Immersive Virtual Reality Market Is Estimated To Reach $1.88 Billion By 2020: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.

According to a report, “Immersive Virtual Reality Market Analysis By Technology (Semi-Immersive, Fully Immersive), By Device (Head-mounted Display (HMD), Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW)), By Application (Aerospace & Defense, Consumer Electronics, Medical, Retail) And Segment Forecasts To 2020”, The global immersive virtual reality market is expected to reach USD 1.88 billion by 2020, according to a new study by Grand View Research, Inc. The industry is expected to witness profound growth over the next five years, as more consumer devices hit the market. Immersive VR headsets came into prominence during 2013 with the arrival of the Oculus Rift Developer Kit. The device is widely credited with giving the consumer VR space a kick start and creating anticipation & hype among consumers. Over the past two years, the industry has witnessed the arrival of several consumer version VR headsets such as the VRTX One, Durovis Dive, Homido, and the low-cost Google Cardboard, thereby popularizing the technology.

Key Takeaways from the report:

• Fully immersive technologies are expected to be the largest and fastest growing technology segment over the forecast period owing to growing popularity of wearable devices among consumers. The segment accounted for over 75% of the revenue in 2014.

• HMDs dominate the global immersive VR market share. Mobile VR headsets make use of smartphones for the screen, for example, Google Cardboard, whereas integrated HMDs have inbuilt screens, for example, Oculus Rift. The segment accounted for over 60% of the revenue in 2014.

• Demand in retail and medical sectors is expected to witness exponential growth over the next five years. Consumer electronics application accounted for the largest share of 45% in 2014, and this trend is expected to continue over the forecast period.s

• North America immersive virtual reality market accounted for about 50% of the overall share in 2014 owing to the presence of key vendors in the region coupled with a myriad of technology giants. Affordability and availability of consumer VR continue to drive growth across regions.

• Several start-ups and individuals with technological expertise have raised funds through Kickstarter and promoted their solutions through online campaigns. Consumer electronics manufacturers such as Sony, HTC, and Samsung, and technology giants such as Google, Facebook, and Microsoft have also ushered into the market with VR solutions.

U.S. immersive virtual reality market by technology, 2013 – 2020 (USD Million)

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Presently, immersive VR headsets are only partly commercialized and several consumer versions are anticipated to be launched in 2015–2016, including the Oculus Rift, HTC Vive, Sony PlayStation VR, and FOVE. GTDs and other motion tracking peripherals have also gained significant acceptance as an accessory to the HMD. Virtual reality PDWs have evolved in technology and resolution. Development and provision of CAVE systems and VR rooms for consumers are expected to boost demand for PDWs.

Technological development triggers a plethora of VR solutions with varied capabilities that allow users to experience utmost immersion. Making the VR experience more real serves as a key driver towards market penetration and adoption. Most of the available solutions are limited to head tracking leaving tremendous opportunities for the development of new technologies that increase the user’s sense of immersion and presence.

VR devices may pose inconvenience to certain users owing to their ergonomics and weight. Bulky devices offer render users with a sense of fatigue and discomfort after prolonged use. Simulation sickness is one of the greatest hurdles to be overcome, while designing VR experiences. Key stakeholders have been focusing on the issue aggressively and tackling it with extreme precision, keeping sensitivity and user comfort at priority.

Grand View Research has segmented the immersive virtual reality market on the basis of technology, device, application, and region:

Immersive Virtual Reality Technology Outlook (Revenue, USD Million, 2013 – 2020)

• Semi-immersive

• Fully immersive

Immersive Virtual Reality Device Outlook (Revenue, USD Million, 2013 – 2020)

• HMD

• GTD

• PDW

Immersive Virtual Reality Application Outlook (Revenue, USD Million, 2013 – 2020)

• Aerospace & defense

• Consumer electronics

• Medical

• Retail

• Others

Immersive Virtual Reality Regional Outlook (Revenue, USD Million, 2013 – 2020)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

• Asia Pacific

  • China

  • Japan

• Latin America

• MEA

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About Grad View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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