Virtual Reality Market to Reach USD 57.55 Billion by 2027; Surging Adoption of VR Technology by Companies and Various Sectors to Propel Market Growth: Fortune Business Insights™

·9 min read

Key Companies Covered in Virtual Reality Market Research Report are Google, Oculus Rift (Facebook Inc.), Sony Corporation, Unity Technologies, HTC Corporation, Microsoft Corporation, Autodesk Inc., Sixense Enterprises Inc., Eon Reality Inc., Dassault Systems SE, , Apple Inc.

Pune, India, May 12, 2021 (GLOBE NEWSWIRE) -- The global virtual reality market size is expected to reach USD 57.55 billion by 2027. In 2019, the market size was USD 3.10 billion and is further anticipated to showcase a remarkable CAGR of 44.3% during the forecast period. The increasing utilization of virtual reality in sectors such as automotive, healthcare, manufacturing, entertainment industry and several others is expected to steer the market growth. Virtual reality in healthcare sector is utilized for clinical training, patient instruction, medical calculation, rehabilitation, and many others. For instance, VRPhysio based in the U.S., offers environment physical treatment workouts virtually to be conducted at home and delivers the records to the medical experts in the hospitals. This information is published by Fortune Business Insights™, in its report, titled, “Virtual Reality Market, 2020-2027.”

COVID-19 Outbreak to Shoot VR Technology Demand and Foster Market Growth

COVID-19 has considerably elevated the demand for virtual Reality technology. The associated firms, clinics, and other companies have adopted the technology for virtual meetings, conferences, gatherings, exhibitions and more purposes and are fuelling the demand for captivating results. For example, LAVAL conducted its first virtual exhibition with assistance of virtual technology glasses and 3D illustrations. They invited contributors from various locations to showcase their work by virtual means at the online exhibition.
Automotive industry, manufacturing sectors, and entertainment industry have rapidly adopted the virtual reality technology to fulfil their respective business requirements. The virtual simulator also assists by designing the merchandise remotely. The pandemic is anticipated to further enhance the need for distance learning and online lectures along with other learning activities.

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Report Coverage

The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the virtual reality market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.

Segmentation

By components, the market is divided into hardware, software development, and content. The hardware segment is predicted to dominate the global virtual reality market share during the forecast period. Based on industry, the market is separated into gaming, entertainment, automotive, retail, healthcare, education, aerospace & defence, and manufacturing. In terms of region, the market is categorized into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

Based on device type, the market is further classified into head mounted display (HMD), VR simulator, VR glasses and treadmills & haptic gloves. Among these, the head mounted display segment dominated the market share and held 29.2% of the total shares by type.

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Drivers and Restraints

Surging Demand for Virtual Trainings in Various Sectors to Promote Overall Growth

Various industries such as automotive, education, healthcare, aerospace & defence, and many others are considerably investing in virtual reality-based training and educational platforms. For example, in the automobile industry, the newly joined employees are offered VR training at their work stations to prevent work accidents. For instance, in an article from the year 2015, Ford published a report stating the drop in accidents at work station due to installation of virtual reality technology for beginners. It offers practical training for new employees by using the virtual simulator, headsets, eye-glasses, and other equipment. The retail industry too has adopted virtual reality technologies and are implementing them to uphold consumer relations. For example, in 2018, Walmart Inc. trained 200 employees virtually for its Black Friday sale to assist their clients. Furthermore, the company also made a crucial investment in Oculus Go headsets and placed order of 17,000 headsets to provide support to their employees working in all the 4,700 stores across the U.S. This is predicted to boost the virtual reality market growth in the upcoming years.

Regional Insights

North America Set to Lead in the Market Backed by Constant Government Support

North America stood at USD 1.03 billion in 2019 and is projected to dominate the virtual reality market share in terms of revenue. The U.S. is anticipated to grow at a rapid-pace on account of the important business establishments of leading players in the nation. The U.S government is making heavy investments in the technology and that is stimulating the market growth. For example, the US Department of Agriculture (USDA) under its branch of Food Safety and Inspection Service (FSIS) executed virtual training conferences on community wellbeing veterinary.

Asia Pacific is estimated to showcase immense growth in the upcoming years, due to the growing advances in developing economies. The leading nations in this region such as China, it is predicted to achieve majority of the market share. It is one of the primary suppliers of head mounted products. Additionally, the 5G network and its rapid implementation is promoting growth in the virtual reality market in China.

Europe is likely to display remarkable growth in the foreseeable future. It has adopted the virtual technologies in the automobile industry earlier than any other region.

Competitive Landscape

Brand Acquisitions by Giant Companies to Boost the Market Growth

Prominent leaders in the market are on a constant lookout for efficient strategies to apply for investment purposes. One such effective strategy is to acquire another company or firm to enhance the parent company’s market value and further bolster self-growth in terms of monetary benefit. Also, such acquisitions motivates the company to innovate new products and present them to end-users and customers. For example, in May 2020, Apple completed the acquisition of NextVR, which is a California-based start-up. This acquisition will help the company to enter the virtual reality market with advanced and innovative product fragments.

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Industry Development

May 2019: HTC Corp. signed a bond with SYNNEX Corp. where it will sell its virtual reality products to them. HTC Corporation being the reseller, it will have admission to the product design created by the company for several sectors and industries such as healthcare, and medicine, education, product design, architecture, construction as well as engineering.

List of Key Players Covered in the

  • Google LLC (California, United States)

  • Oculus Rift (Facebook Inc.) (California, United States)

  • Sony Corporation (Tokyo, Japan)

  • Unity Technologies (California, United States)

  • HTC Corporation (Taoyuan City, Taiwan)

  • Microsoft Corporation (Washington, United States)

  • Autodesk Inc. (California, United States)

  • Sixense Enterprises Inc. (California, United States)

  • Eon Reality Inc. (California, United States)

  • Dassault Systems SE (Vélizy-Villacoublay, France)

  • Apple Inc. (California, United States)

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Detailed Table of Content

  • Introduction

    • Definition, By Segment

    • Research Methodology/Approach

    • Data Sources

  • Executive Summary

  • Market Dynamics

    • Macro and Micro Economic Indicators

    • Drivers, Restraints, Opportunities and Trends

    • Impact of COVID-19

      • Short-term Impact

      • Long-term Impact

  • Competition Landscape

    • Business Strategies Adopted by Key Players

    • Consolidated SWOT Analysis of Key Players

    • Porter’s Five Force Analysis

    • Global Market Share Analysis and Matrix, 2019

  • Key Market Insights and Analysis, By Segments

  • Global Virtual Reality Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

    • By Component (Value)

      • Hardware

      • Software

      • Content

    • By Device Type (Value)

      • Head Mounted Devices

      • VR Simulator

      • VR Glasses

      • Treadmills & Haptic Gloves

      • Others

    • By Industry (Value)

      • Gaming

      • Entertainment

      • Automotive

      • Retail

      • Healthcare

      • Education

      • Aerospace & Defence

      • Manufacturing

      • Others

    • By Region (Value)

      • North America

      • Europe

      • Asia Pacific

      • Middle East & Africa

      • Latin America

TOC Continued

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