CHICAGO, January 21, 2019 /PRNewswire/ --
According to the new market research report "Virtual Reality
Market by Offering (Hardware and Software), Technology, Device Type
(Head-Mounted Display, Gesture-Tracking Device), Application
(Consumer, Commercial, Enterprise, Healthcare, Aerospace &
Defense) and Geography - Global Forecast to 2024", published by
MarketsandMarkets™, The virtual reality (VR) market is expected to
grow from USD 7.9 billion in 2018 to
USD 44.7 billion by 2024, at a CAGR
of 33.47% during the forecast period. The penetration of HMDs in
the gaming and entertainment sector, huge investments in VR market,
advancement of technology and growing digitization, and
availability of affordable VR devices are the major factors fueling
the growth of the overall market.
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Consumer application to lead virtual reality market during
forecast period
Virtual reality technology offers remarkable results regarding
visual effects when used in gaming and sports broadcasts. The
demand for head-mounted displays is high in consumer applications
because of their use in gaming and sports & entertainment. The
use of head-mounted displays as smart glasses in sports (such as
ski driving and fighting games) is increasing day by day. The
demand for the development of VR apps is high in the entertainment
sector to enhance the user experience in sports broadcasting,
gathering information through social networking sites, and so
on.
Head-mounted displays to lead virtual reality market owing to
its increased use in consumer and healthcare
applications
Virtual reality HMDs find major applications in gaming and
entertainment, healthcare, retail and ecommerce, and enterprise
applications. The VR HMDs help in patient engagement and also in
their discharge training. VR HMDs can also be used for
rehabilitation of patients and improve their mental and behavioral
health through VR games. Along with gaming and entertainment, the
use of VR HMDs in retail and ecommerce sectors will drive the VR
market during the forecast period.
Browse and in-depth TOC on Virtual Reality
Market
61 - Tables
40 - Figures
157 - Pages
APAC to be fastest-growing region in virtual reality market
during 2018-2024
The presence of major companies and a high number of start-ups
in APAC are the keys factors to drive the adoption of VR devices in
the region. The companies such as Sony, Samsung Electronics, and
HTC have played a crucial role in the growth of the VR market in
the region. With the advent of local VR device manufacturers, APAC
is expected to lead the overall VR market by 2024. It will be
followed by North America, which
is also expected to hold a significant share in the overall VR
market owing to the early adoption of this technology and a large
number of companies in the region.
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Sony (Japan), Samsung
Electronics (South Korea), Google
(US), Microsoft (US), HTC (Taiwan), Oculus (US), Eon Reality (US), Vuzix
(US), CyberGlove Systems (US), Leap Motion (US), Sensics (US),
Sixense Enterprises (US), Nintendo (Japan), Psious (Spain), Mindmaze (Switzerland), WorldViz (US), Firsthand
Technology (US), Virtuix (US), Survios (US), Merge Labs (US),
SpaceVR (US), and Virtually Live (Switzerland) are among the major virtual
reality vendors in the market.
Please explore relevant report
Augmented Reality and Virtual Reality Market by Offering
(Hardware & Software), Device Type (HMD, HUD, Handheld Device,
Gesture Tracking), Application (Enterprise, Consumer, Commercial,
Healthcare, Automotive), and Geography - Global Forecast to
2023
Augmented Reality Market by Offering (Hardware (Sensor,
Displays & Projectors, Cameras), and Software), Device Type
(Head-Mounted, Head-Up, Handheld), Application (Enterprise,
Consumer, Commercial, Automotive) and Geography - Global forecast
to 2023
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