DUBLIN--(BUSINESS WIRE)--The "Virtual Reality Market with COVID-19 Impact Analysis - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The virtual reality market was valued at USD 5,722 million in 2019 and is expected to reach USD 20,931 million by 2025, at a CAGR of 27.9% from 2020 to 2025.
The company profile section includes Google, Microsoft, HTC, Oculus VR (Facebook), Samsung Electronics, Sony, HTC, EON Reality, Vuzix, CyberGlove Systems, Leap Motion, and Sixense Enterprises.
Factors such as penetration of HMDs in the gaming and entertainment sector post-COVID-19, the advancement of technology, and growing digitization are driving the growth of the market during the forecast period.
Modern devices are compact, portable, and convenient to use. They are used to represent graphical and pictorial information. These devices are required to be compact and simple with high-resolution displays. The demand for HMDs, HUDs, and VR projectors is increasing significantly in several industries, including consumer electronics, aerospace & defense, medical, and automotive.
VR HMDs are gaining popularity in consumer applications for gaming and viewing entertaining content; however, the majority of VR HMDs use direct-view OELD displays with the panel size ranging from 2 to 6 inches. Considering the popularity and demand for VR HMDs, the key display manufacturers are developing a better display for VR HMDs, for instance, Kopin has developed a microdisplay, especially for VR HMDs. The large, cost-effective OLED microdisplay (LOMID) project has led to the development of CMOS/OLED microdisplays for use in VR HMDs.
Microdisplays can emerge as mainstream display modules for VR HMDs owing to the limitation of direct-view displays. Considering the aforementioned developments in improving VR display, the demand for VR HMDs is anticipated to surge among technocrats, which will drive the growth of the global VR market.
The market for healthcare estimated to grow at the highest CAGR during the forecast period.
The COVID-19 pandemic is anticipated to positively impact the demand for VR/AR HMDs in the healthcare sector, owing to which the VR HMD for healthcare application is expected to showcase a high CAGR. Many market players are receiving orders for VR HMDs. For instance, in May 2020, Vuzix Corporation has received a restoration order for M400 Smart Glasses from a provider of invaluable solutions, Gemvision, for service, maintenance, and healthcare professionals. The objective of the replenishment order is to support Gemvision's efforts to meet COVID-19 remote healthcare needs in the Netherlands.
VR to captures the major market share in North America in 2019.
North America led the VR market in terms of the market size in 2019, and APAC is expected to lead the market by 2025. Increasing R&D in APAC and growing acceptance of newer technologies in the region are the drivers for the market. The availability of affordable HMDs in APAC would be an added advantage, which will later drive the growth of the market in the region.
Market Dynamics: VR Market
Drivers
- Penetration of HMDS in the Gaming and Entertainment Sector Post Covid-19
- High Investments in VR Market
- Advancement of Technology and Growing Digitization
- Availability of Affordable VR Devices
- Growing Adoption of HMDS in Different Industries
Restraints
- Display Latency and Energy Consumption Affect Overall Performance of VR Devices
- Health Concerns Relating to Low Resolution and Lack of Movement
- Trade Restrictions Between the Us and China
Opportunities
- Penetration of HMDS in Healthcare and Architectural Applications
- Use of VR in Aerospace & Defense for Training and Simulation
- Increasing Demand for VR HMDS in the Healthcare Sector Attributed to the Covid-19 Pandemic
Challenges
- Developing User-Friendly VR Systems
- Adverse Impact of Lockdowns Due to Covid-19 on Commercial Trade
Value Chain Analysis
Emerging Trends
- Microdisplays for Vr
- Lomid Project
- Kopin'S Micro Display for VR Hmd
Impact of Covid-19 on Virtual Reality Market
Company Profiles
Key Players
- Microsoft
- Sony
- Samsung Electronics
- Htc
- Eon Reality
- Vuzix
- Cyberglove Systems
- Leap Motion (Ultraleap)
- Sixense Enterprises
Key Innovators
- Nintendo
- Psious
- Mindmaze
- Firsthand Technology
- Worldviz
- Virtuix
- Survios
- Merge Labs
- Spacevr
- Virtually Live
- Xiaomi Corporation
- Panasonic Corporation
For more information about this report visit https://www.researchandmarkets.com/r/mbhgsl
