Vancouver, British Columbia, June 07, 2021 (GLOBE NEWSWIRE) — The global virtual reality market size is expected to reach USD 43.01 Billion at a steady CAGR of 27.5% in 2028, according to latest analysis by Emergen Research. Steady surge in adoption of automation in consumer sector in developing countries is expected to continue to fuel market revenue growth over the forecast period. Rising deployment of VR by retailers can reduce crowding at shopping malls and provide customers the feel of shopping at a store without actually visiting the store. Retailers are increasingly deploying virtual reality to reduce crowding, which is known to decreases customer satisfaction and loyalty.
Integration of 5G with VR and advancements in fully-immersive technology is also expected to fuel growth of the market going ahead. 5G promises a faster Internet connection and lower latency, which help in seamless function of the technology. Market players such as Microsoft and Facebook’s Oculus division are experimenting with 5G to develop a virtual reality world that will be too taxing for current devices to display.
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Virtual reality is also finding increasing application in theme parks that offer VR coaster rides by using animation techniques. Traditional theme parks are investing significantly in VR technology to promote visitor attendance, while others are developing theme parks dedicated to VR technology.
Virtual reality can also train and improve social abilities. VR training improves social skills of individuals on the autism spectrum. The city of Austin in Texas partnered with a local startup in March 2021 to develop two virtual reality training programs for first responders. However, some users experience sickness, headaches, virtual fatigue or nausea which reduces user’s intention to adopt the technology.
Some Key Highlights From the Report
- In March 2021, HTC announced a tracking module for Vive Pro lip and new virtual reality body trackers. The trackers are used with virtual reality headsets, including one which captures mouth movements and facial expressions. The tracker attach to the Vive Pro headset, has two cameras and infrared illuminator to record cheek, lip, and jaw movements, and then translates these signals into virtual facial expressions.
- The hardware segment accounted for the largest revenue share in 2020 due to increasing demand for smartphones and other electronic devices. Surge in demand for VR headsets in gaming arcades, theme parks, and medical training institutes is propelling revenue growth of this segment.
- The Head-Mounted Display (HMD) segment accounted for largest revenue share in 2020 due to increasing application of this technology in enterprise and consumer products. The technology provides an immersive environment through the devices. HMD is also used by military pilots to navigate dangerous situations or territories. HMDs provide critical information via the visor of a pilot’s helmet, which helps in improving response time and reducing manual need of effort to gain these insights.
- In the healthcare sector, VR is expanding and offering various benefits such as robotic surgery, surgery simulation, and skill training. The major advantage of this technology is training and acquiring new skill to practice in a safe environment. It also helps medical specialist to gain better insights as compared to MRI scans, and eliminates the need for actual invasive surgeries and procedures. Virtual reality have the ability to reduce pain in patients with nerve injuries and can also boost the dysfunctional pain suppression system, helping people suffering from pain.
- Asia Pacific market revenue is expected to register a rapid growth rate during the forecast period due to advancements in technology. Favorable initiatives by governments, such as investment and funding to benefit extended reality companies, and these are some key factors driving growth of the market in the region. In 2019, Japan introduced 5G commercial services, which led to strategic initiatives taken by telecommunications companies to offer virtual reality and augmented reality viewing platforms using 5G connectivity.
- Key players in the market include Microsoft, Samsung Electronics, Google, Eon Reality, Sony, Mindmaze, Panasonic Corporation, HTC, Firsthand Technology, and Cyberglove Systems.
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Emergen Research has segmented the global virtual reality market on the basis of offering, technology, device type, application, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Displays and Projectors
- Position Trackers
- Semiconductor Components
- Others (Computer/video generator and combiner)
- Cloud-Based Services
- Software Development Kits
- VR Content Creation
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Semi and Fully Immersive
- Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Head-Mounted Displays
- Projectors and Display Walls
- Gesture-Tracking Devices
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Gaming and Entertainment
- Education and Training
- Retail and Ecommerce
- Travel and Tourism
- Patient Care Management
- Pharmacy Management
- Fitness Management
- Medical Training and Education
- Aerospace & Defense
- Geospatial Mining
- Real Estate (Architecture and Building Design)
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
- North America
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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