According to a new market report published by Credence Research “Virtual Reality Market (VR) (Consumer (Gaming, and Entertainment), and Enterprise & Public Sector (Retail and Marketing, Engineering and Design, Healthcare, Military, and Others (Education, etc) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023” the virtual reality market is expected to exceed US$ 30.0 Bn by 2023, witnessing a double digit compound annual growth rate during the forecast period.
Browse the full Virtual Reality Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/virtual-reality-market
The virtual reality (VR) technology traces its roots to the latter half of the previous century. In spite of being around for decades, the technology did not receive the expected acceptance in the initial years. However, after all years of hype surrounding the latent potential of the technology, it is expected to become mainstream in the coming years. We expect VRs capability to improve during the forecast period 2016 – 2023 with further improvements in processors, screen resolutions, content development for specific formats.
The global virtual reality market is highly fragmented across different end-use segments, requiring manufacturers and technology developers to understand unique differences and requirements of each industry separately. The leading top 4 players in the global virtual reality market account for less than 45 percent of the global market revenue. Some of the leading players identified in the global virtual reality market include Oculus VR, Inc. (Facebook Inc., the U.S.), Sony Corporation (Japan), Samsung Electronics, Co. Ltd. (South Korea), Vuzix Corporation (the U.S.), Sensics, Inc. (the U.S.), Microsoft Corporation (the U.S.), EON Reality, Inc. (the U.S.), and Sixense Entertainment, Inc. (the U.S.) among others. The global virtual reality market also includes large number of niche players, which account for trivial market share individually. The global virtual reality market is supported by technology development and innovation. The competitive rivalry among current market players is comparatively high.
- Growing demand for virtual reality-based wearable displays (ex – head mounted displays) in consumer applications
- Declining price of hardware components
- Proliferation of mobile devices and advancements in their computational capabilities
- Hand tracking, head tracking, and eye tracking functionalities have become more commonplace in consumer VR devices
- Emergence of VR app store