VR Market to Touch $120.5 Billion by 2026: Report From Fortune Business Insights™
The global virtual reality market size is projected to reach USD 120.5 billion by 2026, exhibiting a CAGR of 42.2% during the forecast period. Explosion of the COVID-19 pandemic is set to open up several growth avenues for the market, suggests Fortune Business Insights™ in its 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 coronavirus pandemic has forced people to work from home and follow strict social distancing norms. Virtual reality (VR) is one technology that playing a critical role in supporting businesses to perform their operations as smoothly as possible. For instance, in March 2020, HTC, the Taiwanese VR headset maker, organized its ‘VIVE Ecosystem Conference’ fully powered by virtual reality technology. The event saw participation from interested parties across 55 countries. Apple, to take another example, acquired VR content producer NextVR in May 2020 to capitalize on the current situation created by the COVID-19 crisis and bring its streaming shows closer to consumers. The growth of this market, therefore, is set to be augmented as the coronavirus continues its global rampage.
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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.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.According to the market report, the value of the market was at USD 7.3 billion in 2018. It also offers the following:
- 360-degree analysis of the market drivers, trends, opportunities, and restraints;
- Comprehensive study of all segments of the market;
- Detailed research into the regional dynamics influencing the market; and
- In-depth profiling of market players and thorough examination of their strategies.
Wide Potential of VR in Healthcare to Accelerate Market Growth
Virtual reality is fast gaining traction in the healthcare sector, especially in training surgeons. A study published in Harvard Business Review stated that surgeons trained through VR experienced a 230% boost in their performance and carried out surgeries with greater precision compared to their conventionally trained counterparts. At Case Western University in Ohio, medical students are already being acquainted with the human body using Microsoft’s mixed reality solution, HoloLens. Furthermore, patients recovering through physical therapy are being increasingly aided by Neuro Rehab VR, a company specializing in developing training programs using machine learning for therapeutic needs of patients. Even more promising application of VR is in the rehabilitation of children suffering from complex disorders. For example, a study published by the National Institutes of Health showed that VR therapy led to better mobility outcomes in children afflicted by cerebral palsy. Thus, widening applications of VR are bolstering the virtual reality market growth.
Ascension of Start Ups to Alter Market Dynamics in North America
Strong support to technological innovation in North America has provided start-ups with the necessary platform to flourish and expand. With consumers showing increasing preference for virtual reality products, many new entrants in the market are looking capitalize on the available opportunities. In addition, the region is home to tech giants such as Google and Apple. Together, these factors are expected to aid North America’s dominance of the virtual reality market share during the forecast period. In 2018, the region boasted a market size of USD 3.0 billion.
In Europe, the market will be primarily driven by the active adoption of VR technology in the automotive industry, especially in the UK, France, and Germany. On the other hand, the market in Asia-Pacific is anticipated to grow considerably as East Asian companies such as Samsung and HTC strengthen their hold in the VR hardware domain.
Innovation-focused Investments by Key Players to Intensify Competition
The scope for innovation in this market is broad and deep and most market players are concentrating their investment energies in augmenting their R&D capabilities. As a result, consumers witness frequent product launches and have a wide array of products to explore and choose. All these factors are enabling key players to solidify their position in the market.
- April 2020: US-based Xennial Digital created the Climate Change app, which uses spatial computing technology to provide climate change predictions over the next 100 years. The app is available on the Magic Leap World platform and is aimed at acquainting K-12 students with the issue of climate change.
- March 2020: US-based EON Reality announced that the Lucerne University of Applied Sciences and Arts in Switzerland will be utilizing its AR and VR solutions for a unique self-directed learning initiative. EON’s AVR platform will enable educators to create large amounts of course materials for students in different languages as well as ensure quality of the content being uploaded and distributed.
List of Companies Profiled in the Virtual Reality Market Report:
- Magic Leap, Inc.
- Dassault Systemes SE
- Leap Motion
- HTC Corporation
- Autodesk Inc.
- Microsoft Corporation
- Lenovo Group Ltd.
- Sixense Enterprises Inc.
- SONY CORPORATION
- EON Reality Inc.
- Samsung Electronics
- Oculus VR (Facebook)
- Google LLC