of 2560×1440 per eye. 9 JAN 2019
Some of the prominent players in the global virtual reality for consumer market: Alibaba Group Holding Limited (China), AltspaceVR (U.S.), Amazon.com, Inc. (U.S.), Binary VR Inc. (U.S.), Bitmovin (Austria), Facebook, Inc. (U.S.), Google LLC (U.S.), HTC Corporation (Taiwan), Leap Motion, Inc. (U.S.), Microsoft Corporation (U.S), nDreams, Ltd. (U.S.), NextVR, Inc. (U.S.), Nvidia Corporation (U.S.), Pixvana, Inc. (U.S.), and Sony Corporation (Japan) among others.
Global Virtual Reality for Consumer Market Segmentation
The global virtual reality for consumer market can be segmented on the basis of the component, deployment application, stimulations, technology, and lastly, region. Based on components, this market has been segmented into hardware (head-mounted displays, VR accessories), software and solutions. On the basis of stimulations, the market has been segmented into gesture control, hand tracking, optical tracking, positional tracking, and others. The technology-based segmentation can be segmented into 3D audio, 3D depth sensors, 4K, and 8K video, adaptive streaming, computer vision, and others.
Market Research Analysis:
The regional segmentation of the global virtual reality for consumer market segments the market into regional markets namely North America, Europe, Asia Pacific, and the rest of the world (RoW). North America is the largest regional market due to technological advancement. In this region, the demand for virtual reality is high due to innovative features like eye tracking, foveated rendering, frame tearing, and others is high in order to provide virtual reality for consumer solution. Biggest country-specific markets in this region are USA, Canada, and Mexico.
Europe is expected to witness rapid growth during the forecast period. In this region, the strongest economies are France, Germany, Italy, and the UK, followed by the remaining countries of Europe. Asia Pacific region is expected to rise as the fastest growing regional market during the forecast period. Countries that are the most important emerging markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
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