According
to the new market research report "Virtual Reality Market by Offering (Hardware and Software),
Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device),
Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace &
Defense) and Geography - Global Forecast to 2024", The virtual reality (VR)
market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by
2024, at a CAGR of 33.47% during the forecast period. The penetration of HMDs
in the gaming and entertainment sector, huge investments in VR market,
advancement of technology and growing digitization, and availability of
affordable VR devices are the major factors fueling the growth of the overall
market.
Consumer application to lead virtual
reality market during forecast period
Virtual
reality technology offers remarkable results regarding visual effects when used
in gaming and sports broadcasts. The demand for head-mounted displays is high
in consumer applications because of their use in gaming and sports &
entertainment. The use of head-mounted displays as smart glasses in sports
(such as ski driving and fighting games) is increasing day by day. The demand
for the development of VR apps is high in the entertainment sector to enhance
the user experience in sports broadcasting, gathering information through
social networking sites, and so on.
Head-mounted displays to lead virtual
reality market owing to its increased use in consumer and healthcare
applications
Virtual
reality HMDs find major applications in gaming and entertainment, healthcare,
retail and ecommerce, and enterprise applications. The VR HMDs help in patient
engagement and also in their discharge training. VR HMDs can also be used for
rehabilitation of patients and improve their mental and behavioral health
through VR games. Along with gaming and entertainment, the use of VR HMDs in
retail and ecommerce sectors will drive the VR market during the forecast
period.
APAC to be fastest-growing region in
virtual reality market during 2018–2024
The
presence of major companies and a high number of start-ups in APAC are the keys
factors to drive the adoption of VR devices in the region. The companies such
as Sony, Samsung Electronics, and HTC have played a crucial role in the growth
of the VR market in the region. With the advent of local VR device
manufacturers, APAC is expected to lead the overall VR market by 2024. It will
be followed by North America, which is also expected to hold a significant
share in the overall VR market owing to the early adoption of this technology
and a large number of companies in the region.
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Sony
(Japan), Samsung Electronics (South Korea), Google (US), Microsoft (US), HTC
(Taiwan), Oculus (US), Eon Reality (US), Vuzix (US), CyberGlove Systems (US),
Leap Motion (US), Sensics (US), Sixense Enterprises (US), Nintendo (Japan),
Psious (Spain), Mindmaze (Switzerland), WorldViz (US), Firsthand Technology
(US), Virtuix (US), Survios (US), Merge Labs (US), SpaceVR (US), and Virtually
Live (Switzerland) are among the major virtual reality vendors in the market.
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