Market Research Report
Virtual Reality Market 2021-2027
|Virtual Reality Market 2021-2027|
Published: July 14, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Full-title:Global VR Market Research By Components (Hardware and Software), By Systems (Non-immersive VR, Semi-immersive VR, and Fully immersive VR), By Application (Entertainment, Gaming, Tourism, Automotive, Training and education, Defense, and Healthcare), By Device (Head-Mounted Display, Gesture-Tracking Device, and Projectors & Display Wall ) Forecast, 2021-2027.
The global virtual reality (VR) market is growing at a significant CAGR of around 18.0% during the forecast period. The market is mainly driven due to various factors including rising demand for VR in various industries such as consumer electronics, gaming, increasing demand for interactive video platforms in the retail sector, rising penetration of smartphones and other smart devices.
The COVID-19 pandemic has a positive impact on the global VR market since December 2019. The pandemic has increased the digital transformation of companies, The industries are focusing more on the digital platform to interact with their customers. As well Persons working from home are more consistent on digital sources. The e-commerce market is growing faster in this pandemic and virtual reality can be taken benefit of by creating an artificial vision of the clothes that people like, also superimpose the image of furniture on the place it needs to be placed, the growing adoption of virtual events is driving the growth of the market in COVID-19 pandemic.
The is global VR market segmented based on components, system, application, device, based on components, global VR market is segmented into hardware and software. Based on system, the global VR market is segmented into non-immersive VR, semi-immersive VR, fully immersive VR. Based on the application, the global VR market is segmented into entertainment, gaming, tourism, automotive, training, and education, defense, healthcare. Based on the device, the global VR market is segmented into the head-mounted display (HMD), gesture-tracking device (GTD), projectors & display wall (PDW).
The global VR market is analyzed based on the geographical regions that are contributing considerably towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held the largest share in the VR market. The factors that drive the market in the region included rising research activities in the field of VR, and the presence of key market players in the region such as Apple, Inc., Google LLC, Microsoft Corp. Invention by the US government by deploying virtual training sessions on public health veterinary, and speedy internet penetration and advancement in immersive technology. Moreover, South America is projected to witness steady growth due to rapid internet penetration and developments in immersive technology.
The market study of the global VR market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.