PUNE, India, Sept. 12, 2019 /PRNewswire/ -- The advent of virtual reality technology has transformed the way we live, work, and socialize. Both virtual reality and augmented reality possess the potential to transform the world. As people are eager to learn and grow, virtual reality plays a significant role in learning and development. From entertainment to education & training and travel, virtual reality offers a real-time experience to its users at reasonable price. According to a published report by Fortune Business Insights, titled, "Virtual Reality Market: Global Market Analysis, Insights, and Forecast, 2018-2026," the global Virtual Reality Market is anticipated to reach US$ 120.5 Bn by 2026, as against US$ 7.3 Bn in 2018, thereby exhibiting a CAGR of 42.2% during the forecast period. Virtual reality or VR is advancing at a fast pace. Virtual reality is gradually paving its way into the automotive sector. Besides integration of voice assistance, vehicles nowadays come integrated with several advanced featurues to offer improved driver safety. Spurred by these factors, the global virtual reality market share is expected to increase considerably in the near future.
Virtual reality has the ability to stimulate the environment via head-mounted displays, helping a user to interact and explore. Growing technological advancements in virtual reality are likely to generate plenty of VR solutions, allowing real-time experience to customers. This, in turn, is expected to drive the virtual reality market growth in the forthcoming years.
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Other Than Gaming & Media, Virtual Reality to Penetrate into Healthcare, Education, and Other Sectors
The demand for virtual reality applications is increasing in healthcare, gaming & entertainment media, automotive, manufacturing, and other industries. Of these, gaming and entertainment media covers a 40.5% of the global virtual reality market share. The adoption of virtual reality technology is likely to increase in the education and healthcare industry, thus boosting the virtual reality market size. The technology can be used for providing training, monitoring patients, and practicing surgeries. As per research studies, virtual reality is expected to be the future of online learning. For instance, an education technology start-up called 3rdFlix raised around US$ 5 million from Exfinity Vnetures to create a live learning experience. With the rising awareness about virtual reality, the adoption of concept leaning among students is increasing.
As per technology, companies plan to invest in semi-immersive technology than non-immersive with an aim to create a better user experience. Owing to the rising investments and research and development activities, the software segment is expected to be on the rise whereas hardware witnessed a steady rise.
Google and Apple Focusing on R&D to Innovate the Virtual Reality Market in North America
North America covers 40% of the share in the global virtual reality market and is leading the market. US giants such as Facebook, Google, and Apple continue to focus on research and development (R&D) activities for software and hardware to further stimulate the virtual reality market share. The growth in this region is mainly attributable to the increased funding in start-ups, making the market dynamic.
The market in Europe is projected to hold a quarter share in the forecast years. Countries such as France, Germany, and France are the major contributors to the market. Apart from North America and Europe, the market is expected to rise in other regions such as Asia Pacific, Latin America, and the Middle East & Africa.
Over 70% of the Players have their Dominance in North America
The report profiles some of the leading players in the global virtual reality market. These include:
Oculus VR (Facebook)
Dassault Systemes SE
Lenovo Group Ltd.
Magic Leap, Inc.
Of these, companies such as Facebook, Google, Microsoft, HTC, Autodesk, Leap Motion, 3D, Sixense Enterprise, Dassault Systemes, and Eon reality is responsible for the surge in the virtual reality market revenue. Moreover, over 70% of these players have their dominance in North America. Recently Dassault Systemes offered help to the students of the University of Switzerland by making them aware of the latest technologies and industrial process. With the help of virtual reality, the company helped more than 700 engineering students and made them aware of ENOVIA for collaboration, CATIA for multi-disciplinary systems design and documentation, 3DEXCITE for high-end 3D visualization, and DELMIA for manufacturing simulation and robotics. Companies are increasingly investing in virtual reality technology to stay ahead of competition. Some of the recent industry developments are mentioned below:
June 2018: A virtual reality headset called Oculus Go was launched in Canada and UK. It is now available at reasonably affordable prices.
May 2019: Ultrahaptics announced the acquisition of a hand-tracking headset maker called Leap Motion to strengthen its market position
August 2019: Sony Interactive Entertainment patented a virtual reality device combating eye-tracking and other simulation sicknesses.
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