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Virtual reality market to approach $16B in 2020

Posted: 26 Jun 2015 ?? ?Print Version ?Bookmark and Share

Keywords:MarketsandMarkets? virtual reality? sensor? gesture tracking? HMD?

MarketsandMarkets has published a market research report titled "Virtual Reality Market by Technology (semi & fully immersive), Device (HMD, gesture tracking), Component (sensor, display, software), Application (gaming, entertainment and industrial), Geography: Trends & Forecasts to 2014-2020," that predicts virtual reality technology market reaching $15.89 billion by 2020 at a CAGR of 63.18 per cent from 2015-2020.

Virtual reality is an integration of hardware, software and virtual content that is assembled to provide virtual reality experiences to users. Virtual reality is experienced by the user through devices such as head mounted displays (HMDs). The virtual reality technology plays a crucial role in many applications such as gaming, entertainment, aerospace and defence, industrial, medical, retail and marketing, education and others. The consumers' demand for virtual reality devices is projected to grow rapidly in the coming five years owing to the availability of technologically advanced virtual reality devices, increased computational power of the devices, and their increasing utility in the gaming and entertainment applications.

Some of the big technology giants have entered the virtual reality market. Facebook (U.S.) acquired Oculus VR (U.S.) in March 2014. Sony (Japan) is developing "Project Morpheus", HTC (Taiwan) and Valve (U.S.) are jointly developing "HTC Vive" head mounted display, Microsoft has revealed its "Microsoft HoloLens" device that is likely to be made available in early 2016. Apart from these, many other companies are waiting for the right opportunity to enter the virtual reality market.

The competitive landscape of the market shows a number of new product launches, large scale collaborations, and agreements and partnerships across the value chain, with a number of tier-one players around the globe. Major players in the global virtual reality technology market include Oculus VR (U.S.), Samsung Electronics Co. Ltd (Korea), Eon Reality (U.S.), Vuzix (U.S.), Sensics (U.S.), Leap Motion, (U.S.), Sixense Entertainment (U.S.), Cyberglove Systems (U.S.), Microsoft (U.S.), Barco N.V. (Belgium) and others.

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