Research Nester published a report titled “Virtual Reality Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global virtual reality market in terms of market segmentation by device, application, component, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global virtual reality market is segmented by device, application and component. Based on device, the head mounted display (HMD) segment is anticipated to hold the largest market share over the forecast period i.e., 2022 – 2030, owing to the growing use of VR in consumer and enterprise applications, and adoption of innovative head mounted devices globally. Moreover, on the basis of component, the hardware segment is projected to grab the largest market share ascribing to the increasing usage of VR headsets in theme parks and commercial applications.
The market is anticipated to grow with a CAGR of ~46% during the forecast period on the back of growing use of head mounted displays in media in gaming industry, rising affordability of VR devices and increase in investments by technology vendors for developing VR applications. Apart from these, surging penetration of smart phones and widespread installation of 5G network, are also estimated to drive market growth in the coming years.
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Geographically, the virtual reality market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America region is anticipated to hold the largest market during the forecast period attributing to the strong presence of startups focused on developing VR technologies. Additionally, Asia Pacific is expected to witness noteworthy growth in the market during the forecast period on account of the rise in launch of affordable VR devices by local companies in China and India.
Rising Usage of Head Mounted Devices in Gaming & Entertainment Sector to Expand Market
The gaming industry has witnessed a boom since the emergence of virtual reality and 3D technology. The usage of head mounted displays assists in acquiring a completely immersive experience for the users which helps taking gaming to the next level, which in turn is projected to drive growth to the market in the forthcoming years.
However, cost limitations and reduced face-to-face communications in VR are expected to operate as key restraint to the growth of the virtual reality market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global virtual reality market which includes company profiling of Facebook Technologies, LLC, Sony Corporation, Samsung Electronics Co. Ltd., Lenovo Group Ltd, Google LLC, Microsoft Corporation, Sensics, Inc., Ultraleap Ltd., CyberGlove Systems, Inc., HTC Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the virtual reality market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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