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 Added to Report Store by GlobalData Plc. The virtual reality market size is estimated to be worth $6.9 billion in 2021, according to the report. Factors including the development of emerging technologies such as metaverse, AI, 5G and the future of work along with the growth of immersive virtual events will drive the growth of the VR market. These factors are expected to drive the virtual reality market to gain exponential growth momentum at a CAGR of 25.1% over the period 2021-2030.
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The spread of the gaming and entertainment sector along with the growing momentum among the organizations towards online learning and training are also some other compelling factors that are attributed to the growth of the virtual reality market. However, challenges such as high manufacturing costs and limited application ecosystem may hinder market growth. Moreover, the technological limitations of virtual reality devices and consumer electronics may create further barriers to the market.
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It highlights the virtual reality market segment
by the end user
- consumer: Consumer VR accounted for a higher VR market share in 2021 than enterprise VR. This can primarily be attributed to the dominance of the gaming and entertainment segment in the overall VR market and the low adoption of VR-based products and solutions at the enterprise level.
By product type
- Software/Games: By infrastructure type, the software segment captured a higher market share in the virtual reality market in 2021 than the hardware segment. The growth of this segment can be attributed to the virtual reality software’s ability to generate appropriate feedback, analyze incoming data, and manage input/output devices. The software segment features training, simulations, virtual tools, applications, game development, gamification, learning experience platforms, and micro-reality. Increasing investments from key players in the market to offer advanced VR software solutions is helping in the growth of the VR software market.
- Hardware / Virtual Reality Headsets:
- North Amarica: North America accounted for the largest share of the total VR market in 2021, followed by Europe and Asia Pacific. The growth of the enterprise VR market in North America can be attributed to the use of augmented reality and virtual reality becoming popular in driving simulators. The growing demand for HMD in the gaming and entertainment industry is expected to be a major driver of the virtual reality market in North America.
- Asia Pacific:
- Middle East and Africa
- South and Central America
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Virtual reality market landscape vendors
The continuous trend of technology leaders launching commercial products to market has stimulated startups to collaborate to integrate and engage virtual reality technologies. Major virtual reality companies are lagging behind in mergers and acquisitions as well as collaborating with emerging technology companies to gain a competitive advantage in the market. Moreover, major players are making significant investments in research and development to include cutting-edge technologies with a variety of features in their products.
Microsoft’s Xbox Series X & Series S and Sony PlayStation 5 are likely to provide new opportunities for VR companies to cement their position in the consumer VR arena. Many companies have realized the potential of the enterprise sector in the virtual reality market and entered the lucrative market.
The best players in the virtual reality market
- Meta Platforms Inc.: The company, through its vision of virtual reality, the metaverse, is focused 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 communication platforms with Meta Horizon Workrooms, a VR meeting software that will allow companies to connect and collaborate in a virtual reality space using headsets.
- GoerTek: GoerTek products find applications in smartphones and tablets, laptops, speakers, unmanned aerial vehicles, cameras, LED stamping, robotics, gaming accessories, and more. The company has partnered with Sony, a conglomerate company, to mass-produce PlayStation VR 2 (PSVR 2).
- Google LLC: Google focuses on business areas such as advertising, search, platforms and operating systems, enterprise products, and hardware. In May 2022, Google acquired Raxium, a company specializing in single-panel MicroLED display technologies for wearable devices and AR/VR headsets.
Some of the other companies covered in this report are:
- Samsung Electronics Co., Ltd.
- NVIDIA Corporation
- Microsoft Corporation
- Spectra7 Microsystems Inc.
- Unity Technologies Inc.
- HTC Corporation.
- Sunny Optical Technology Co., Ltd
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