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Virtual Reality (VR) Market By Component (Hardware, Software), By End-Use (Consumer, Enterprise And Public Sector), By Platform (Mobile, PC (Personal Computer), Console) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2023

Published: Jun 2016 | Report Code: 57899-06-16

Overview:

Introduction of wearable devices such as head mounted displays for consumer applications including gaming and entertainment is one of the major factors driving the virtual reality market worldwide. The introduction of consumer VR devices and the entry of leading companies like Sony, Facebook, and HTC have helped demonstrate the benefits of the VR technology to a wider consumer base. These factors are expected to contribute towards a double digit compounded annual growth rate (CAGR) during the forecast period 2016 – 2023.

Virtual Reality Market

Report Scope

This report analyzes the global virtual reality market in terms of platform, component, end-use application, and geography. On the basis of platform, the global virtual reality market is segmented in to mobile, PC, and console. Furthermore, based on component, the market is segmented into hardware (display, sensors, and semiconductor component), and software. Similarly, on the basis of end-use application, the market for virtual reality is classified into consumer (gaming, and entertainment) and enterprise & public sector (retail, healthcare, education, military, engineering and design, etc.). The geographical distribution of the global virtual reality market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Virtual Reality Market

1.1    Report Description

Purpose of the Report

The purpose of this strategic research study titled “Virtual Reality Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the virtual reality market.

1.1.1   Target Audience

  • Industry Investors
  • Head Mounted Display Manufacturers
  • Other VR-based Product Manufacturers
  • Software Developers
  • End-users

1.1.2   USP and Key Offerings

The report titled “Global Virtual Reality Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” offers strategic insights into the global virtual reality market along with the market size and estimates for the duration 2015 to 2022. The said research study covers in-depth analysis of multiple market segments based on platform, component, end-use application, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the key industry participants, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and recent developments. Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive sub-markets within the virtual reality market
  • Market fuelers, market impediments, and their impact on the market growth
  • In-depth competitive environment analysis
  • Trailing 2-Year market size data (2013 – 2014)
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global virtual reality market, offering market size and estimates for the period from 2015 to 2022, keeping in mind the above mentioned factors.

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.4 Assumptions
1.4.5 Approach Adopted

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Virtual Reality Market
2.2 Global Virtual Reality Market, By Component, 2015
2.3 Global Virtual Reality Market, By Platform, 2015
2.4 Global Virtual Reality Market, By End-use Application, 2015
2.5 Global Virtual Reality Market, By Geography,2015

Chapter 3 Market Dynamics
3.1 Product Insights and Market Overview
3.1.1 Global Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn and % Y-o-Y)
3.2 Key Market Trends and Future Outlook
3.2.1 Evolution
3.2.2 Recent Trends
3.2.3 Future Outlook
3.3 Market Drivers
3.4 Market Growth Inhibitors
3.5 Opportunities
3.6 See-Saw Analysis
3.6.1 Impact Analysis of Drivers and Restraints
3.7 Ecosystem Analysis
3.8 Competitive Analysis
3.8.1 Market Positioning of Key Vendors
3.8.2 Key Strategies Adopted By Leading Vendors
3.8.3 Analyst Recommendations

Chapter 4 Virtual Reality Market, By Component
4.1 Market Analysis
4.1.1 Global Virtual Reality Market Revenue Contribution, By Component, 2014 & 2022 (Value %)
4.2 Hardware
4.2.1 Global Virtual Reality Market Revenue and Growth for Hardware, 2014 - 2023, (US$ Mn)
4.3 Software
4.3.1 Global Virtual Reality Market Revenue and Growth for Software, 2014 - 2023, (US$ Mn)

