With 44.8% CAGR, Virtual Reality Market Size Worth USD 84.09 Billion in 2028

Pune, India, April 18, 2022 (GLOBE NEWSWIRE) — The global virtual reality market size is expected to reach USD 84.09 billion by 2028, exhibiting a CAGR of 44.8% during the forecast period. The technological innovations in 5G technology and the adoption of immersive technologies can have a tremendous impact on the virtual reality market growth in the forthcoming years, states Fortune Business Insights, “Virtual Reality Market Size, 2021-2028.” The market size stood at USD 4.42 billion in 2020.

Key Development:

May 2020: Apple Inc. purchased a NextVR, a VR startup. The NestVR has extended its expertise in recording live events through virtual reality headsets.

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Report Scope & Segmentation

There has been a rapid growth in the AR and VR gamers across the world, which expands the horizon for the market. The increased comfort levels of consumers in situational uses, such as VR gaming and VR calls, are among the factors, which suggest a positive outlook for VR technology in gaming. Game developers across emerging economies are also continually striving to enhance gamers’ experience by launching and rewriting codes for diverse console/platforms, such as PlayStation, Xbox, and Windows PC, incorporated into a standalone product and provided to gamers through a cloud platform.

Businesses such as automotive, manufacturing, aerospace and defense, education, and others are using technology to meet business needs during the global pandemic. The virtual simulators assist in the design and planning of the product from a distance. VR is gaining popularity in the education sector as a result of the epidemic. Virtual technology is being used by people all over the world to better their health and well-being, entertainment, live events, virtual conferences, and meetings, especially during the pandemic. For example, in April 2020, rapper Travis Scott joined the virtual reality platform and received over 12 million views on his Fortnite video game.

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Market Segments:

Based on components, the market is classified into hardware, software, and content. The hardware segment is expected to dominate the global market share during the forecast period.

Based on device type, the market is divided into head mounted display (HMD), VR simulator, VR glasses, treadmills & haptic gloves, and others.

Based on industries, the virtual reality market is segmented into gaming, entertainment, automotive, retail, healthcare, education, aerospace & defence, manufacturing, and others.

Geographically, the market is classified into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

What does the Report Include?

The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2021 and 2028. 

Driving Factor:

Rising Application of VR in Automotive Industry to Boost Market

Virtual training solutions are being heavily invested in by industries such as automotive, education, healthcare, aerospace & military, and others. For example, the virtual training module in the automobile sector provides workstation training for new joiners to minimize accidents. According to a 2015 Ford analysis, virtual training sessions decreased employee injuries and accidents by 70 percent. Moreover, virtual training solutions are being used across the healthcare business. Healthcare practitioners might benefit from training to improve their operation precision and eliminate errors. These factors together will create lucrative business opportunities for the global virtual reality market.

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Introduction of Lenovo Mirage VR S3 Standalone Headset to Intensify Business

LenovoTM, introduced the Lenovo Mirage VR S3 headset with ThinkReality, which was made available from June 1, 2020, at the VR/AR Global Summit Online Conference. Nathan Pettyjohn, Commercial AR/VR Lead, Lenovo’s Intelligent Devices Group, announced the new business VR solution during his keynote address. The Lenovo Mirage VR S3 is the first headset created in collaboration with Pico Interactive, a worldwide technology firm specializing in virtual reality and corporate solutions. The Lenovo Mirage VR S3 is specifically built for business, featuring a 4K display for sharper images, hands-free control for use with or without the accompanying controller, and an easy-to-clean, sanitary face plate, ideal for mass utilization. The new VR headset is durable, low weight, and ready to scale inside the enterprise, with integrated audio and up to three hours of battery life. The introduction of

Lenovo’s ThinkReality software platform will boost the virtual reality market growth owing to its AR/VR systems that allow clients to manage apps and content in a comprehensive manner. 

