Pune, May 15, 2020 (GLOBE NEWSWIRE) -- The global VR market is anticipated to gain momentum from its rising applications in a wide range of industries, such as aerospace and defense, manufacturing, automotive, education, and healthcare. It aids learners in experiencing certain situations in the virtual world that they are probably going to experience at work. Fortune Business Insights™ provides this information in a published report, titled, “Virtual Reality Market Size, Share & Industry Analysis, By Offering (Hardware, Software), By Technology (Nonimmersive, Semi-Immersive), By Industry Vertical (Gaming & Entertainment Media, Healthcare, Education, Automotive, Aerospace & Defense, Manufacturing), By Application (Training & Simulation, Educational, Attraction, Research & Development) and Regional Forecast, 2019 – 2026.” The report further mentions that the virtual reality market size was USD 7.3 billion in 2018. It is projected to reach USD 120.5 billion by 2026, thereby exhibiting a CAGR of 42.2% during the forecast period.
This Report Answers the Following Questions:
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Drivers & Restraints-
Rising Usage of VR in Training Programs to Propel Growth
The usage of virtual reality is high in simulation and study training programs. Almost every industry consists of training sessions for its users and staffs. By equipping these sessions with the latest technologies, training can be conducted safely and appropriately. Industries, such as manufacturing and oil and gas plants are very risky venues for newcomers and beginners. Hence, VR can be easily used in such cases to help the person in getting accustomed with the setups properly. Apart from that, several investors are showing keen interest in the field of VR. They are likely to conduct research and development activities to innovate the technology. These factors are set to boost the virtual reality market growth in the coming years.
Segment-
Healthcare Segment to Grow Rapidly Owing to Need for Practicing Surgeries
Based on industry verticals, the market is categorized into manufacturing, aerospace & defense, automotive, education, healthcare, gaming & entertainment media, and others. Out of these, the gaming & entertainment media held 40.5% virtual reality market share in 2018. The healthcare segment is expected to showcase rapid growth in the near future backed by the increasing demand for VR for practicing surgeries, training, and monitoring patients.
Regional Analysis-
North America to Remain at the Forefront Stoked by Presence of IT Giants in the U.S.
Geographically, the market is fragmented into the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. Out of these, North America generated USD 3.0 billion revenue in 2018 and is set to remain in the dominant position throughout the forthcoming years. This growth is attributable to the presence of several renowned IT companies, such as Facebook, Apple, and Google in the Silicon Valley, U.S. These companies are aiming to innovate VR by developing hardware and software solutions. Asia Pacific, on the other hand, is likely to grow at a fast pace backed by the rising usage of VR in countries, such as South Korea, Japan, and China. Coupled with this, the presence of major companies, namely, Samsung, Sony, and HTC would aid in driving growth in this region.
Competitive Landscape-
Key Companies Aim to Intensify Competition by Developing New Technologies
Out of all the companies operating in the market, more than 70% of them are leading in North America. These companies are investing hefty amounts of money in developing state-of-the-art technologies. Some of them are also grabbing the opportunity of the current outbreak of the Covid-19 pandemic worldwide. They are doing so by launching VR stores to aid people in fulfilling their experience of visiting an actual mall. Below are a couple of the latest key industry developments:
Fortune Business Insights™ lists out the names of some of the providers of virtual reality. They are as follows:
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Detailed Table of Content
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Have a Look at Related Research Insights:
Virtual Reality (VR) in Healthcare Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Content), By Application (Pain Management, Education and Training, Surgery, Patient Care Management, Rehabilitation and Therapy Procedures and Post-Traumatic Stress Disorder (PTSD)), and Regional Forecast, 2019-2026
Virtual Reality in Aerospace and Defense Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Content), By Application (Training, Maintenance Assistance, Design and Manufacturing, Passengers Entertainment), and Regional Forecast, 2019-2026
Virtual Reality in Automotive Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content), By Application (Designing and Prototyping, Training, Virtual Reality Showrooms, and Research and Development), and Regional Forecast, 2019-2026
Virtual Reality in Education Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content), By Application (K-12, Higher Education, and Vocational Training), and Regional Forecast, 2019-2026
Virtual Reality in Gaming and Entertainment Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Content), By Device (Mobile, Console/PC, and Standalone), and Regional Forecast, 2019-2026
Virtual Reality in Manufacturing Industry Share, Trends & Industry Analysis, By Component (Hardware, Software, Content), By Application (Product Design and Development, Safety and Training, Maintenance and Repair, and Communication & Collaboration), and Regional Forecast, 2019-2026
Augmented Reality Market Size, Share & Industry Analysis, By Component (Product, Software, Maintenance & Support Services), By Device Type (Handheld Devices, Stationary AR Systems, Head-mounted Displays (HMDs), Smart Glasses, and Others), By Industry (Gaming, Media and Entertainment, Education, Healthcare and Medical Devices, Retail, Logistics, Manufacturing and Engineering, and Others) and Regional Forecast, 2019-2026
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