CHICAGO, Aug. 25, 2020 /PRNewswire/ -- According to the
new market research 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", published by MarketsandMarkets™, the Virtual
Reality Market 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.
Ask for PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=458
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.
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.
Strong presence of VR companies in the US likely to
drive
Presence of companies such as Google (US). Facebook (US),
Microsoft (US), DAQRI (US), and PTC (US) in the region drive the
growth of the VR and AR market. The use of VR technology for
marketing and promotion campaigns would help the VR market grow
faster in the country. The construction sector is among the
fastest-growing sectors in the US. It is likely to witness high
growth with the use of VR technology.
Browse in-depth TOC on "Virtual Reality
Market"
121 – Tables
46 – Figures
196 –
Pages
Inquiry Before Buying:
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=458
VR market for hardware currently leads the virtual
reality
The VR market for hardware currently leads the virtual reality
market space. Companies such as Oculus, Sony, Samsung, HTC, and
Google have been active enough in the VR hardware space, and the
availability of VR hardware from these companies has helped in the
growth of the VR market for hardware. Currently, virtual reality
hardware devices are easily available in the market; however, there
would be an increase in the need for content creation for VR
hardware in the near future. This would, in turn, drive a higher
growth of the virtual reality market for software during the
forecast period. The market for VR software is expected to surpass
the VR market for hardware by 2025.
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.
Related
Reports:
Micro-LED Market by Application (Display (Smartwatch, NTE
Device (AR HMD, VR HMD), Smartphone, Television, HUD, Digital
Signage, Laptop and Monitor, Lighting (General, Automotive),
Display Panel Size, Vertical, and Region - Global Forecast to
2026
Augmented Reality and Virtual Reality Market by Offering
(Hardware & Software), Device Type (HMD, HUD, Handheld Device,
Gesture Tracking), Application (Enterprise, Consumer, Commercial,
Healthcare, Automotive), and Geography - Global Forecast to
2023
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000
high growth niche opportunities/threats which will impact 70% to
80% of worldwide companies' revenues. Currently servicing 7500
customers worldwide including 80% of global Fortune 1000 companies
as clients. Almost 75,000 top officers across eight industries
worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are
tracking global high growth markets following the "Growth
Engagement Model – GEM". The GEM aims at proactive collaboration
with the clients to identify new opportunities, identify most
important customers, write "Attack, avoid and defend" strategies,
identify sources of incremental revenues for both the company and
its competitors. MarketsandMarkets™ now coming up with 1,500
MicroQuadrants (Positioning top players across leaders, emerging
companies, innovators, strategic players) annually in high growth
emerging segments. MarketsandMarkets™ is determined to benefit more
than 10,000 companies this year for their revenue planning and help
them take their innovations/disruptions early to the market by
providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market
research platform, "Knowledge Store" connects over 200,000 markets
and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche
markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com
Research Insight :
https://www.marketsandmarkets.com/ResearchInsight/reality-applications-market.asp
Content Source :
https://www.marketsandmarkets.com/PressReleases/ar-market.asp
Logo:
https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg