Kenneth Research, in its repository of market research reports, have recently added a report on the Global 5G in VR Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
Kenneth Research, in its repository of market research reports, have recently added a report on the — which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
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/Energy industries, creating a huge demand for products.
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Moreover, 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.
Global 5G in VR Market is valued approximately USD XXX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2020-2027. Virtual reality is a 3D environment created by the computer which entirely immerses end-users in an artificial world exclusive of the real-world. The VR can be applied in multiple end use industries namely, science, advertising, medicine, entertainment and more. the VR is majorly used in Gaming and enhancing customer experience in entertainment industry.But all the use of VR necessitates a logistical compilation and an exponential increase in data usage. Thus, requiring high speed and volumes of data for an optimum VR experience which can be provided through 5G network connection. The 5G network has the essential bandwidth, low latency and high speed enabling a seamless VR experience. The massive adoption of VR in end-use industries such as retail and e-commerce drives the market. Further, the demand for high speed connectivity and augmented proliferation of connected devices and mobiles across the globe fuels the market growth. Connected devices with a poor connection endure high patency and low data rates which is solved by the 5G networks.
As per Forbes, the addition of 5G brings about 10 times decrease in latency rates and also improves data rates. Thus, the growing use of VR through simple devices as smartphones and connected devices drives the market growth. As in June 2020, Verizon Media launched a new extended reality toolset under the name Verizon Media Inmersive for creating augmented mixed, virtual reality advertising and branded content with a focus on next generation 5G experiences. While launch of the tech-enabled smartphones which can support VR supports the market growth. For Instance: HTC VIVE and Qualcomm technologies announced their collaboration to develop Vive’s WAVE development platform. This will enable businessmen and carriers to use use this technology to offer VR facility. However, difficultly in maintenance and high cost of virtual reality devices impedes the growth of the market over the forecast period of 2022-2031.
The regional analysis of global 5G in VR market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early introduction and adoption of technology in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2022-2031. Factors such as rising disposable income, rising population would create lucrative growth prospects for the 5G in VR market across Asia-Pacific region.
Major market player included in this report are:
Facebook
Huawei Technologies
Qualcomm Inc.
ZTE Corporation
Samsung Electronics
Google
SK Telecom
LG Corporation
Microsoft Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Component:
Software
Services
Hardware
By Application:
Consumer level
Enterprise level
Industrial level
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
Target Audience of the Global 5G in VR Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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