Key Market Insights
"Technological development coupled with growing applications driving the market growth"
Technological advancement in virtual reality is driving the global immersive virtual reality market. Immersive virtual reality is the technology that gives the user a perception of physically present in a non-physical world. This is created by images, sound and other stimuli providing engrossing environment to the user. Globally renowned companies such as Sony, Google, and Facebook have entered into the VR market and are launching new products, impacting the global immersion VR market.
Immersive VR coupled with artificial intelligence (AI) is boosting the user-experience. Immersive VR aided with AI is increasingly used for educating pilots and surgeons. Also, the CAD-quality model of real-world structure can be formed to give users beforehand experience of a home of its choice. Gaming and entertainment is the major driver of immersive VR demand owing to its more believable and relatable environment offered by this technology. Also, major companies of the market are launching new products in a field such as healthcare, education, and entertainment. Moreover, the emergence of consumer VR and reducing the prices of devices has further increased the demand for immersive VR products in the market.
However, the slow penetration of 5G technology in the developing countries of the world expected to restrain the market during the forecast period. Overall, the global immersive virtual reality market was US$ 1.5 Bn in 2018 and expected to reach US$ 5.6 Bn by 2027, growing at a CAGR of 16.1% from 2019 to 2027.
Market Snapshot
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End-use Segment Analysis
"Gaming & Entertainment segment accounted for the largest share"
Gaming & entertainment segment captured the largest share of the market in 2018. Increasing number of companies entering into gaming market are providing new and advanced products is driving the gaming segment. Players such as Sony, Google, and Duravis Dive launched VR headsets providing 360 degree gaming experience. Oculus Go, HTC Vive, Nintendo Labo are some of the devices available in the market.
Apart from gaming, immersive VR technology is swiftly penetrating in the education, medical and aerospace & defense industry, providing good opportunities for market growth.
Regional Analysis
"North America market dominating the world market"
North America captured the largest share of the global immersive VR market in 2018. There is a high demand for VR devices used for gaming purposes. Technologically advanced countries like the U.S. and Canada are using this technology in educational institutes that are helping the students to practice soft skills such as team-work, collaboration, problem-solving and also lessening attention distraction. Moreover, immersive VR is used for providing training to surgical residents. Further, due to the presence of major players in the region, the North American market is poised to be the largest market during the forecast period.
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"Technological advancement is keeping the market competitive"
The global immersive virtual reality market is slightly consolidated. Some of the major players of the market are Sony, Durovis Dive and HMD-TECH are investing in upgrading their current product quality. Players are also launching new products that can give VR experience to their customers. Following is the list of players included in the published reports.
List of Companies Covered:
- Durovis Dive (Shoogee GmbH & Co. KG)
- Sony Interactive Entertainment LLC
- Google LLC
- Samsung
- HTC Corporation
- HMD-TECH
- LG Electronics Inc.
- Microsoft Corporation
- EON Reality
- Cyberith
- and among others
Key Industry Development:
- In July 2018, Samsung, in collaboration with NASA, 4D lunar gravity virtual reality (VR) experience. With Samsung S9+ and Gear, consumers can get the immersive experience of the fictional moon mission. With this launch, the company is expecting to improve its share in the immersive VR market.
- In November 2018, HTC Vive and McLaren Racing together released VIVE Pro McLaren edition. This new headset gives an immersive racing experience with its crisp resolutions, audio, and ergonomics. With this launch, the company is expecting growth in sales from F1 Racing & McLaren Racing fans.
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Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Technology Segment (2017-2027; US$ Bn)
• Semi-immersive
• Fully-immersive
|
|
Device Type Segment (2017-2027; US$ Bn)
• Head-mounted Display
• Gesture Tracking Devices
• Projectors & Display Walls
|
|
End-use Segment (2017-2027; US$ Bn)
• Gaming & Entertainment
• Aerospace & Defense
• Healthcare
• Education
• Others
|
|
Geography Segment (2017-2027; US$ Bn)
• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
|
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the global immersive virtual reality market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Unique data points of this report
- Recent trends across different regions in terms of development of immersive virtual reality market
- Attractive investment proposition for application segment as well as geography
Key questions answered in this report
- What was the market size of immersive virtual reality market in 2018 and forecast up to 2027?
- What are the key factors driving the global immersive virtual reality market?
- What are the key market trends and high-growth opportunities observed in the immersive virtual reality market?
- Which is the largest regional market for immersive virtual reality market?
- Which segment will grow at a faster pace? Why?
- Which region will drive the market growth? Why?
- Which players are leading the immersive virtual reality market?
- What are the key strategies adopted by the leading players operating in the market?