Chapter 5 Virtual Reality Market, By End-use Application
5.1 Market Analysis
5.1.1 Global Virtual Reality Market Revenue Contribution, By End-use Application, 2014 & 2022 (US$ Mn)
5.2 Consumer
5.2.1 Global Virtual Reality Market Revenue and Growth for Consumer Applications, 2014 - 2023, (US$ Mn)
5.2.2 Gaming
5.2.2.1 Global Virtual Reality Market Revenue and Growth for Gaming Applications, 2014 - 2023, (US$ Mn)
5.2.3 Entertainment
5.2.3.1 Global Virtual Reality Market Revenue and Growth for Entertainment Applications, 2014 - 2023, (US$ Mn)
5.3 Enterprise and Public Sector
5.3.1 Global Virtual Reality Market Revenue and Growth for Enterprise & Public Sector Applications, 2014 - 2023, (US$ Mn)
5.3.2 Retail and Marketing
5.3.2.1 Global Virtual Reality Market Revenue and Growth for Retail and Marketing Applications, 2014 - 2023, (US$ Mn)
5.3.3 Engineering and Design
5.3.3.1 Global Virtual Reality Market Revenue and Growth for Engineering and Design Applications, 2014 - 2023, (US$ Mn)
5.3.4 Healthcare
5.3.4.1 Global Virtual Reality Market Revenue and Growth for Healthcare Applications, 2014 - 2023, (US$ Mn)
5.3.5 Military
5.3.5.1 Global Virtual Reality Market Revenue and Growth for Military Applications, 2014 - 2023, (US$ Mn)
5.3.6 Others
5.3.6.1 Global Virtual Reality Market Revenue and Growth for Entertainment Applications, 2014 - 2023, (US$ Mn)

Chapter 6 Virtual Reality Market, By Platform
6.1 Market Analysis
6.1.1 Global Virtual Reality Market Revenue Contribution, By Platform, 2015 & 2022 (Value %)
6.2 Mobile
6.2.1 Global Virtual Reality Market Revenue and Growth for Mobile Platform, 2014 - 2023, (US$ Mn)
6.3 PC (Personal Compter)
6.3.1 Global Virtual Reality Market Revenue and Growth for PC Platform 2014 - 2023, (US$ Mn)
6.4 Console
6.4.1 Global Virtual Reality Market Revenue and Growth for Console Platform 2014 - 2023, (US$ Mn)

Chapter 7 North America Virtual Reality Market Analysis
7.1 Overview
7.1.1 North America Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn) (Y-o-Y %)
7.2 North America Virtual Reality Market Analysis, By Component, 2014 - 2023 (US$ Mn)
7.2.1 SRC Analysis
7.3 North America Virtual Reality Market Analysis, By End-use Application, 2014 - 2023 (US$ Mn)
7.3.1 SRC Analysis
7.4 North America Virtual Reality Market Analysis, By Platform, 2014 - 2023 (US$ Mn)
7.4.1 SRC Analysis
7.5 North America Virtual Reality Market Analysis, By Country, 2014 - 2023 (US$ Mn)
7.5.1 SRC Analysis
7.5.2 U.S.
7.5.3 Canada

Chapter 8 Europe Virtual Reality Market Analysis
8.1 Overview
8.1.1 Europe Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn) (Y-o-Y %)
8.2 Europe Virtual Reality Market Analysis, By Component, 2014 - 2023 (US$ Mn)
8.2.1 SRC Analysis
8.3 Europe Virtual Reality Market Analysis, By End-use Application, 2014 - 2023 (US$ Mn)
8.3.1 SRC Analysis
8.4 Europe Virtual Reality Market Analysis, By Platform, 2014 - 2023 (US$ Mn)
8.4.1 SRC Analysis
8.5 Europe Virtual Reality Market Analysis, By Country, 2014 - 2023 (US$ Mn)
8.5.1 SRC Analysis
8.5.2 U.K.
8.5.3 France
8.5.4 Germany
8.5.5 Russia
8.5.6 Rest of Europe

Chapter 9 Asia Pacific Virtual Reality Market Analysis
9.1 Overview
9.1.1 Asia Pacific Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn) (Y-o-Y %)
9.2 Asia Pacific Virtual Reality Market Analysis, By Component, 2014 - 2023 (US$ Mn)
9.2.1 SRC Analysis
9.3 Asia Pacific Virtual Reality Market Analysis, By End-use Application, 2014 - 2023 (US$ Mn)
9.3.1 SRC Analysis
9.4 Asia Pacific Virtual Reality Market Analysis, By Platform, 2014 - 2023 (US$ Mn)
9.4.1 SRC Analysis
9.5 Asia Pacific Virtual Reality Market Analysis, By Country, 2014 - 2023 (US$ Mn)
9.5.1 SRC Analysis
9.5.2 China
9.5.3 Japan
9.5.4 India
9.5.5 Australasia
9.5.6 Rest of Asia Pacific

