NEW YORK, Oct. 27, 2015 /PRNewswire/ -- The virtual reality technology is a three-dimensional artificial environment, where the user can experience and interact with the virtual world. This technology is used in various applications such as gaming, entertainment, and for simulation and training purposes in aerospace, defense, medical, industrial, retail and marketing, and education applications. The market for virtual reality technology was valued at $980.4 million in 2014 and is projected to reach $15,899.1 million by 2020, at a CAGR of 63.18% between and 2020.
The virtual reality technology market is growing considerably due to the technological advancements in virtual reality devices such as HMDs and the increasing demand for virtual reality in the gaming and entertainment applications. The market for HMDs is growing gradually with their increasing use in the gaming application. Many companies such as Oculus VR, Inc. (U.S.), Samsung Electronics Co., Ltd (Korea), Zeiss AG (Germany) are developing HMD devices that are technologically advanced and also cost-effective.
Apart from HMDs, gesture tracking devices, projectors, and display walls are also used in the virtual reality market. These devices are used in various applications for simulation and training purposes. Virtual reality is categorized into two major technologies, namely, semi-immersive and fully immersive. This segmentation is based on the level of the immersion into the virtual environment experienced by the user. The fully-immersive technology offers a complete virtual experience, and is therefore preferred by users. Based on the component of the technology, this market is segmented on the basis of hardware and software components. Hardware components include electronics and semiconductor components, sensors, and displays. Software plays a significant role in the virtual reality market as the quality of the virtual experience depends on the software content.
The virtual reality market is segmented on the basis of geography into North America, Europe, APAC, and RoW (Rest of World). The North American region is an advanced region for this technology, but in the coming years, the APAC region is projected to show high growth. Several companies are operating in this market to provide virtual reality technology, especially HMDs. The virtual reality market is lucrative due to the projected potential growth in the next five years. Therefore, many startups as well as technology giants are interested in investing in this market. Oculus VR, Inc. (U.S.), Samsung Electronics Co. Ltd (Korea), Eon Reality, Inc. (U.S.), Vuzix Corporation (U.S.), Sensics, Inc. (U.S.), Leap Motion, Inc. (U.S.), Sixense Entertainment, Inc. (U.S.), Cyberglove Systems LLC (U.S.), Microsoft Corporation (U.S.), and Barco N.V. (Belgium) are some of the dynamic companies present in the virtual reality market.
This report describes the value chain for the virtual reality technology market by considering the major stakeholders in the market and their subsequent roles. The report also provides a detailed study of the Porter's Five Forces analysis of the market.
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