The latest market analysis report titled Virtual Reality Market Size, Share and Trends Analysis Report by End-User Type, Product Type, and Region, 2021-2030 has been added to the report store by GlobalData Plc. The virtual reality market size was estimated to be worth USD 6.9 billion in 2021, as per the report. Factors including the evolution of emerging technologies such as metaverse, AI, 5G, and the Future of Work coupled with the growth of immersive virtual events will propel the virtual reality market growth. These factors are anticipated to lead the virtual reality market to garner an accelerating growth momentum at a CAGR of 25.1% during 2021-2030.
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The proliferation of the gaming and entertainment sector coupled with the rising impetus among organizations toward online learning and training is also some other compelling factors attributing to the virtual reality market growth. However, challenges such as high manufacturing costs and a limited application ecosystem might hinder market growth. Furthermore, technological limitations of VR devices and consumer electronics might further create a hindrance to the market.
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Virtual Reality Market Segment Highlights
- Consumer: The consumer VR accounted for a higher VR market share in 2021 compared to enterprise VR. This can be primarily attributed to the domination of the gaming & entertainment segment in the overall VR market and the low adoption of VR-driven products and solutions at the enterprise level.
By Product Type
- Software/Games: By infrastructure type, the software segment accounted for a higher VR market share in 2021 compared to the hardware segment. The growth of this segment can be attributed to the capability of the VR software to generate proper feedback, analyze incoming data, and manage input/output devices. The software segment features training, simulation, virtual tools, applications, game development, gamification, learning experience platforms, and segment reality. Increasing investments from key players in the market for introducing advanced VR software solutions is aiding the VR software market growth.
- Hardware/VR headsets:
- North America: North America accounted for the largest share of the overall VR market in 2021, followed by Europe and Asia-Pacific. The North America enterprise VR market’s growth can be attributed to the use of augmented reality and virtual reality became popular in driving simulators. The growing demand for HMD in the gaming and entertainment industry is expected to act as a major driver for the North American virtual reality market.
- Asia Pacific:
- Middle East & Africa
- South & Central America
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Virtual Reality Market Vendor Landscape
The ongoing trend of technology leaders launching commercial products into the market has motivated start-ups to collaborate to integrate and engage VR technologies. Major VR companies are trailing mergers and acquisitions as well as collaborations with technology start-ups to gain a competitive advantage in the market. Moreover, key players are making significant investments in R&D to include cutting-edge technologies with a variety of features in their products.
Microsoft’s Xbox Series X & Series S and Sony’s PlayStation 5 are likely to provide VR firms with new opportunities to strengthen their position in the consumer VR arena. Many companies have realized the potential of the enterprise sector in the VR market and have forayed into the lucrative market.
Top Virtual Reality Market Players
- Meta Platforms Inc.: The company, through its virtual-reality vision, the metaverse, focuses on developing a virtual environment that allows people to interact and connect with technology. In October 2022, Meta announced a partnership with Microsoft and Zoom to integrate the communication platforms with Meta Horizon Workrooms, the VR meeting software that would allow businesses to connect and collaborate in VR space using headsets.
- GoerTek Inc.: GoerTek’s products find applications in smartphones and tablets, notebooks, sound bars, unmanned aerial vehicles, cameras, LED sealing, robotics, gaming accessories, and others. The company partnered with Sony, a conglomerate corporation to mass produce PlayStation VR 2 (PSVR 2).
- Google LLC: Google focuses on business areas such as advertising, search, platforms and operating systems, and enterprise and hardware products. In May 2022, Google acquired Raxium, a company that specializes in single-panel MicroLED display technologies from wearables and AR/VR headsets.
Some other companies covered in this report are:
- Samsung Electronics Co Ltd.
- NVIDIA Corp
- Microsoft Corp
- Spectra7 Microsystems Inc.
- Unity Technologies Inc.
- HTC Corp.
- Sunny Optical Technology Co Ltd.
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