Chapter 10 Rest of World Virtual Reality Market Analysis
10.1 Overview
10.1.1 Rest of World Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn) (Y-o-Y %)
10.2 Rest of World Virtual Reality Market Analysis, By Component, 2014 - 2023 (US$ Mn)
10.2.1 SRC Analysis
10.3 Rest of World Virtual Reality Market Analysis, By End-use Application, 2014 - 2023 (US$ Mn)
10.3.1 SRC Analysis
10.4 Rest of World Virtual Reality Market Analysis, By Platform, 2014 - 2023 (US$ Mn)
10.4.1 SRC Analysis
10.5 Rest of World Virtual Reality Market Analysis, By Country, 2014 - 2023 (US$ Mn)
10.5.1 SRC Analysis
10.5.2 Latin America
10.5.3 Middle East
10.5.4 Africa

Chapter 11 Company Profiles
11.1 Oculus VR, Inc.
11.1.1 Oculus VR, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.2 Sony Corporation
11.2.1 Sony Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.3 Samsung Electronics, Co., Ltd.
11.3.1 Samsung Electronics, Co., Ltd.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.4 Sensics, Inc.
11.4.1 Sensics, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.5 Vuzix Corporation
11.5.1 Vuzix Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.6 Microsoft Corporation
11.6.1 Microsoft Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.7 EON Reality, Inc.
11.7.1 EON Reality, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.8 Sixense International, Inc.
11.8.1 Sixense International, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.9 Leap Motion, Inc.
11.9.1 Leap Motion, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
11.10 Barco N.V.
11.10.1 Barco N.V: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)

List Of Table :

TABLE 1 Market Snapshot: Global Virtual Reality Market
TABLE 2 Evolution of Virtual Reality Technology
TABLE 3 Impact Indicators
TABLE 4 Impact Analysis of Drivers and Restraints
TABLE 5 North America Virtual Reality Market Revenue, By Component, 2014 - 2023 (US$ Mn)
TABLE 6 North America Virtual Reality Market Revenue, By End-use Application, 2014 - 2023 (US$ Mn)
TABLE 7 North America Virtual Reality Market Revenue, By Platform, 2014 - 2023 (US$ Mn)
TABLE 8 North America Virtual Reality Market Revenue, By Country, 2014 - 2023 (US$ Mn)
TABLE 9 Europe Virtual Reality Market Revenue, By Component, 2014 - 2023 (US$ Mn)
TABLE 10 Europe Virtual Reality Market Revenue, By End-use Application, 2014 - 2023 (US$ Mn)
TABLE 11 Europe Virtual Reality Market Revenue, By Platform, 2014 - 2023 (US$ Mn)
TABLE 12 Europe Virtual Reality Market Revenue, By Country, 2014 - 2023 (US$ Mn)
TABLE 13 Asia Pacific Virtual Reality Market Revenue, By Component, 2014 - 2023 (US$ Mn)
TABLE 14 Asia Pacific Virtual Reality Market Revenue, By End-use Application, 2014 - 2023 (US$ Mn)
TABLE 15 Asia Pacific Virtual Reality Market Revenue, By Platform, 2014 - 2023 (US$ Mn)
TABLE 16 Asia Pacific Virtual Reality Market Revenue, By Country, 2014 - 2023 (US$ Mn)
TABLE 17 Rest of World Virtual Reality Market Revenue, By Component, 2014 - 2023 (US$ Mn)
TABLE 18 Rest of World Virtual Reality Market Revenue, By End-use Application, 2014 - 2023 (US$ Mn)
TABLE 19 Rest of World Virtual Reality Market Revenue, By Platform, 2014 - 2023 (US$ Mn)
TABLE 20 Rest of World Virtual Reality Market Revenue, By Region, 2014 - 2023 (US$ Mn)
TABLE 21 Oculus VR, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 22 Sony Corporation.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 23 Samsung Electronics, Co., Ltd.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 24 Sensics, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 25 Vuzix Corporation.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 26 Microsoft Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 27 EON Reality, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 28 Sixense International, Inc..: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 29 Leap Motion, Inc..: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)
TABLE 30 Barco N.V.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments)

