Industry Insight
Comprehensive enlightenment is given to the global virtual reality for consumer market 2020 analysis by a far-reaching market report published by Market Research Future (MRFR), addressing growth to be recorded at a CAGR of ~19% during the forecast period (2017-2023). At this pace, the market is set to reach USD ~4 billion by the year 2023, attributing to the growing aspects of the Virtual Reality For Consumer Market that is measured over demand, production volume, and sales revenue and predicts the future timeframe of the market.
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Top Impacting Factors
Swell in penetration of smartphones and connected devices in various application sectors and development of the gaming industry mainly boosts the augmented and virtual reality market growth, as per findings by MRFR conclude. It has been seen that Virtual Reality technology has gained importance in the past years owing to the expansion of innovative VR headsets that have targeted the gaming community primarily. Owing to this, the global VR market will be showing positive attributed to expanding exponentially over the forecast period.
Virtual reality technology and associated devices have shown its abilities that incorporated in broad application areas of consumer electronics, commercial, aerospace & defense, medical field, and industrial. With this, the technology has also undergone constant Research & Development to develop low-cost, wearable solutions for the mass market globally. These factors have helped the Virtual Reality For Consumer Market in gaining higher valuation over the years and will continue to expand in the coming years, finds MRFR in its study.
Furthermore, Consumer virtual reality industry devices are available for consumers through websites and outlets of manufactures over e-commerce websites and retailers. The current end-use consumption is higher, which is mostly constituted by the gaming community and technology enthusiasts. Marketing and retail also refer to be promising growth sectors, particularly for wearable devices in promotion and advertisement, as well as in new product launches. These factors have made the market more and more valuable than previous years and would expand in the assessment period.
Virtual Reality for Consumer Market - Segmentation
The Consumer virtual reality industry is further segmented among the segments of technology, component, stimulations, and deployment application.
Among the components segment, the market has included hardware (head-mounted displays, VR accessories), software, and solutions. Further, the technology segmented has also included 3D depth sensors, 3D audio, adaptive streaming, computer vision, 4K, and 8K video, and others.
Among the stimulations segment, the market has included hand tracking, gesture control, positional tracking, optical tracking, and others.
Key Players:
Some of the prominent players in the global Consumer virtual reality industry: Alibaba Group Holding Limited (China), AltspaceVR (U.S.), Amazon.com, Inc. (U.S.), Binary VR Inc. (U.S.), Bitmovin (Austria), Facebook, Inc. (U.S.), Google LLC (U.S.), HTC Corporation (Taiwan), Leap Motion, Inc. (U.S.), Microsoft Corporation (U.S), nDreams, Ltd. (U.S.), NextVR, Inc. (U.S.), Nvidia Corporation (U.S.), Pixvana, Inc. (U.S.), and Sony Corporation (Japan) among others.
Virtual Reality for Consumer Market - Regional Analysis
The global market of Consumer virtual reality industry is spanned across regions such as Asia Pacific, North America, Europe, and the rest of the world.
Among these regions, North America is one of the leading regions across the world in terms of market share. The virtual reality for the consumer market in this region has vast demand as virtual reality technology is widely used in providing virtual reality for various consumer solutions. The North American regional market would also lead the industry in terms of revenue in the coming years. Such growth is endorsed to the escalating early adoption of VR technology innovations in dynamic application areas throughout the region.
The Consumer virtual reality industry in the European region is likely to observe rapid growth in the impending period. In contrast, Asia Pacific countries such as China, Japan, and India are emerging markets for virtual reality for the consumer market that is expected to be the highest CAGR in the coming years.
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