Market Research Report
Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware & Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, & Others) & Geography-Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||955754|
|Published||Content info||191 Pages
Delivery time: 1-2 business days
|Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware & Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, & Others) & Geography-Global Forecast to 2025|
|Published: August 25, 2020||Content info: 191 Pages||
Virtual Reality Market with COVID-19 Impact Analysis
Fby Offering (Hardware and Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise, Healthcare) and Geography - Global Forecast to 2025.
The virtual reality market was valued at USD 6.1 billion in 2020 and is expected to reach USD 20.9 billion by 2025, at a CAGR of 27.9% from 2020 to 2025. Factors such as penetration of HMDs in the gaming and entertainment sector post COVID-19, advancement of technology and growing digitization are driving the growth of the market during the forecast period.
Modern devices are compact, portable, and convenient to use. They are used to represent graphical and pictorial information. These devices are required to be compact and simple with high-resolution displays. The demand for HMDs, HUDs, and VR projectors is increasing significantly in several industries, including consumer electronics, aerospace & defense, medical, and automotive.
VR HMDs are gaining popularity in consumer applications for gaming and viewing entertaining content; however, the majority of VR HMDs use direct-view OELD displays with the panel size ranging from 2 to 6 inches. Considering the popularity and demand for VR HMDs, the key display manufacturers are developing a better display for VR HMDs, for instance, Kopin has developed a micro display, especially for VR HMDs. The large, cost-effective OLED micro display (LOMID) project has led to the development of CMOS/OLED micro displays for use in VR HMDs. Micro displays can emerge as mainstream display modules for VR HMDs owing to the limitation of direct-view displays. Considering the aforementioned developments in improving VR display, the demand for VR HMDs is anticipated to surge among technocrats, which will drive the growth of the global VR market.
The COVID-19 pandemic is anticipated to positively impact the demand for VR/AR HMDs in the healthcare sector, owing to which the VR HMD for healthcare application is expected to showcase a high CAGR. Many market players are receiving orders for VR HMDs. For instance, in May 2020, Vuzix Corporation has received a restoration order for M400 Smart Glasses from a provider of invaluable solutions, Gemvision, for service, maintenance, and healthcare professionals. The objective of the replenishment order is to support Gemvision's efforts to meet COVID-19 remote healthcare needs in the Netherlands.
North America led the VR market in terms of market size in 2019, and APAC is expected to lead the market by 2025. Increasing R&D in APAC and growing acceptance of newer technologies in the region are the drivers for the market. The availability of affordable HMDs in APAC would be an added advantage, which will later drive the growth of the market in the region.
The breakup of primaries conducted during the study is depicted below:
The report segments the virtual reality market and forecasts its size, by volume and value, based on region (North America, Europe, Asia Pacific, and RoW), Offering, Technology, Application, and Device Type.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the virtual reality market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View, and COVID-19 Updates)**
* Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View, and COVID-19 Updates might not be captured in case of unlisted companies.