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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

Overview:

The 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. In addition, the introduction of consumer VR devices and the entry of leading companies like Sony, Facebook, and HTC have helped demonstrate the benefits of VR technology to a broader consumer base. These factors are expected to contribute towards a double-digit compounded annual growth rate (CAGR) during 2016 – 2023.

Report Scope

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

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 in-depth insights to enable them to 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 "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 2015 to 2022. The research study covers an 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 (Strengths, 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 the following:

  • 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.

By Platform' Virtual Reality (VR) Market'

Platform Segmentation Analysis

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

  • Mobile
  • Personal Computer (PC)
  • Console

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

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 benefited from a huge installed base and a 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 the mobile platform segment to surpass the PC segment to become the major virtual reality platform in 2022. Thus, the mobile segment is presumed to witness maximum growth during 2016 – 2023. The use of virtual reality technology over mobile devices is expected to be the highest due to ease of hardware access, relatively lower price points, and forced adoption. The console platform segment is also anticipated to witness steady, regulated growth during 2016 – 2023.

By End User' Virtual Reality (VR) Market'

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

Consumer

  • Gaming
  • Entertainment

Enterprise and Public Sector

  • Retail and Advertising
  • Engineering and Design
  • Healthcare
  • Military
  • Others (Education, etc.)

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

In 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 of 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, design, and education, among others, is expected to grow as manufacturers venture into these verticals and seek to gain first-mover advantage.

By Component' Virtual Reality (VR) Market'

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

  • Hardware
  • Sensor
  • Semiconducting Material
  • Display
  • Software

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

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 in the headset track users' activities and change the view accordingly. On the other hand, virtual reality software allows users to interact with the virtual environment displayed on the screen of wore device. The need for software solutions 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 expected to come from application segments, including entertainment, gaming, and healthcare. As a result, the sale of virtual reality software is presumed to surpass that of hardware by 2020. Looking at the bright prospects, device manufacturers are venturing into the software business.

By Geography' Virtual Reality (VR) Market'

The global virtual reality (VR) market is segmented geographically into the following regions and countries.

  • North America
  • US.
  • 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 represented the contribution of different geography segments to the global virtual reality (VR) market in 2015.

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 virtual reality, coupled with the high acceptance of the technology in varied verticals, is instrumental in fueling market momentum in the country. Over the forecast period of 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, the Middle-East, and Latin America.

Frequently asked questions :

The market for Virtual Reality (VR) Market is expected to reach US$ 30.0 Bn By 2023.

The Virtual Reality (VR) Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2016-2023.

The base year of this report is 2021.

Oculus VR, Inc., Sony Corporation, Samsung Electronics,Sensics, Inc., Vuzix Corporation, are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jun 2016
Category:  Technology & Media
Report ID:   57899
Report Format:   PDF
Pages:   120
Rating:    4.5 (65)
Delivery Time: 24 Hours to 48 Hours   
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