List Of Figure :

FIG. 1 Global Virtual Reality: Market Segmentation
FIG. 2 Global Virtual Reality Market: Research Methodology
FIG. 3 Top-Down and Bottom Up Approach
FIG. 4 Global Virtual Reality Market, By Component, 2015 (US$ Mn)
FIG. 5 Global Virtual Reality Market, By Platform, 2015 (US$ Mn)
FIG. 6 Global Virtual Reality Market, By End-use Application, 2015 (US$ Mn)
FIG. 7 Global Virtual Reality Market, By Geography, 2015 (US$ Mn)
FIG. 8 Global Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn and % Y-o-Y)
FIG. 9 See-Saw Analysis : Global Virtual Reality Market
FIG. 10 Ecosystem Analysis: Global Virtual Reality Industry
FIG. 11 Market Positioning of Key Virtual Reality Solution Providers, 2015
FIG. 12 Global Virtual Reality Market Revenue Contribution, By Component, 2015 & 2022 (Value %)
FIG. 13 Global Virtual Reality Market Revenue and Growth for Hadware, 2014 - 2023, (US$ Mn)
FIG. 14 Global Virtual Reality Market Revenue and Growth for Software, 2014 - 2023, (US$ Mn)
FIG. 15 Global Virtual Reality Market Revenue Contribution, By End-use Application, 2014 & 2022 (US$ Mn)
FIG. 16 Global Virtual Reality Market Revenue and Growth for Consumer Applications, 2014 - 2023, (US$ Mn)
FIG. 17 Global Virtual Reality Market Revenue and Growth for Gaming Applications, 2014 - 2023, (US$ Mn)
FIG. 18 Global Virtual Reality Market Revenue and Growth for Entertainment Applications, 2014 - 2023, (US$ Mn)
FIG. 19 Global Virtual Reality Market Revenue and Growth for Enterprise and Public Sector Applications, 2014 - 2023, (US$ Mn)
FIG. 20 Global Virtual Reality Market Revenue and Growth for Retail & Marketing Applications, 2014 - 2023, (US$ Mn)
FIG. 21 Global Virtual Reality Market Revenue and Growth for Engineering & Design Applications, 2014 - 2023, (US$ Mn)
FIG. 22 Global Virtual Reality Market Revenue and Growth for Healtcare Applications, 2014 - 2023, (US$ Mn)
FIG. 23 Global Virtual Reality Market Revenue and Growth for Military Applications, 2014 - 2023, (US$ Mn)
FIG. 24 Global Virtual Reality Market Revenue and Growth for Other Applications, 2014 - 2023, (US$ Mn)
FIG. 25 Global Virtual Reality Market Revenue and Growth for Mobile Platform, 2014 - 2023, (US$ Mn)
FIG. 26 Global Virtual Reality Market Revenue and Growth for PC Platform, 2014 - 2023, (US$ Mn)
FIG. 27 Global Virtual Reality Market Revenue and Growth for Console Platform, 2014 - 2023, (US$ Mn)
FIG. 28 North America Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn) (Y-o-Y %)
FIG. 29 Europe Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn) (Y-o-Y %)
FIG. 30 Asia Pacific Virtual Reality Market Revenue and Growth, 2014 - 2023, (US$ Mn) (Y-o-Y %)
FIG. 31 RoW Virtual Reality Market, 2013– 2022, (US$ Mn) (Y-o-Y %)

Platform Segmentation Analysis

In recent years, the virtual reality (VR) technology has garnered lot of interest for its potential as both hardware device and software platform. Based on platform of deployment, the virtual reality (VR) market is categorized into following segments:

  • Mobile
  • Personal Computer (PC)
  • Console

The following figure represents contribution of different platform segments to the global virtual reality (VR) market in 2015.

