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The consumer virtual reality market share is expected to increase by USD 52.77 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 60.80%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
The consumer virtual reality market research report extensively covers market segmentation by component (hardware and software) and geography (APAC, North America, Europe, MEA, and South America).
The consumer virtual reality market report also offers information on several market vendors, including Alphabet Inc., Bitmovin Inc., Firsthand Technology Inc., HTC Corp., Manus Machinae BV, Microsoft Corp., NVIDIA Corp., Sony Group Corp., Ultraleap Ltd., and Unity Technologies Inc. among others.
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The increasing demand for VR technology is notably driving the consumer virtual reality market growth, although factors such as high development cost of consumer virtual reality solution may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the consumer virtual reality industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Consumer Virtual Reality Market Driver
Key Consumer Virtual Reality Market Trend
Key Consumer Virtual Reality Market Challenge
This consumer virtual reality market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global consumer virtual reality market as a part of the global IT spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the consumer virtual reality market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the consumer virtual reality market encompasses successful business strategies deployed by the key vendors. The consumer virtual reality market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Alphabet Inc. - The company offers virtual reality products such as Google Cardboard, Google Earth VR, and many more.
Alphabet Inc. - Other bets segment includes businesses such as Access, Calico, CapitalG, GV, Verily, Waymo, and X.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The consumer virtual reality market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the consumer virtual reality market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the IT spending market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
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40% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for consumer virtual reality in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The presence of key vendors, the growing gaming industry in Asia, especially in Japan, China, and India, and the rising investments in VR technologies to expand their application in different fields will facilitate the consumer virtual reality market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The first outbreak of COVID-19 was reported in China in December 2019 and later spread across APAC, which led to the temporary shutdown of several IT and infrastructure companies in the region. The outbreak of COVID-19 caused several fatalities in the region, which led to the imposition of lockdowns in many countries. However, the preference for remote work culture led to increasing demand for VR solutions in online shopping and OTT platforms. As consumers spent more time on online platforms in 2020, it positively impacted the demand for VR hardware and software solutions. This trend is expected to continue during the forecast period.
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The consumer virtual reality market share growth by the hardware segment will be significant during the forecast period. Technological advances and the growing adoption of virtual reality (VR) devices are expected to drive the segment growth. The number of users for consumer virtual reality hardware is increasing, owing to the high adoption of virtual reality technology in the gaming, entertainment, retail, sports, and travel industries. The increased popularity of 360-degree videos and VR gaming has led to a surge in demand for VR hardware.
This report provides an accurate prediction of the contribution of all the segments to the growth of the consumer virtual reality market size and actionable market insights on post COVID-19 impact on each segment.
Consumer Virtual Reality Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 60.80% |
Market growth 2022-2026 |
$ 52.77 billion |
Market structure |
Fragmented |
YoY growth (%) |
45.93 |
Regional analysis |
APAC, North America, Europe, MEA, and South America |
Performing market contribution |
APAC at 40% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alphabet Inc., Bitmovin Inc., Firsthand Technology Inc., HTC Corp., Manus Machinae BV, Microsoft Corp., NVIDIA Corp., Sony Group Corp., Ultraleap Ltd., and Unity Technologies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Component
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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