Global Virtual Reality Market Trends, Applications, Analysis, Growth, And Forecast To 2027

Virtual Reality Market Overview:

“The Virtual Reality Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Virtual reality (VR) is a computer-generated replication of a three-dimensional image or environment that can be interacted with 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 the growth of the global virtual reality market is the 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 have led to 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 the growth of the global virtual reality market.

Increasing adoption of VR technology to provide a realistic experience while watching movies coupled with the use of VR technology in psychiatric care to gain an increased understanding of a patient by visualizing the psychotic state of the person are some other factors driving the 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 the growth of the global virtual reality market.

In addition, delayed detection of user actions or gestures and bad response time still remains a challenge that is expected to hamper the growth of the global virtual reality market.

Increasing implementation of virtual reality technology in the 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 is the current trend in the market.

In addition, increasing R&D by major players, increasing application in marketing and advertising, and increasing investments by venture capitalists in VR firms are other factors expected to drive the growth of the global virtual reality market during the forecast period.

North America is expected to witness the highest growth in terms of revenue during the forecast period owing to extensive R&D and the presence of major VR companies in this region, especially in the US.

The market in the 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 toward 3D and realistic entertainment experiences and increasing adoption in the educational and healthcare sectors.

Global Virtual Reality Market Segmentation:

Global virtual reality market segmentation by components:

• Hardware
• Software

Global virtual reality market segmentation by technology:

• Non-Immersive
• Semi & Fully Immersive

Global virtual reality market segmentation by device type:

• Head-mounted display (HMD)
• Gesture tracking devices (GTD)
• Projectors & display walls (PDW)

Global virtual reality market segmentation by application:

• Aerospace & Defense
• Commercial
• Consumer Electronics
• Industrial
• Medical
• Other

Global virtual reality market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa