The global virtual reality market is expected to grow at a CAGR of around 44% from 2020 to 2027 and expected to reach the market value of around US$ 56.2 Bn by 2027.
Virtual reality (VR) or virtual environment (VE) is a computing technology that creates a simulated or artificially three-dimensional (3D) environment that resembles reality. VR provides a convincing interface that enables the user to interact with the computer-generated environment in a spontaneous way. Virtual reality can be defined as a synthetic or virtual environment that provides a person with a sense of reality. It is a collection of computer technologies that present information in a way that people perceive to be similar to the real world.
Market Dynamics
Big calls for "Virtual reality" in healthcare sector
Rapidly evolving technologies have changed the way people see the world and how different industries operate in recent times. There have been numerous discussions and conversations about the use of virtual reality in the healthcare industry, with numerous applications of virtual reality already being implemented. Applications such as robotic surgery, healthcare devices, and so on are gradually gaining popularity and are now more likely to be adopted and widely accepted by various healthcare organizations. Healthcare is one of the most enthusiastic users of virtual reality that also includes robotic surgery, phobia treatment, surgery simulation, and skills training, to name a few applications. Many healthcare organizations around the world have started to use virtual reality (VR) in their operations and have discovered its benefits. Major VR-based companies, for example, are developing products that combine 360-degree video and 3D interactive content to create the best learning program for physicians and students. This technology enables them to practice complex, life-saving procedures in a risk-free environment, improve their skills, and receive usability feedback while doing so. Furthermore, VR is being used as a powerful diagnostic tool, assisting doctors and physicians in making accurate diagnoses. This is done in combination with other forms, such as MRI/CT scans, and eliminates the need for any invasive techniques, providing the patient with a pain-free experience. Virtual reality in surgery has been around for a while and has grown in popularity among the medical community. VR is important in tele-surgery that is performed by a surgeon on a patient in another location. The pressure response feature assists the surgeon in measuring the amount of pressure that must be applied while performing a delicate procedure such as dentistry, etc.
Virtual reality: The future of military training
Massive research into new military technologies is currently underway, with the goal of providing states with qualitatively superior armed capabilities to better address even non-conventional and asymmetrical threats. As a result, the military has been among the first to adopt virtual reality (VR) for the purpose of training land, maritime, and air forces. The military sector, as the largest investor in this technology, also contributed significantly to the global development of VR. According to a report released by the Finabel European Army Interoperability Centre, the use of virtual reality (VR) in military training has several advantages. First and foremost, despite national military budget cuts, it demonstrates to be a viable, cost-effective alternative. In fact, unlike live training, virtual training does not necessitate the use of real munitions and resources. Furthermore, VR can simulate any type of training by recreating various environments. As a result of the detailed reconstruction and the large number of possible combinations provided by VR, specific training can be carried out at any time. Military training is heavily reliant on virtual reality simulation, which is used in a variety of military settings. For example, it can simulate advanced ground vehicles, simulating any type of vehicle and allowing soldiers to experience its shape and maneuverability. It also allows soldiers to play any role they might have on that vehicle, such as driver or gunner.
Rising adoption of virtual reality across industries climb towards all time high for the market growth
Across industries, the goal of Virtual Reality-enhanced training is to create realistic workplace experiences and allow employees to take risks while working in demanding environments. In specially designed training environments, virtual reality training companies like VirTra and immersive learning companies like STRIVR and MPATHIC use simulators, gaming PCs, and Oculus Rift headsets. In addition, the costs of virtual reality hardware and setup are becoming insignificant when compared to traditional training expenses. Companies such as Walmart, for example, use immersive VR technology to prepare employees for the frantic holiday shopping season. Furthermore, companies such as Honeywell are combining virtual reality and augmented reality to deliver hybrid instruction aimed at increasing working knowledge at a single operations plant. By introducing Intelligent Wearable’s for use in industrial plants, Honeywell has created a completely connected plant. The wearables include safety monitoring devices and alerts. Virtual reality adoption provides businesses with a training option that is as effective as live training at a fraction of the cost. According to STRIVR, students retain 75% of what they are taught, compared to 10% retention from reading or listening to a presentation. Immersive technology allows for hands-on experiences that improve learning outcomes.
Market Segmentation
The global virtual reality market is segmented based on device, technology, component, and application. The device is segmented as head-mounted display (HMD), gesture-tracking device (GTD), and projectors & display wall (PDW). Further, by technology, the market is classified into semi & fully immersive and non-immersive. By component, the market is bifurcated into hardware and software. By application, the market is segregated as aerospace & defense, consumer, commercial, enterprise, healthcare, and others
By device, the head-mounted display (HMD) device segment is expected to record largest market share in the forecast period. Further, by technology, the semi & fully immersive segment accounted largest market share in the past and is anticipated to continue similar trend till the forecast period. By component, hardware segment holds dominating market share from the past and will continue to dominate in the coming years. By application, healthcare segment will show its dominance in the forthcoming years.
