Advancement of Virtual Reality market

Virtual Reality Market Trends and Forecast 2027
Virtual Reality Market Trends and Forecast 2027

 

Technology in the field of virtual reality is getting innovative, resulting in new virtual reality components.

VR headsets which provide semi immersive technology will be replaced by entirely immersive technology-based products such as suits which allows haptic to full body. Fully Immersive virtual reality is the appearance of an artificial surrounding which replaces users real-world surroundings. Immersive is a significant component of virtual reality applications like VR gaming and VR therapy. Fully immersion provides distinctive features like physical interaction, 3D audio, narrative engagement, and physical feedback. Companies are integrating touch to VR experiences, while the products like sense glove and teslasuit is an effort for providing a fully immersive technology by making use of haptic feedback. The suit uses an electro-tactile haptic feedback system which helps in delivering real experience while playing. The suit is capable of sensing from the whole body whether the soft touch of warm rain, a substantial impact or even the cold.

Key Players

The prominent players in the Virtual reality Market are Microsoft Corporation (U.S.), Sony Corporation (Japan), Google, LLC (U.S.), Qualcomm Technologies, Inc (U.S.), Facebook, Inc (U.S.), Samsung Electronics (South Korea), Vuzix Corporation (U.S.), Sensics, Inc (Columbia), Eon Reality, Inc (U.S.), Avegant Corporation (U.S.), Sixense Entertainment, Inc (U.S.), among others.

Key Findings

  • The global virtual reality market is expected to reach USD 101.2 Billion by 2027.
  • By component, the market was dominated by hardware in 2016. The software component is expected to show the highest growth rate.
  • By device type, the market was dominated by head-mounted displays in 2016. The gesture tracking device is expected to show the highest CAGR.
  • By technology, the market was dominated by fully immersive in 2016 and is also expected to show the highest CAGR.
  • By vertical, the market was dominated by consumer electronics in 2016 and is expected to show the highest CAGR.
  • Geographically, North America was dominating in 2016. The Asia Pacific will show the highest growth rate.
  • Regional and Country Analysis of Global Virtual Reality Market Estimation and Forecast

The global virtual reality market by region was led by North America in 2016 and has occupied a 33.2% market share. The Asia Pacific has successfully counted on the second position in virtual reality market, globally by occupying 31.4% market share. The Asia Pacific among all regions is considered to be the fastest growing region. Europe, on the other hand, shows positive growth in the market and the rest of the world is growing with slow market growth.

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