Global VIrtual Reality Market Overview
Virtual Reality Market is one of the fastest growing markets across the globe. Rise in innovative technology to operate the tasks efficiently would help by the virtual reality technology. The virtual reality provides the wide angle views according to the movements of the users. Advancement of technologies in virtual reality sector is projected to help various sectors like automotive & healthcare to introduce virtual reality for better safe drive and in diagnostics & imaging & technology. Further, banking upon the vast application in pilot training programs, military operations, real estate and gaming industry, virtual reality is projected to spur the global virtual reality market in near future. Further, technological advancements for operating tasks through fixed location is also projected to fuel the virtual reality market globally.
Market size & forecast
Global gaming virtual reality is the fast growing market across the globe due to presence of high-end & graphics game. The Global Virtual Reality Market is expected to grow at a CAGR of 42.78% in the forecast period of 2015-2021 and expected to cross USD 40 Million by 2021.
North-America Virtual Reality Market is projected to grow at a CAGR of >40% in the forecast period of 2015-2021. The penetration of smartphones in the region due to advancement of electronic devices in the U.S. would help the region to dominate the global virtual reality market in future. Further, on the back of reasons like, increased personal disposable figures, expanded demand from healthcare, enhanced IT infrastructure, better GDP figure etc. virtual reality market in Asia-Pacific is projected to grow at a CAGR greater than North America during 2015-2021.
Virtual Reality Market is further classified on the basis of region as follows:
Growth Drivers and challenges
Growth in Global Video Games Industry
Global video games industry revenue is anticipated to augment at a compound annual growth rate (CAGR) of 6.1% during 2015-2019. This expansion of gaming industry is likely to encourage more experiments in terms of quality and providing enhanced VR (virtual reality) experience to the gamers. This in-turn is expected to benefit both the VR hardware and software content developers and foster their market over the forecast period.
Rising Penetration of Smartphones
In view of increasing users' appetite, most of the virtual reality providers are currently focusing on developing certain VR (virtual reality) contents and devices that are compatible with smartphones. Users can easily access and experience virtual reality just by pairing these devices with their smartphones. It is anticipated that rising penetration of smartphones (global penetration of smartphones in 2011 was 9.7% and is expected to reach around 37% by 2018) to further boost the development of smartphone based virtual reality applications and fuel the growth of global virtual reality industry in future.
Rising Demand from Healthcare Sector
Virtual reality finds a wide range of applications in the healthcare sector such as in nurses and doctors training, anxiety therapy, surgery simulation, etc. In addition to this, virtual reality is also utilized in the field of telemedicine. It is projected that the global telemedicine market would propagate at a stupendous compound annual growth rate (CAGR) of 19% during 2016-2022. This spurt in the telemedicine industry is expected to escalate the demand of virtual reality in telemedicine applications, for example- in telesurgery and others.
High Cost of Virtual Reality Devices
The market of virtual reality devices is very niche, which allows players to monopoly over the prices. There are still fewer numbers of VR (virtual reality) devices available in the market and those which are available have high costs. For instance, the VR headset of Oculus i.e. Oculus Rift is priced ranging USD 550-650. In addition to this, most of the major players like Sony and HTC have also announced to launch their virtual reality devices in a price bracket ranging USD 700-900. This high price is believed to deter game lovers from using such expensive virtual reality devices, which eventually is expected to hamper the enlargement of virtual reality industry.
Inefficiency of Virtual Reality Devices
The Virtual reality technology is not timeworn and still in its transition phase. Owing to which, various technical and other issues related to this technology keeps arriving time and again. For instance, image latency is one such concern which leads to motion sickness, eye strain and nausea. In addition to this, people wearing a virtual reality device are more prone to get hurt physically as their vision is completely blocked.
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