In a recently published report, Kenneth Research has updated the market report for Global Virtual Reality Market for 2021 till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Virtual Reality Market products.
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Moreover, an increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Naturally, the definition of Virtual Reality is ‘Near-Reality’ although technically we can say that Virtual Reality describes a three-dimensional world that is generated by a computer-generated environment. This environment is free to be explored and interacted by a person. The person blends into this world of virtual reality and is able to manipulate objects and perform various actions. With the industry stated to grow at CAGR XX by 20XX it is supposed to poised at $XX bn.
There is a various range of systems that help us create this illusion of reality such as headsets, Omnidirectional treadmills, special gloves and lot more. To physically create the illusion of reality is more difficult to construct than it sounds. This is owing to the fact that our brain and senses are evolved to provide us with a synchronized and mediated experience. Even if there is a minor glitch, we will be able to distinguish clearly. Thus, immersiveness and realism are the key factors in this technology. There are various commercial applications of this technology in high-performance computers, VR Games applications, consumer electronics, medical and many more.
The market is driven by declining prices of VR hardware. Due to the increase in usage of this technology, the prices of various VR components like the VR Headsets and VR cardboards are set to decline. The rising demand of smartphones will complement to the growing sales of VR devices. Further, VR Headsets are stated to be the next big thing in personal entertainment. The ASP of VR Headsets is expected to go down from $ XX in 20XX to $ XX by 20XX. However, lack of awareness about VR technology, high initial investment, compatibility issues with virtual reality devices with VR consoles pose a great challenge to an otherwise budding industry.
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The Market is segmented on the basis of platform, component and technology verticals. The platform vertical comprises of Mobile, PC and Console. Among these the major revenue-contributor is the mobile gaming segment. Upcoming trends like the integration of VR and augmented reality in mobile games are expected to give high revenue to this segment. By component it is divided into Hardware and Software. Hardware amounts for more than XX% of the total market revenue. With brand like Samsung, Oculus, and Sony stated to launch affordable VR Head Mounted Displays (HMDs) this segment is stated to continue its dominance.
The market was heavily dominated by the US this is owing to the extensive investment in the R&D and presence of several major players in this region. Lately, there has been a tremendous rise in the Asia Pacific region and is expected to grow faster as the technology has gained prominence owing to the launch of innovative VR headsets targeted for the booming VR gaming industry.
Some of the major players in the market include Barco,Google, Microsoft, Facebook, Samsung, Qualcomm Vuforia, METAIO’s SDK, total immersion, Sony CyberGlove Systems LLC, -Oculus VR LLC, Alphabet, Inc., HTC Corporation and Leap Motion
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
The Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of the Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market Dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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