The Global Market for Virtual Reality (VR) is Forecast to Reach US$41.2 Billion by 2024
Virtual Reality Emerges as
the Stairway to Digital Immersion in Industrial, Enterprise & Commercial
Sectors, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Virtual Reality (VR) market. The global market for Virtual Reality (VR) is forecast
to reach US$41.2 billion by 2024,
driven by blossoming new applications of deep media” digital immersion in
industrial, enterprise and commercial sectors.
Ever since the development of multimedia
technologies such as computers and the Internet, there has been increased
interest in creating a more realistic experience of the virtual world. The
world is approaching an era where digital participation is deemed more
important than just watching. This new concept of “deep media” immersion is
throwing the spotlight on virtual reality (VR). Immersion is defined as a state
of emotional, sensory, cognitive and physical involvement in the digital
environment. With the promise of turning “science fiction into reality”,
investments in virtual reality are beginning to regain momentum alongside the
other popular technologies such as blockchain, artificial intelligence (AI) and
machine learning. Forecasted is a lightning rod of activity among VR start-ups
and future growth and commercialization potential will move from consumer
electronics and entertainment towards industrial, commercial, enterprise, and
healthcare service applications. While investments in VR entertainment
continues to grow albeit at a decelerating pace, investments in enterprise
grade applications are witnessing robust gains. Tools and platforms for VR are
also witnessing encouraging growth with infrastructure for tethered and standalone head-mounted displays leading the race.
Enterprise VR
with its promise of bringing in productivity enhancements and benefits will
rise to power growth in the market. In short, the problem solving ability of VR
will be the key reason for the optimistic expectations of higher ROI on VR
investments. The time is now ripe for VR
to emerge from its hitherto confining role of being just a form of interactive
entertainment towards being a productivity and efficiency enhancer with more
important uses in military, education & training, sports, healthcare,
marketing/retailing, among others. Real world benefits offered by VR include
improved and more effective communication and collaboration for businesses way
superior to traditional conferencing solutions; ability to provide practical
experience of real-life scenario via VR simulation in education and training;
ability to showcase products in a manner much superior to conventional digital
marketing platforms; ability to design and simulate production-line processes,
prototyping and design in manufacturing; enabling telepresence and the ability
to carry out business processes similar to the physical world ranging from
customer services to marketing, finance, HR and production in a virtual
environment; new possibilities in designing next generation automotive safety
and electronic designs; among numerous other benefits. A part of the optimism
surrounding VR’s potential as a disruptive potential laden technology is the
successful commercialization of solutions beyond 360-degree video to true VR
and development of all-in-one, standalone devices, such as the Oculus Go
and HTC Vive Focus.
As stated by the new market research
report on Virtual Reality (VR) the United States represents the largest market worldwide, followed by
Europe. Asia-Pacific is forecast to emerge as the fastest growing market with a
CAGR of 60.2% over the analysis period led by factors such as emerging VR
start-ups in emerging southeast Asian economies; digitalizing lifestyles of the
growing base of affluent middle class population and the successful development
and launch of VR gaming arcades in the region; robust enterprise and industrial
investments in disruptive technologies and a parallel opening up of application
opportunities for VR in these sectors.
Major players in the market include VR
Hardware Manufacturers and VR Software Developers (Includes Software Tools for
VR Content, VR Video Capture, and VR App Developers). VR Hardware Manufacturers
include Barco N.V, EON Reality Inc., Google Inc., HTC Corporation, Immersive
Robotics, Intel Corporation, Kopin Corporation, Inc., Leap Motion, Inc., Lenovo
(China), MindMaze Holding SA, Oculus VR, LLC, Pimax Technology (Shanghai) Co.,
LTD, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., Sensics, Inc.,
Sixense Enterprises Inc., Sony Interactive Entertainment, StarVR Corporation,
Varjo Technologies, Virtalis Limited, VirtaMed AG, VRgineers, Inc. and WorldViz
among others. VR Software Developers
(Includes Software Tools for VR Content, VR Video Capture, and VR App
Developers) includes Advanced Micro Devices, Inc., AppReal-VR , Cubicle Ninjas,
Crytek GmbH, Epic Games, Inc., Erminesoft, Firsthand Technology Inc., Hyperlink
Infosystem, Jaunt, Inc., NVIDIA Corporation, Pixvana, Inc., Unigine Corp., and Unity
Technologies, Inc. among others.
The
research report titled “Virtual
Reality (VR): A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the USA, Canada, Japan,
Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, and Rest
of World. The report also provides market estimates and projections for all
major end-use markets such as Consumer Electronics, Industrial, Aerospace and
Others (including Medical, and Commercial, among others).
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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