Global Virtual Reality Market: Virtual reality (VR) is a computer-generated replication of a three-dimensional image or environment that can be interacted in a seemingly real or physical way by a person using special electronic equipment or wearable with a screen inside or gloves fitted with sensors.
A major factor driving growth of the global virtual reality market is ability of virtual reality technology to be incorporated for various applications in sectors such as aerospace & defense, consumer electronics, healthcare, and industrial. In addition, technological advancements in haptics and simulation, animation, digital displays, and artificial intelligence has led in giving real-time experience to gamers and making them feel as if they are part of the game. This factor is further expected to fuel growth of the global virtual reality market. Increasing adoption of VR technology to provide realistic experience while watching movies coupled with use of VR technology in psychiatric care to gain increased understanding of a patient by visualizing psychotic state of the person are some other factors driving growth of the global virtual reality market.
Major factors such as motion sickness, simulation sickness, high cost, and lack of awareness in some regions are hampering growth of the global virtual reality market. In addition, delayed detection of user actions or gestures and bad response time still remains a challenge which are expected to hamper growth of the global virtual reality market.
Increasing implementation of virtual reality technology in retail sector to display products and information in order to create awareness among consumers coupled with its use in aerospace & defense for training and flight simulation are current trend in the market. In addition, increasing R&D by major players, increasing application in marketing and advertising, and increasing investments by venture capitalist in VR firms are other factors expected to drive growth of the global virtual reality market during the forecast period.
The global virtual reality market report has been segmented on the basis of components, technology, device type, application, and region.
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North America is expected to witness highest growth in terms of revenue during the forecast period owing to extensive R&D and presence of major VR companies in this region especially in the US. The market in Asia pacific is expected to witness exponential growth and is projected to register a CAGR of XX.X% during the forecast period. This growth is attributed to changing consumer preference towards 3D and realistic entertainment experiences and increasing adoption in educational and healthcare sector.
Key players in the global virtual reality market are Oculus VR LLC, Sony Corporation, HTC Corporation, Samsung Electronics Co. Ltd, Google Inc., CyberGlove Systems LLC, Leap Motion, Inc, EON Reality Inc., Avegant Corp., and Razer Inc.