What is Virtual Reality Industry Market Cap and Growth Potential?

What is Virtual Reality Industry

Imagine yourself that you are swimming with sharks, attending an onstage concert with your favourite singer, or participating in a race with Elvis Presley? Probably it seems a dream, but the emergence of technologies like virtual reality has made our dreams come true.

Yes, it is true, with VR technology the users can feel an outstanding digital experience of the things which are not in reality, but we can see it in that digital world. It provides a different experience of the digital world separated from the existing one. So, what is virtual reality? Let’s take a deep dive into it.

What is Virtual Reality?

In simple words, virtual reality means a simulated experience of things that a user can see, by the help of computers and mounts, but it doesn’t exist in the actual world. It is an artificial environment that developed with the help of particular software’s. It displays to the user in such a manner that the user accepts it as a real-world environment.

It allows the user to travel and explore those places that don’t exist in reality. They can access this digital world by using digital gears with which a machine is attached to a computer to create a virtual experience. It is broadly used in the gaming sector. Many people think that this technology is only useful for games, but it’s not true, today there are many sectors which already implemented this technology in their work models.

Market Overview

According to www.statista.com

  • The global market size of the VR industry in 2020 is 18.8 billion USD.
  • China and the US spend most on Virtual Reality Technologies 2020.
  • Sony is the largest vendor of virtual reality devices.
  • Microsoft has the most significant number of patents on virtual reality worldwide.
  • The market size of Global virtual reality (software-based) is expected to be of 6.4billion USD.

Market Trends and Growth potential of Virtual Reality

In 2018, the Virtual reality market was valued at $7.9 billion that rises to 11.52 billion USD in 2019, and it is anticipated to reach by $44.7 billion in 2024 with a CAGR of 33.5%. This technology gained the sights and adapted the market over the past few years. And it will continuously grow with a rapid speed. Market Experts state that the Virtual Reality Industry increases to $87.97 billion in 2025 during the forecast period. Mobile industry and gaming industry hold a significant share in the virtual reality market.

This technology is not only used in the gaming and entertainment sector but also been used by professionals like Dentists, Engineers, Doctors, Archaeologists, and by the military as well. It is used for training programs and scientific presentations by scientists. Today, doctors also use this technology for surgical and anatomy training.

Sectors using Virtual Reality

  • Designing
  • Sales and marketing
  • Games
  • Education sector
  • Entertainment
  • Training and simulation
  • Healthcare
  • Architecture

Types of Virtual Reality

There are different kinds of virtual reality are: –

1. Non-Immersive reality –This type of virtual reality can be seen in simulators. It includes a widescreen computer with sound system and comes with several other accessories like headphones, joysticks, head mount etc. It is known as non-immersive reality because the viewers don’t experience being in back time, and they do not get fully immersed in reality, generated by this device.

2. Fully-immersive –The fully-immersive reality is much powerful the non-immersive because it comes with the powerful computer that can detect sound, sights, movement and adjust according to the user. To use this reality, user’s must-have head-mounted display (HMD) and sensory gloves.

3. Collaborative reality – This reality is in the form of virtual reality games, but they are not fully immersed. It offers an interactive experience to the user so that they can also share it with others in the virtual world.

4. Web-based reality –Scientists discovered a way to use virtual reality over on the internet with the help of Virtual Reality Markup Language (VRML). This reality gives people new ways to explore shops, publish information, share ideas, thoughts, opinion with other people on social media.

5. Augmented reality – Augmented reality gives the user an experience in which the user won’t be able to tell the difference between the real world and augmented reality. Last year tech giant Google started using augmented reality in their products. Pokémon Go Game is one of the best examples of pure augmented reality. Sectors where augmented reality is widely used, are entertainment, designing, robotics, defence training, manufacturing and many more.

Devices used for Virtual Reality

The virtual reality devices come with monitors, touch perceptions, sound systems etc. The other hardware gadgets use for virtual reality are: –

  • Data Gloves
  • Head-mounted-displays
  • Immersive rooms
  • Wands
  • Handheld virtual reality controller
  • Joysticks

The Prominent Market Players Using Virtual Reality

  • Microsoft Corporation
  • Sony Corporation
  • Qualcomm Technologies Inc
  • Google
  • Facebook Inc
  • Vuzix Corporation
  • Samsung Electronics
  • Avegant Corporation

Virtual Reality Key Market Segments

1. By Industry Vertical

    • Manufacturing
    • Healthcare
    • Gaming & Entertainment Media
    • Automotive
    • Education
    • Aerospace & Defence
    • Real Estate
    • Others

2. By Technology

    • Immersive
    • Non-immersive

3. By Device Type – head-mounted devices and cloud-based services.

4. By Application

    • Commercial – e-commerce, education and training, advertising.
    • Enterprise
    • Healthcare- surgery, fitness management, pharmacy management
    • Others – automotive industry, mining.

5. By Region -North America, Asia, Europe, Middle-East Africa, Latin America and others.

Industries use Virtual Reality Solutions

There are so many industries where virtual reality is used and do wonders, some of them are: –

For Corporate Training –Virtual reality changed the entire way to train their workforce and employees. It helps businesses to create training sessions in which their employees can learn how to handle the situation to get rid of the complex business situations.

Real Estate –It emerges as a useful solution for the real estate industry. For example – people who are looking to buy a property but they are not able to visit that residence. In such conditions, with the help of virtual reality, the broker can provide them with a virtual tour of that property.

Healthcare sector–Through virtual reality, the healthcare industry is improving day by day. Medical students can operate on dummies without mistakes and endangering the life of the patient.

Fashion industry – With the virtual reality, people allow to attend fashion shows without been physically present in the venue. Many companies create 360-degree videos of their shows to save money. The video can be seen with the help of VR headsets.

Conclusion

After seeing all the vital aspects, we can easily view that the global virtual reality industry is growing in competitiveness among the companies. If you are also looking for Virtual reality solutions, SVAP Infotech can assist you with your initial app concepts and seamlessly guide you through the design and development stages, before creating a best-in-class industry-leading Virtual Reality application.