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• Gaming as a segment totaled $2.1 billion in 2017 and should reach $16.9 billion by 2022, growing at a CAGR of 50.9% during 2017-2022.
• Education as a segment totaled $116.7 million in 2017 and should reach $2.0 billion by 2022, growing at a CAGR of 76.6% during 2017-2022.
Chapter 1: Introduction
In this rapidly changing and growing world, every day a new technology is developed blurring the boundaries between people, internet and physical world. Virtual reality (VR) is one such technology that has taken some significant strides in recent years. Virtual reality is a three-dimensional computergenerated environment created through the combination of hardware devices and software programs allowing users to interact with an artificial three-dimensional environment.
This is achieved by using a head-mounted display, audio output and input tracking devices. Based on the type of technology used, users are effectively immersed in a virtual environment. The technology provides a different experience and a new way to see things. Over the past few years, virtual reality has drawn a lot of attention. VR has gone from being a science fiction fantasy to an actual reality.
The ongoing research and development studies in virtual reality show that VR will continue to grow as technology improves. People these days are being increasingly aware of the technology developments and therefore the virtual reality concept has become a trending topic, solidifying the VR market. VR market is poised to show significant growth in the coming years.
This can be attributed to the growth of the mobile industry, decreasing cost of hardware and software, and rising technology penetration across the many industries such as retail, healthcare, e-commerce and automotive. New Virtual Reality standards have been set up to ensure a more immersive experience, by improving productivity of hardware and software. And this will drive the market of VR technologies until 2022.
This report covers the market trends of VR technologies, future growth and regional market of the same. The report provides a comprehensive review of market drivers, restraints, opportunities and challenges that might have an impact on the market and the supplier landscape. Additionally, key vendor analysis, new products and developments, and financials are also covered in this report. The research shall estimate the global market for virtual reality technologies in 2016 and 2017 and shall project the expected consumption of the same by 2022.
Study Goals and Objectives
This report is an industry analysis of the VR market. The goals of this study are to quantify the VR market, to explore market dynamics that could impact the future of the market (includes drivers, restraints, challenges and opportunities), to identify areas of growth and to study the recent innovations in VR world.
The objectives of this study include:
• Define the Virtual reality technologies and extenders market
• To measure the current global market and project growth over the next five years for both overall market and key segments
• To analyze the market by types, technology, and application
• To identify segments with high growth potential and to understand future applications of each segment
• Estimate market revenues of the global VR technologies market by region in terms of value and volume
• Identify market trends, issues, and forecast impacting the global VR technologies market
• Study various applications
• Profile major players and discuss their products
Reasons for Doing This Study
Virtual reality ushered in a new era of experiential and visceral learning. VR presents businesses with new opportunities to examine their audience in greater depth in a cost-effective manner. New and innovative technologies are leading to an increase in the usage of virtual reality in various applications such as gaming, healthcare, and military. Though VR currently is a niche market, the future is expected to change owing to rapidly evolving technologies.
The VR development is also affordable and developers expect a dramatic growth during the forecast period (2017 to 2022). Therefore, due to various developments and the market's high growth potential, BCC research considers this an important area for study.
Scope of Report
This report analyzes the market trends of VR technology, future growth and regional market of the same. The scope of this study includes components, technology type, applications, and regions.
By component, the market in this report is segmented into hardware and software modules. Hardware devices are further sub-segmented into input devices, VR engine, and output devices. Similarly, the software is sub-segmented into application software and cloud-based solutions.
The technology segment is broken down by fully immersive, non-immersive, semi-immersive, and distributed technologies. The applications of the VR market considered in this report include gaming, healthcare, military, industrial training, and other applications such as architecture & design, sport, and the entertainment industry. Finally, by region, the market in this report is segmented into North America, Europe, Asia-Pacific, Rest of World (ROW). Revenue forecast from 2017 to 2022 is provided for virtual reality technologies segments and regional market with estimated values has been derived from manufacturers' total revenue.
The report covers a discussion of the major players across each regional market. Further, it explains the major drivers and global dynamics of the market and current trends within the industry.
The report concludes with a special focus on the vendor landscape and includes detailed profiles of the major vendors in the global virtual reality technologies market.
Intended Audience
• Product suppliers
• Developers
• Investors
• End-user companies
• Researchers and related companies
• Government agencies
• Private organizations
Methodology and Information Sources This report is a descriptive study with a trend analysis of the global market for virtual reality technologies using quantitative and qualitative approaches.
BCC Research collects data through various primary and secondary sources, including interviews with industry vendors, white papers, business journals, public financial proceedings, and historical market data from the Internet. The market data is assessed and validated considering interrelated market attributes and the impact of global economic variables. The value of the market is then obtained through a combination of the bottom-up and top-down approaches using exclusive market modeling tools to generate BCC Research's market data and forecasts. Estimated values used are based on major players' total revenues.
Both primary and secondary research sources were used in preparing this study. Primary information sources were obtained from market experts and key contacts from leading market players as well as end users. Secondary information sources included both printed publications and online resources. These sources include public company disclosure statements, press releases, patent documents, and assorted reference sources.
Geographic Breakdown
In this report, the geographic regions considered for market analysis include, and only include:
North America
• United States
• Canada
• Mexico Europe
• UK
• France
• Rest of Europe Asia-Pacific
• China
• Japan
• South Korea
• Rest of Asia-Pacific Rest of the World (ROW)
Virtual Reality Technologies Market, by Component
Hardware
Input Devices
VR Engine (computer sytem)
Output Devices
Software
Application Software
Cloud Based Solution
Virtual Reality Technologies Market, by Technology
Immersive
Non-immersive
Semi-immersive
Distributed
Virtual reality Technology Market, by Application
Healthcare
Gaming
Education
Military
Engineering
Others
Chapter 2: Summary and Highlights
Virtual reality, also called as near-reality, is a computer-generated environment created through the combination of hardware and software allowing users to interact with an artificial 3D environment by using a head-mounted display and input tracking devices. With the use of a various range of systems such as headsets, gloves etc. and computer technology, the VR is implemented by stimulating the user's sensors.
According to BCC Research estimates, the global virtual reality technologies market was valued at $2.3 billion in 2016 and is estimated to grow at a CAGR of 60.5% and to reach $39.4 billion by 2022.
The growth of the VR technologies market is driven by the decreasing cost of VR hardware due to the increasing use of head-mounted displays systems in gaming, healthcare, education and other applications resulting in increasing consumer awareness and the expanding content selection. The advancing mobile industry and involvement of VR in automotive sector is expected to play a significant role in boosting the market growth.
However, factors like weak VR content, lack of VR familiarity, and over-pricing are some of the major hurdles to VR market on its road to mass adoption in the consumer and enterprise space.
The global market for virtual reality technologies has been segmented based on component, technology, application, and geography. Based on components, the market has been classified into hardware and software. The hardware component is further segmented into input devices, VR engine, and output devices and the software segment is further segmented into application software and cloud-based solutions.
Based on technology, the VR market has been segmented into immersive, non-immersive, semiimmersive, and distributed VR technologies. Based on applications, this report has segmented the market into healthcare, gaming, education, military, engineering, and others. Geographically, the market has been segmented into North America, Europe, Asia-Pacific, and ROW.
The global VR market by selling VR products were $2.3 billion in 2016 and is expected to reach $39.4 billion by 2022, at a CAGR of 60.5% from 2017 through 2022. Asia-Pacific accounts for the largest market share of the global VR market, followed by North America and Europe. Key market participants include Samsung, Sony, HTC Vive, Alphabet (Google), and Oculus VR.
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