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 market for healthcare estimated to grow at the highest CAGR during the forecast period 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.
VR to captures the major market share in North America in 2019 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: • By Company Type: Tier 1 – 36 %, Tier 2 – 44%, and Tier 3 –20% • By Designation: C-Level Executives – 61%, and Managers– 39% • By Region: North America– 12%, Europe – 35%, APAC – 32% and ROW– 12%
Research Coverage 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.
Key Benefits of Buying This Report • This report includes market statistics pertaining to the offering, technology, application, and device type and region. • An in-depth value chain analysis has been done to provide deep insight into the virtual reality market. • Major market drivers, restraints, challenges, and opportunities have been detailed in this report. • Illustrative segmentation, analyses, and forecasts for the market based on offering, technology, application, device type and region have been conducted to provide an overall view of the virtual reality market. • The report includes an in-depth analysis and ranking of key players.
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Gross Domestic Product
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