The global virtual reality market is expected to grow at a CAGR of around 44% from 2020 to 2027 and expected to reach the market value of around US$ 56.2 Bn by 2027.
Virtual reality (VR) or virtual environment (VE) is a computing technology that creates a simulated or artificially three-dimensional (3D) environment that resembles reality. VR provides a convincing interface that enables the user to interact with the computer-generated environment in a spontaneous way. Virtual reality can be defined as a synthetic or virtual environment that provides a person with a sense of reality. It is a collection of computer technologies that present information in a way that people perceive to be similar to the real world.
Big calls for "Virtual reality" in healthcare sector
Rapidly evolving technologies have changed the way people see the world and how different industries operate in recent times. There have been numerous discussions and conversations about the use of virtual reality in the healthcare industry, with numerous applications of virtual reality already being implemented. Applications such as robotic surgery, healthcare devices, and so on are gradually gaining popularity and are now more likely to be adopted and widely accepted by various healthcare organizations. Healthcare is one of the most enthusiastic users of virtual reality that also includes robotic surgery, phobia treatment, surgery simulation, and skills training, to name a few applications. Many healthcare organizations around the world have started to use virtual reality (VR) in their operations and have discovered its benefits. Major VR-based companies, for example, are developing products that combine 360-degree video and 3D interactive content to create the best learning program for physicians and students. This technology enables them to practice complex, life-saving procedures in a risk-free environment, improve their skills, and receive usability feedback while doing so. Furthermore, VR is being used as a powerful diagnostic tool, assisting doctors and physicians in making accurate diagnoses. This is done in combination with other forms, such as MRI/CT scans, and eliminates the need for any invasive techniques, providing the patient with a pain-free experience. Virtual reality in surgery has been around for a while and has grown in popularity among the medical community. VR is important in tele-surgery that is performed by a surgeon on a patient in another location. The pressure response feature assists the surgeon in measuring the amount of pressure that must be applied while performing a delicate procedure such as dentistry, etc.
Virtual reality: The future of military training
Massive research into new military technologies is currently underway, with the goal of providing states with qualitatively superior armed capabilities to better address even non-conventional and asymmetrical threats. As a result, the military has been among the first to adopt virtual reality (VR) for the purpose of training land, maritime, and air forces. The military sector, as the largest investor in this technology, also contributed significantly to the global development of VR. According to a report released by the Finabel European Army Interoperability Centre, the use of virtual reality (VR) in military training has several advantages. First and foremost, despite national military budget cuts, it demonstrates to be a viable, cost-effective alternative. In fact, unlike live training, virtual training does not necessitate the use of real munitions and resources. Furthermore, VR can simulate any type of training by recreating various environments. As a result of the detailed reconstruction and the large number of possible combinations provided by VR, specific training can be carried out at any time. Military training is heavily reliant on virtual reality simulation, which is used in a variety of military settings. For example, it can simulate advanced ground vehicles, simulating any type of vehicle and allowing soldiers to experience its shape and maneuverability. It also allows soldiers to play any role they might have on that vehicle, such as driver or gunner.
Rising adoption of virtual reality across industries climb towards all time high for the market growth
Across industries, the goal of Virtual Reality-enhanced training is to create realistic workplace experiences and allow employees to take risks while working in demanding environments. In specially designed training environments, virtual reality training companies like VirTra and immersive learning companies like STRIVR and MPATHIC use simulators, gaming PCs, and Oculus Rift headsets. In addition, the costs of virtual reality hardware and setup are becoming insignificant when compared to traditional training expenses. Companies such as Walmart, for example, use immersive VR technology to prepare employees for the frantic holiday shopping season. Furthermore, companies such as Honeywell are combining virtual reality and augmented reality to deliver hybrid instruction aimed at increasing working knowledge at a single operations plant. By introducing Intelligent Wearable’s for use in industrial plants, Honeywell has created a completely connected plant. The wearables include safety monitoring devices and alerts. Virtual reality adoption provides businesses with a training option that is as effective as live training at a fraction of the cost. According to STRIVR, students retain 75% of what they are taught, compared to 10% retention from reading or listening to a presentation. Immersive technology allows for hands-on experiences that improve learning outcomes.
The global virtual reality market is segmented based on device, technology, component, and application. The device is segmented as head-mounted display (HMD), gesture-tracking device (GTD), and projectors & display wall (PDW). Further, by technology, the market is classified into semi & fully immersive and non-immersive. By component, the market is bifurcated into hardware and software. By application, the market is segregated as aerospace & defense, consumer, commercial, enterprise, healthcare, and others
By device, the head-mounted display (HMD) device segment is expected to record largest market share in the forecast period. Further, by technology, the semi & fully immersive segment accounted largest market share in the past and is anticipated to continue similar trend till the forecast period. By component, hardware segment holds dominating market share from the past and will continue to dominate in the coming years. By application, healthcare segment will show its dominance in the forthcoming years.
North America will maintain its dominance in the forecast period as the most appealing and largest technology market, with extensive research activities in the field of VR. Asia Pacific, on the other hand, will have the fastest growing CAGR during the forecast period due to advancements in VR technology. China has the largest market share in the region because it is the largest distributor of HMDs.
The prominent players of the global virtual reality market involve Barco NV, CyberGlove Systems Inc., Facebook Technologies, LLC., HTC Corporation, Microsoft Corporation, Samsung Electronics Co., Ltd., Sensics corporation, Sixense Enterprises, Inc., Ultraleap Ltd., and among others
Market By Component
Market By Technology
Semi & Fully Immersive
Market By Device
Head-Mounted Display (HMD)
Gesture-Tracking Device (GTD)
Projectors & Display Wall (PDW)
Market By Application
Aerospace & Defense
Virtual reality market is expected to reach a market value of around US$ 56.2 Bn by 2027.
The virtual reality market is expected to grow at a CAGR of around 44% from 2020 to 2027.
Based on component, hardware segment is the leading segment in the overall market.
Virtual reality in healthcare sector is one of the prominent factors that drive the demand for virtual reality market.
Barco NV, CyberGlove Systems Inc., Facebook Technologies, LLC., HTC Corporation, Microsoft Corporation, Samsung Electronics Co., Ltd., Sensics corporation, Sixense Enterprises, Inc., Ultraleap Ltd., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years