Virtual Reality Hardware Market is anticipated to grow at a 27.0% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Virtual Reality Hardware Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the virtual reality hardware market is estimated to be over US$ 2.4 Bn in 2018. It is anticipated to grow at a CAGR of 27.0% from 2019 to 2030.
The continual growth of the Virtual Reality (VR) Hardware Market can be attributed to several factors which have led to wide scale adoption of these products. VR technology has been in existence for decades and it is no longer a niche area. Advancement of technology and growing digitization, use of Head Mounted Devices (HMDs) in the gaming and entertainment sector, and huge investments in VR market are the major factors, which are expected to generate a plethora of VR solutions with diverse capabilities, which allow consumers to experience the utmost immersion in life like scenarios. Making the VR experience more real, serves as a key driver for market adoption and penetration. Increased usage of smartphones and tablets is also expected to drive the growth of immersive VR, especially for mobile HMDs. However, one of the major factors expected to impede the growth of the market is the price of the equipment. Other factors such as display latency and energy consumption, and health concerns relating to low resolution and lack of movement might restrain the overall growth of the market. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. Autodesk has announced integration between InsiteVR and Autodesk BIM 360, the first commercially available solution on Autodesk’s construction platform that lets users perform multi-user meetings inside of VR. The technology allows users to join in via headsets or desktops and make changes to the model from inside the VR environment.
New technologies are evolving to make an effective contribution to thriving segments such as gaming, retail, military, and healthcare. Virtual environment in which a user can interact with objects similar to those in the real world can be experienced with the help of various VR devices such as head-mounted displays, gesture-tracking devices, video/display walls, and projectors. Most of the available solutions in the market are limited to head tracking, paving the way for great opportunities in the development of newer technologies that increase the user’s sense of presence and immersion. VR technologies can be used for collaborative seminars, meetings, public lectures, flight training, military training, training for nurses & medical professionals, and self-learning process. The increasing popularity of location-based entertainment also contributed to the industry’s top-line growth, accounting for 16% last year. Experiences like Jurassic World VR Expedition at Dave & Busters and Star Wars: Secrets of the Empire appealed to everyday consumers by tying into popular entertainment properties.
Browse key industry insights spread across 190 pages with market data tables & figures & charts from the report, Virtual Reality Hardware Market by Hardware Type (Sensors, Semiconductor Component, Displays & Projectors, Position Trackers), Device Type (Head-Mounted Displays and Gesture-Tracking Devices), Application (Consumer and Commercial) - Analysis & Forecast 2019-2030. in detail along with the table of contents:https://www.marketindustryreports.com/virtual-reality-hardware-market/106
Video game is one of the major applications of VR technology. VR is considered as one of the hottest topics in gaming trends, and grabbed the attention of the potential market. VR acted as a game changer in the gaming sector and improved user experience. The number of gamers worldwide has increased which is attributed to increased demand for virtual reality-based games. 360 degrees vision, excellent sound, full immersion and increased realism to the gamer is been delivered in gaming by VR. Moreover, the user can interact with the 3D creatures that appear on the screen. Early adoption of its head-mounted displays in gaming has driven the virtual reality market growth. The use of gesture-tracking devices provides additional features. Driven by technological advancements, it is now possible to transform most of the computer games into a virtual reality format allowing users to experience new and better interaction. Companies are continuously launching new games and content.
One of the major factors consumers hesitate is the price of the equipment. Other factors such as, VR headsets with wire for connectivity which emerges as the obstacle in a natural movement, display latency and high energy consumption affect the overall performance of VR devices, which in turn are expected to impede the growth of this market.
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increase in number of start-ups, adoption of the latest technologies, for applications such as gaming and entertainment in emerging economies like China is anticipated to present a lucrative growth scenario for the VR market in this region. China is expected to account for a prominent share in the region. For instance, Palapple is developing its own VR products and has also created a project called VResidence, which offers a number of virtual reality real estate products, including an online platform for second-hand property.
The prominent players in the global virtual reality hardware market are Google, Microsoft, Facebook Technologies, LLC., Sony Interactive Entertainment Europe Limited, SAMSUNG ELECTRONICS CO., LTD., HTC Corporation, EON Reality Inc., and VUZIX, among others.
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