Virtual Reality Market Worldwide Analysis on Revenue, Segmentation and Key Players

Northbrook, USA, 2021-Oct-01 — /EPR Network/ —

The report “Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware and Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise, Healthcare) and Geography – Global Forecast to 2025″, size is projected to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2025; it is expected to grow at a CAGR of 27.9% from 2020 to 2025. Increase in demand for hardware devices is the major reason for the growth of the VR market. The VR content creation market is expected to witness a surge in its growth to bring in the inflow of the content to fulfill the requirements of different applications using virtual reality HMDs. This will be a massive boost to the high growth of the virtual reality market as a whole. The increased need for content in the virtual reality market will also pave the path for many content creation start-ups. The use of virtual reality for commercial purposes to attract customers has been on the rise with business owners using virtual reality headsets to build their sales.

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COVID-19 has adversely impacted the supply chain of the VR market

The growth rate of the VR market is likely to witness a significant drop in the first two quarters of 2020, due to the widespread of the coronavirus. It is expected that COVID-19 will adversely impact the supply chain of the VR market as most of the players are based in APAC, which is among the most affected region. Also, in light of the current situation, major VR players are focusing on education, healthcare, and enterprise applications of VR to reduce the loss and recover at a rapid pace.

Head-mounted displays held largest share of virtual reality market in 2020

Head-Mounted displays constituted major share of the market as of 2020. The other 2 devices include gesture-tracking devices, and projectors and display walls. The virtual reality games use HMDs to help users play in a simulated environment. The gaming industry is one of the most lucrative industries in this market in the consumer application. The HMD market is expected to witness huge growth in the next 5–6 years owing to the demand for virtual reality video gaming. The use of HMDs and virtual reality by many consumers and technology giants would help drive the growth of the market.

Consumer application to lead virtual reality market from 2020 to 2025

In the market, the consumer sector, which includes gaming and entertainment applications, held the largest share because of the high penetration of this sector in the gaming industry. The immersive technology provided with the use of VR in gaming and entertainment takes a user into a whole new virtual world. Consumer applications would lead the market during the forecast period.

North America to hold the largest market share in 2019

North America held the major market share in the VR market in 2019. North America would have a slightly lower growth rate than APAC during the forecast period. The adoption rate of AR devices is likely to be high in APAC during the forecast period. The enterprise application in North America would witness a high growth due to the high adoption of new technologies by enterprises. The VR market in North America would witness high growth owing to the use of VR in gaming and entertainment, sports, and enterprise applications. For example, US athletes use VR technology to prepare for the Winter Olympics. The US Ski and Snowboard have been working with a VR training start-up based in California, Strivr. The national governing body uses Strivr’s platform to train their athletes for World Cup competitions and the Olympics.

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Sony (Japan), Samsung Electronics (South Korea), Google (US), Microsoft (US), HTC (Taiwan), Oculus (US), Eon Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US), Sixense Enterprises (US), Nintendo (Japan), Psious (Spain), Mindmaze (Switzerland), WorldViz (US), Firsthand Technology (US), Virtuix (US), Survios (US), Merge Labs (US), SpaceVR (US), and Virtually Live (Switzerland) are the key players in the virtual reality market.

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