CHICAGO, July 5, 2019 /PRNewswire/ -- According to the new market research report "Virtual Reality Market by Offering (Hardware and Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% during the forecast period. Factors such as penetration of HMDs in gaming and entertainment sector, huge investments in VR market, advancement of technology and growing digitization, and availability of affordable VR devices will propel the virtual reality market during the forecast period.
Semi-and fully immersive technologies to dominate virtual reality market during forecast period
Immersion is the state of being involved in some activity or an environment. With the help of semi-immersive VR technology, a user can experience the virtual world through various control devices such as HMDs and handheld devices. Semi-immersive technology provides a greater feeling of being involved in the virtual environment by using several projection systems or a large monitor, both of which provide a wide field of view for the user. The fully immersive technology-based VR devices enable users to feel the virtual environment in a realistic way. Head-mounted displays (HMD) or virtual reality goggles offer a fully immersive virtual reality environment. In this technology, the virtual environment responds to the user's actions. A user, once equipped with HMDs and other headsets, is virtually isolated and is unable to respond to any activities or actions in the real environment.
Virtual reality market for software to witness higher CAGR during forecast period
The VR market for software includes apps, platforms, and content providers in the VR space. The use of VR platforms for a variety of applications has been evident with the steady growth of the VR market for software. The software section includes the software market for VR with respect to different applications. There would be an increase in the need for content creation for VR hardware in the near future. This would, in turn, drive a higher growth of the virtual reality market for software during the forecast period.
Virtual reality market for gesture-tracking devices to witness highest CAGR during forecast period
Gesture-tracking devices are used as input devices for VR systems. These tracking devices track the user's movements and enable the user to interact with the virtual environment. Gesture-tracking devices include data gloves, treadmills, and controllers to facilitate gesture and action tracking in VR applications. The gesture-tracking devices might be helpful for surgeons during surgery. During a surgical intervention, the surgeon needs to control surgical devices such as X-ray, drill, and endoscope; a contact-free, gesture-based controller can be used by the surgeon, which, in turn, would help in touchless approach.
Virtual reality market for consumer applications to dominate the market from 2018 to 2025
Virtual reality technology is used mainly for consumer applications such as gaming and entertainment. Virtual reality is used in various gaming types such as PC gaming, gaming consoles (PlayStation, Xbox, and others), Internet games, smartphones, and tablets. Samsung Gear VR, Oculus Rift, PlayStation VR, and HTC Vive are the popular HMDs that are used in various consumer applications. The use of virtual reality is also found in movies, virtual tours, virtual museums, and many others. The demand for head-mounted displays is high in consumer applications because of their use in gaming and sports & entertainment.
North America to dominate the virtual reality market during the forecast period
North America led in 2017 in terms of market size and revenue generated from virtual reality applications. The VR market is estimated to grow considerably in the subsequent years in this region. The use of VR in various applications, especially in consumer electronics, is helping the growth of the VR market. Applications such as aerospace & defense, healthcare, consumer, and commercial are utilizing VR technologies for further advancements. The US has many global players featuring VR products and solutions. This helps North America stand out as the major region in the global VR market. North America is also leading in private equity investments. More than 95% of the total investments in the VR market have been in North America. Magic Leap (US) has been the leading gainer in this market attracting large investments from enterprise companies such as Google (US) and Alibaba Group (China). The increased use of VR for applications such as tourism and ecommerce, as well as for training purposes, has helped drive the VR market in the region.
Some of the major players in the virtual reality market are Sony (Japan), Samsung Electronics (South Korea), Google (US), Microsoft (US), HTC (Taiwan), Oculus (US), Eon Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US), Sensics (US), and Sixense Entertainment (US).
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