New York, NY, Nov. 14, 2017 (GLOBE NEWSWIRE) — According to the latest report by Persistence Market Research (PMR), the global virtual reality market is expected to witness strong growth during the forecast period 2017-2022. The market is estimated to register 15.3% CAGR. It is also projected to reach US$ 6,008.3 million revenue by the end of 2022.
With companies introducing VR headsets in the market, VR has reached masses. However, companies are making various improvements in the VR headsets to offer a better experience with quality visual effects. As the demand for high-quality VR headsets is increasing in defense, automotive, advertising, healthcare, etc. The companies are also working on introducing smaller headsets, as the currently used VR headsets are bulky. Virtual reality is also entering into the corporate and educational world. Providing personalized support through teaching and training with VR is also witnessing growth.
Wireless VR Headsets to Gain Maximum Traction in the Market
Virtual Reality is moving towards providing high-powered headsets without the need of wire or cords to connect them with smartphones and other devices. Major companies have also announced their plans to introduce high-powered, standalone VR headsets to improve the experience. For instance, Facebook recently introduced a wireless headset known as Oculus Go. Meanwhile, HTC has also launched Vive standalone VR headsets in partnership with Google Daydream. Companies have also started working on standalone VR headsets that can work without the need for PC or smartphone to power it. This will eliminate the need for customers to buy expensive smartphones or gaming PCs to enjoy VR content. Built-in hardware and software with wireless experience will offer convenience to the user. Major companies are also entering into a partnership to develop standalone VR headsets. The companies are also focusing on reducing the price, to offer affordability and simplify the complex setup process for VR headsets.
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Healthcare sector also presents a growth opportunity for virtual reality. Increasing number of healthcare institutions are using VR to train medical professionals as there is a limited time and space for trainees to see the actual surgery done.
Global Virtual Reality Market: Segmental Insights
- The market is segmented on the basis of component, application, and industries. On the basis of the component, sensors are expected to dominate the global virtual reality market. Sensors are estimated to account for more than one-third of the revenue share by 2017 end.
- On the basis of application, the market segmentation includes surgery & treatments, gaming, vehicle simulation, E-Learning, and others. Among these, gaming is expected to be the largest segment during the forecast period 2017-2022. Gaming is estimated to exceed US$ 1,600 million revenue by the end of 2022.
- By industries, the largest industry expected to rule the global virtual reality market is media and entertainment. By the end of 2022, the media and entertainment is estimated to reach nearly US$ 1,700 million revenue.
- In terms of the region, the report is segmented into North America, Europe, Latin America, APEJ, Japan, and MEA. North America is expected to remain dominant in the global virtual reality market during the forecast period 2017-2022. It is estimated to exceed US$ 2,200 million revenue by the end of 2022.
Global Virtual Reality Market: Competitive Assessment
Some of the key market players in the global market for virtual reality are HTC Corporation, Sony Corporation, Google Inc., Samsung Electronics Co Ltd, Microsoft Corp., Unity Technologies, Inc., Magic Leap, Inc., Vuzix Corporation, Lumus Ltd, Oculus VR, LLC, and Eon Reality Inc.
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