Regional Overview
North America will maintain its dominance in the forecast period as the most appealing and largest technology market, with extensive research activities in the field of VR. Asia Pacific, on the other hand, will have the fastest growing CAGR during the forecast period due to advancements in VR technology. China has the largest market share in the region because it is the largest distributor of HMDs.
Competitive Landscape
The prominent players of the global virtual reality market involve Barco NV, CyberGlove Systems Inc., Facebook Technologies, LLC., HTC Corporation, Microsoft Corporation, Samsung Electronics Co., Ltd., Sensics corporation, Sixense Enterprises, Inc., Ultraleap Ltd., and among others
Market Segmentation
Market By Component
Hardware
Software
Market By Technology
Semi & Fully Immersive
Non-Immersive
Market By Device
Head-Mounted Display (HMD)
Gesture-Tracking Device (GTD)
Projectors & Display Wall (PDW)
Market By Application
Aerospace & Defense
Consumer
Commercial
Enterprise
Healthcare
Others
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1.Industry Overview of Virtual Reality
1.1.Definition and Scope
1.1.1.Definition of Virtual Reality
1.1.2.Market Segmentation
1.1.3.Years Considered for the Study
1.1.4.Assumptions and Acronyms Used
1.1.4.1.Market Assumptions and Market Forecast
1.1.4.2.Acronyms Used in Global Virtual Reality Market
1.2.Summary
1.2.1.Executive Summary
1.2.2.Virtual Reality Market By Component
1.2.3.Virtual Reality Market By Device
1.2.4.Virtual Reality Market By Technology
1.2.5.Virtual Reality Market By Application
1.2.6.Virtual Reality Market by Regions
CHAPTER 2.Research Approach
2.1.Methodology
2.1.1.Research Programs
2.1.2.Market Size Estimation
2.1.3.Market Breakdown and Data Triangulation
2.2.Data Source
2.2.1.Secondary Sources
2.2.2.Primary Sources
CHAPTER 3.Market Dynamics And Competition Analysis
3.1.Market Drivers
3.1.1.Driver 1
3.1.2.Driver 2
3.2.Restraints and Challenges
3.2.1.Restrain 1
3.2.2.Restrain 2
3.3.Growth Opportunities
3.3.1.Opportunity 1
3.3.2.Opportunity 2
3.4.Porter’s Five Forces Analysis
3.4.1.Bargaining Power of Suppliers
3.4.2.Bargaining Power of Buyers
3.4.3.Threat of Substitute
3.4.4.Threat of New Entrants
3.4.5.Degree of Competition
3.5.Regulatory Compliance
3.6.Competitive Landscape, 2019
3.6.1.Player Positioning Analysis
3.6.2.Key Strategies Adopted By Leading Players
CHAPTER 4.Virtual Reality Market By Component
4.1.Introduction
4.2.Virtual Reality Revenue By Component
4.2.1.Virtual Reality Revenue (US$ Mn) and Forecast, By Component, 2016-2027
4.2.2.Hardware
4.2.2.1.Hardware Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.3.Software
4.2.3.1.Software Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 5.Virtual Reality Market Revenue By Device
5.1.Introduction
5.2.Virtual Reality Revenue (US$ Mn) By Device
5.2.1.Virtual Reality Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
5.2.2.Head-Mounted Display (HMD)
5.2.2.1.Head-Mounted Display (HMD) Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3.Gesture-Tracking Device (GTD)
5.2.3.1.Gesture-Tracking Device (GTD) Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.4.Projectors & Display Wall (PDW)
5.2.4.1.Projectors & Display Wall (PDW) Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6.Virtual Reality Market By Technology
6.1.Introduction
6.2.Virtual Reality Revenue (US$ Mn) By Technology
6.2.1.Virtual Reality Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
6.2.2.Semi & Fully Immersive
6.2.2.1.Semi & Fully Immersive Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3.Non-Immersive
6.2.3.1.Non-Immersive Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7.Virtual Reality Market By Application
7.1.Introduction
7.2.Virtual Reality Revenue (US$) By Application
7.2.1.Virtual Reality Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
7.3.Aerospace & Defense
7.3.1.Aerospace & Defense Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.4.Consumer
7.4.1.Consumer Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.5.Commercial
7.5.1.Commercial Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.6.Enterprise
7.6.1.Enterprise Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.7.Healthcare
7.7.1.Healthcare Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.8.Others
7.8.1.Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 8.North America Virtual Reality Market By Country
8.1.North America Virtual Reality Overview
8.2.U.S.