Virtual Reality Market

In the base year of 2015, the personal computer segment was the most preferred deployment platform in the global virtual reality (VR) market. Personal Computer-based virtual reality devices have been benefited from a huge installed base and rising number of personal computers equipped with the hardware required to facilitate a high quality VR experience. The trend shall continue for the majority of the forecast period, with the segment remaining the largest revenue generating segment by 2021. However, we expect mobile platform segment to surpass PC segment to become the major virtual reality platform in 2022. Thus, the mobile segment is presumed to witness maximum growth during the forecast period 2016 – 2023. The use of virtual reality technology over mobile devices is expected to be highest owing to ease of access to hardware, relatively lower price points and forced adoption. The console platform segment is also anticipated to witness steady regulated growth during the forecast period 2016 – 2023.

There has been a lot of interest surrounding the virtual reality (VR) technology and its potential in hardware as well as software business segment. While the technology was predominantly used in gaming and entertainment applications, recent advancements in technology development has extended its application base to varied verticals including retail, healthcare, military, engineering, and architectural design among others. On the basis of end-use application, the virtual reality (VR) market is categorized into following segments:

  • Consumer
    • Gaming
    • Entertainment
  • Enterprise and Public Sector
    • Retail and Advertising
    • Engineering and Design
    • Healthcare
    • Military
    • Others (Education, etc.)

The following figure represents contribution of major end-use application segments to the global virtual reality (VR) market in 2015.

Virtual Reality Market

In the base year of 2015, the consumer segment comprising gaming and entertainment was the major application segment in the global virtual reality (VR) market. The use of virtual reality in gaming, live events, and video entertainment is poised to witness steady growth during the forecast period. Gaming is the largest revenue contributing segment to the consumer virtual reality market. Leading manufacturers such as Oculus VR, Carl Zeiss, and Samsung Electronics Co., Ltd have developed virtual reality devices such as head mounted displays, gaming consoles, controllers and trackers specifically for gaming applications. On the other hand, the use of virtual reality technology in retail, healthcare, engineering and design, and education among others is expected to grow as manufacturers venture into these verticals and seek to gain first-mover advantage.

 Based on component, the global virtual reality (VR) market is segmented into following categories

  • Hardware
    • Sensor
    • Semiconducting Material
    • Display
  • Software

The contribution of these components to the global virtual reality (VR) market in 2015 is as shown in the figure below

Virtual Reality Market

 

In the base year of 2015, the hardware component was the largest revenue contributing segment in the global virtual reality (VR) market. The trend is expected to continue, at least during the first half of the forecast period 2016 – 2023. Ideally, virtual reality hardware offers visual immersion via a wide-angle wearable display that displays a stereo image in 3D. Sensors used in the headset track the activities of users and change view accordingly. On the other hand, virtual reality software allows user to interact with the virtual environment displayed on the screen of wore device. The need for software solution depends upon immersion type (semi immersion, full immersion, etc.), type of device, and other related requirements for the virtual environment experience. The virtual reality software market is poised to exhibit maximum growth, offering attractive investment opportunities for technology developers in the coming years. The growth is majorly expected to come from application segments including entertainment, gaming, and healthcare among others. The sale of virtual reality software is presumed to surpass that of hardware by 2020. Looking at bright future prospect, device manufactures are venturing into software business.

On the basis of geography, the global virtual reality (VR) market is segmented into following regions and countries.

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australasia
    • Rest of Asia Pacific
  • Rest of the World
    • Latin America
    • Middle East
    • Africa

The following figure represents contribution of different geography segments to the global virtual reality (VR) market in 2015.

Virtual Reality Market

As of 2015, the global virtual reality market was dominated by North America (comprising U.S. and Canada). The region accounted for over one-third of the global market revenue in the same year. The U.S. represents the largest and most attractive individual virtual reality market worldwide. Heavy research in the field of virtual reality coupled with the high acceptance for the technology in varied verticals is instrumental in fueling market momentum in the country. Over the forecast period 2016 – 2022, North America is expected to remain the largest virtual reality market worldwide. On the other hand, Asia Pacific is poised to exhibit robust growth, outpacing developed markets like North America and Europe during the forecast period 2016 – 2023. As manufacturers and software developers seek to gain first-mover advantage, we expect increased technology penetration and intensifying competition in the emerging economies of Asia, Middle-East, and Latin America.

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