The global 5G in VR market is estimated to garner a sizeable revenue by growing at a CAGR of ~37% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for superior data connectivity and high-speed internet, and rising technological innovations in virtual reality technology. Along with these, increasing adoption of 5G network around the world coupled with exponential surge in data demands and escalating adoption of mobile edge computing are also expected to be crucial factors driving market growth in the forthcoming years. In 2020, more than 210 million people bought 5G smartphone subscriptions, which increased up to more than 1 billion by the end of the year 2022. Furthermore, growth in deployment of gigabit ethernet fiber is projected to offer ample opportunities to service providers, content developers, and ecosystem component providers, which in turn is predicted to expand market growth in the near future.
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The market is segmented by end user into consumer, commercial and industrial, out of which, the consumer segment is anticipated to hold the largest share in the global 5G in VR market on account of the increasing adoption of virtual reality technologies in training, entertainment, gaming, scientific and education sectors across the globe. Additionally, on the basis of offering, the segment for hardware is assessed to acquire the largest share during the forecast period, which can be credited to the fact that synchronizing and combining real world and user motions with a digital world require plenty of graphical rendering processes. Apart from these, high bandwidth and ultra-low latency are crucial for the usage of 5G in VR technologies, which is considered to drive the growth of this market segment in the future.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global 5G in VR market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of increasing penetration of internet and portable smart devices such as smartphones, tablets and laptops, and growing technological advancements in the ICT sector. For instance, China had the highest number of internet users in the Asia Pacific region, as of January 2021. The number was calculated to be approximately 940 million users. In addition, rising adoption of 5G technologies, along with the rapid urbanization and industrialization in developing nations such as China and India, is also expected to drive this region’s market growth in the near future. Moreover, the market in North America is predicted to grab the largest share owing to the early adoption of technologies, rising number of partnerships among companies and strong presence of prominent market players in the region.
The global 5G in VR market is further classified on the basis of region as follows:
Our in-depth analysis of the global 5G in VR market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for superior data connectivity and high-speed internet and rising technological innovations in virtual reality technology.
The market is anticipated to attain a CAGR of ~37% over the forecast period, i.e., 2022 – 2030.
High cost of deploying 5G in VR is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing penetration of internet and portable smart devices such as smartphones, tablets and laptops, in the region.
The major players in the market are Google LLC, Integrated Device Technology Inc, Intel Corporation, Leap Motion, Inc., LG Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by offering, end user, and by region.
The consumer segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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