Regional Insights:

Rising Investments Mixed Reality Training Sessions to Propel Market in North America

The virtual reality market share is likely to be dominated by North America. The region’s market expansion is being fueled by the presence of major players in the country. Various start-ups are also making inroads into the US market, offering industry-specific solutions. For example, Sixense Enterprises Inc., a California-based small business, unveiled a virtual reality-based physical rehabilitation system in October 2020. The United States government is also investing in virtual technology, which is expected to enhance the sector. The US government and army, for example, have committed $11 billion in virtual, augmented, and mixed reality training sessions for government workers. Europe is expected to experience a rapid growth rate during the forecast period. The growth is attributed to the rising adoption of virtual solutions in the automotive industry.

Advent of 5G Technology to Intensify Market Growth

Prominent companies in the market are perpetually innovating their technologies to improve the virtual environment through 5G technology, which, in turn, will enable speedy expansion of the virtual reality market. For instance, in February 2021, the Original Content Company (TOCC) and Vodafone are partnering with Xpllore, Gamoola, and The Grid Factory to create an Anatomical Learning platform on its 5G technology.  Moreover, Virtual training solutions are being utilized across the healthcare business. Healthcare practitioners can benefit exponentially from training to improve their operation precision and eliminate errors. Besides, in games and entertainment, the NFL and other American Football clubs are employing technologies to train, which can significantly reduce injuries.

Competitive Landscape:

Key Players Focus on Advanced Virtual Solutions to Consolidate Position

HTC Corporation, Oculus VR, Sony Corporation, and Lenovo Group are all heavily investing in developing innovative head-mounted devices. To grow their consumer base, the players are making smart acquisitions and collaborations. In addition, prominent firms are providing industry-specific materials and tools to broaden their commercial horizons. For instance, in March 2021, a Taiwanese consumer electronics company headquartered in Xindian District, New Taipei City, Taiwan, announced the release of VIVE Facial Tracker and VIVE Tracker (3.0) to improve their virtual reality ecosystem with advanced innovation.

The Report Lists Key Companies Operating in the Virtual Reality Market:

• 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)
• Pico Interactive Inc. (California, United States)
• Eon Reality Inc. (California, United States)
• Dassault Systems SE (Vélizy-Villacoublay, France)
• Apple Inc. (California, United States)
• Samsung Electronics Co. Ltd. (Suwon-si, South Korea)
• Lenovo Group Ltd. (Quarry Bay, Hong Kong)
• Sensics, Inc. (Maryland, United States)
• Ultraleap Ltd. (Bristol, England)
• StarVR Corporation (Taipei, Taiwan)
• Crytek GmbH (Frankfurt, Germany)

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Major Table of Content Points:

• Global Virtual Reality Key Players Market Share Insights and Analysis, 2020 

• Key Market Insights and Strategic Recommendations
• Companies Profiled
  • Overview
    • Key Management
    • Headquarters etc.
  • Offerings/Business Segments
  • Key Details
    • Employee Size
    • Key Financials
      • Past and Current Revenue
      • Geographical Share
      • Business Segment Share
  • Recent Developments
• Annexure / Appendix
  • Global VR Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
    • By Device Type (USD)
      • Head Mounted Devices
      • VR Simulator
      • VR Glasses
      • Treadmills & Haptic Gloves
      • Others
    • By Industry (USD)
      • Gaming
      • Entertainment
      • Automotive
      • Retail
      • Healthcare
      • Education
      • Aerospace & Defence
      • Manufacturing
      • Others
    • By Region (USD)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America
  • North America Virtual Reality Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
    • By Device Type (USD)
      • Head Mounted Devices
      • VR Simulator
      • VR Glasses
      • Treadmills & Haptic Gloves
      • Others
    • By Industry (USD)
      • Gaming
      • Entertainment
      • Automotive
      • Retail
      • Healthcare
      • Education
      • Aerospace & Defence
      • Manufacturing
      • Others
    • By Country (USD)

TOC Continued…!

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