This report provides an analysis of the virtual reality market including an assessment of the VR ecosystem and the role of value chain members, analysis of price metrics, VR devices, apps, and content. The report also provides an assessment of key VR companies and solutions, evaluation of emerging business models, and assessment of VR component market: devices, software, hardware, platforms. The report identifies key VR growth drivers, market challenges, and emerging opportunities with associated forecasts from 2021 through 2026.
This report provides an in-depth assessment of the VR market including the following:
Analysis of VR ecosystem and role of value chain partners
Evaluation of recent VR patent filings and intellectual property
Analysis of current price metrics VR devices, apps, and content
Assessment of key VR companies and solutions with SWOT analysis
Analysis of emerging business models and evolution of VR monetization
Analysis of VR component market: devices, software, hardware, platforms
Analysis of key VR growth drivers, market challenges, and emerging opportunities
Forecasts in Report:
Shipment forecasts in the report include:
Virtual Reality Market Globally, Regionally, and by Major Countries 2021 - 2026
Virtual Reality Consumer, Enterprise, Industrial, and Government Applications 2021 - 2026
Virtual Reality Hardware, Software, and Services 2021 - 2026
Virtual Reality Content and Commerce 2021 - 2026
Select Report Findings:
The global VR market as a whole will exceed $100B by 2026 with CAGR of 51.1%
The United States VR market will reach $23.2B by 2026, driven largely by VR devices
Gesture sensing devices for VR will reach $ 11.4B globally by 2026 with CAGR of 53.3%
Ecosystem participants monetize VR through devices, hardware, software, services, and content
High growth VR business revenue opportunities include VR Pay Per Experience, VR Data and Analytics, and VR Payments
Next-generation VR monetization will be via mixed reality as real-world objects in a virtual world take on a sense of permanency with real objects, appearing to actually exist within the virtual world
Immersive technologies include augmented reality, haptic Internet, and virtual reality. The term "immersive" is used as this category embodies those technologies that facilitate a fully engrossing human experience, often including multiple senses as well as interaction with virtual objects and/or interaction between the real and virtual worlds.
Virtual Reality (VR) aims to create a new form of human-machine interaction allowing people to experience their sense of reality on a 3D computer-generated virtual environment. With VR, people are able to perform a series of actions and manipulation of objects as an integral part of a virtual environment. VR allows someone to fully immerse within a virtual environment through the exploration of their senses and create new patterns of communication and understanding.
Previously encumbered by a combination of technology gaps and consumer readiness issues, the virtual reality market is poised for substantive global growth, providing abundant opportunities for service providers, content developers, and ecosystem component providers. However, the high-growth phase for VR is anticipated to start within approximately two years, which is coincident with substantially lower broadband costs as a whole (wired and wireless connections) as well as greater user acceptance within both the consumer and business market segments.
5G provides substantial bandwidth where needed as well as significantly lower latency for next virtual reality. Previously encumbered by a combination of technology gaps and consumer readiness issues, the global 5G applications market for immersive apps such as VR is poised for considerable growth, providing abundant opportunities for service providers, content developers, and ecosystem component providers.
Coupled with the deployment of gigabit Ethernet fiber, 5G will transform the VR market, leading to a fully immersive experience with haptic capabilities becoming embedded in many applications. We see an important portion of VAS applications being ultra-high definition voice-enabled next-generation apps such as virtual reality.
It is important to note that the virtual reality market and other immersive technologies (such as the mixed reality market) will also be important to many industries for a variety of enterprise purposes including internal operations, managing supply chains, and supporting customers. Important industry verticals include commercial real estate management, automotive, public safety, education, and training. The leading sector is anticipated to be the instruction (education, training, and simulations).
For the consumer virtual reality market, we see entertainment and lifestyle enhancements leading the way with the former including VR enhanced gaming and the latter including a plethora of new apps such as virtual location experiences in which groups of people get together virtually in the cyber-world.
Examples include everything from virtual alumni events to watching your favorite football team play in a virtual stadium with ultra-real sights, sounds, and even feelings and smells of game day. The advancement of AI embedded within the VR market will add to the realism by introducing random events that happen within a given experience.
For enterprise and industrial virtual reality market segments, the publisher sees simulations and training leading the way. We see everything from situational training (such as Verizon using Striver to train its employees how to better deal with robberies) to more traditional expectations such as VR enhanced simulations for flight and vehicle training.
Businesses will also seek to use VR as a means to destress employees by offering them a virtual experience of their everyday work with random events thrown into the mix, both to add interest/amusement as well as to test and train them to see how they might react given a real-world experience such as how to best deal with a senile shoplifter.