8.2.1.U.S. Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
8.2.2.U.S. Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016-2027
8.2.3.U.S. Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016-2027
8.2.4.U.S. Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.3.Canada
8.3.1.Canada Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
8.3.2.Canada Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016-2027
8.3.3.Canada Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016-2027
8.3.4.Canada Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.4.North America PEST Analysis
CHAPTER 9.Europe Virtual Reality Market By Country
9.1.Europe Virtual Reality Market Overview
9.2.U.K.
9.2.1.U.K. Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.2.2.U.K. Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016-2027
9.2.3.U.K. Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016-2027
9.2.4.U.K. Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.3.Germany
9.3.1.Germany Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.3.2.Germany Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016-2027
9.3.3.Germany Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016-2027
9.3.4.Germany Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.4.France
9.4.1.France Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.4.2.France Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016-2027
9.4.3.France Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016-2027
9.4.4.France Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.5.Spain
9.5.1.Spain Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.5.2.Spain Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016-2027
9.5.3.Spain Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016-2027
9.5.4.Spain Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.6.Rest of Europe
9.6.1.Rest of Europe Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.6.2.Rest of Europe Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016-2027
9.6.3.Rest of Europe Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016-2027
9.6.4.Rest of Europe Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.7.Europe PEST Analysis
CHAPTER 10.Asia Pacific Virtual Reality Market By Country
10.1.Asia Pacific Virtual Reality Market Overview
10.2.China
10.2.1.China Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.2.2.China Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
10.2.3.China Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
10.2.4.China Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.3.Japan
10.3.1.Japan Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.3.2.Japan Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
10.3.3.Japan Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
10.3.4.Japan Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.4.India
10.4.1.India Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.4.2.India Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
10.4.3.India Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
10.4.4.India Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.5.Australia
10.5.1.Australia Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.5.2.Australia Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
10.5.3.Australia Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
10.5.4.Australia Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.6.South Korea
10.6.1.South Korea Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.6.2.South Korea Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
10.6.3.South Korea Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
10.6.4.South Korea Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.7.Rest of Asia-Pacific
10.7.1.Rest of Asia-Pacific Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.7.2.Rest of Asia-Pacific Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
10.7.3.Rest of Asia-Pacific Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
10.7.4.Rest of Asia-Pacific Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.8.Asia Pacific PEST Analysis
CHAPTER 11.Latin America Virtual Reality Market By Country
11.1.Latin America Virtual Reality Market Overview
11.2.Brazil
11.2.1.Brazil Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
11.2.2.Brazil Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
11.2.3.Brazil Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
11.2.4.Brazil Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.3.Mexico
11.3.1.Mexico Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
11.3.2.Mexico Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
11.3.3.Mexico Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
11.3.4.Mexico Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.4.Rest of Latin America
11.4.1.Rest of Latin America Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
11.4.2.Rest of Latin America Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
11.4.3.Rest of Latin America Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
11.4.4.Rest of Latin America Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 – 2027
11.5.Latin America PEST Analysis
CHAPTER 12.Middle East & Africa Virtual Reality Market By Country
12.1.Middle East & Africa Virtual Reality Market Overview
12.2.Saudi Arabia
12.2.1.Saudi Arabia Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
12.2.2.Saudi Arabia Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
12.2.3.Saudi Arabia Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
12.2.4.Saudi Arabia Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.3.UAE
12.3.1.UAE Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
12.3.2.UAE Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
12.3.3.UAE Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
12.3.4.UAE Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.4.Rest of Middle East & Africa
12.4.1.Rest of Middle East & Africa Virtual Reality Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
12.4.2.Rest of Middle East & Africa Virtual Reality Market Revenue (US$ Mn) and Forecast By Device, 2016 - 2027
12.4.3.Rest of Middle East & Africa Virtual Reality Market Revenue (US$ Mn) and Forecast By Technology, 2016 - 2027
12.4.4.Rest of Middle East & Africa Virtual Reality Market Revenue (US$ Mn) and Forecast By Application, 2016 – 2027
12.5.Middle East & Africa PEST Analysis
CHAPTER 13.Player Analysis Of Virtual Reality
13.1.Virtual Reality Market Company Share Analysis
13.2.Competition Matrix
13.2.1.Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2.New Product Launches and Product Enhancements
13.2.3.Mergers And Acquisition In Global Virtual Reality Market
13.2.4.Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14.Company Profile
14.1.Barco NV
14.1.1.Company Snapshot
14.1.2.Business Overview
14.1.3.Financial Overview
14.1.3.1.Revenue (US$ Mn), 2019
14.1.3.2.Barco NV 2019 Virtual Reality Business Regional Distribution
14.1.4.Product/ Service and Specification
14.1.5.Recent Developments & Business Strategy
14.1.6.Manufacturing Plant Footprint Analysis
14.2.CyberGlove Systems Inc.
14.3.Facebook Technologies, LLC.
14.4.HTC Corporation
14.5.Microsoft Corporation
14.6.Samsung Electronics Co., Ltd.
14.7.Sensics corporation
14.8.Sixense Enterprises, Inc.
14.9.Ultraleap Ltd.
14.10.Others
