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This industry research report identifies Google, Netflix, Samsung Electronics, and Valve as some of the vendors in the global virtual reality market. This industry research report also presents a comprehensive analysis of the market by sector (content, hardware, and apps), by platform (consoles, mobile devices, and PCs), and by geography (the Americas, APAC, and EMEA).
Technavio’s market study identifies the increasing use of virtual reality (VR) for advertising as one of the primary growth factors for the virtual reality market. Users and brands are increasingly adopting VR technologies to connect with the brands and products, while also making a strong impact on the advertising market. Advertisers are using the integration of VR technology in mobile devices to cater to the large audiences. VR technology also aids in creating unique and attractive relatable content. Additionally, VR also demonstrates product attributes, features, and functionalities, and provides entertainment experience. Our market research analysts estimate that this market will grow steadily at a CAGR of almost 49% by 2021.
The increasing affordability of 360-degree cameras is influencing their adoption since these cameras can act as independent accessories in smartphones. Additionally, network sites such as Facebook and YouTube are adopting and promoting 360-degree videos that can be captured by smartphones and mobile apps. Smartphones manufacturers are also developing operating systems equipped with pre-installed camera apps with 360-degree photo capabilities. The increasing popularity of 360-degree content will be one of the key trends contributing to the VR market growth.
The virtual reality market is highly fragmented owing to the presence of several international, regional, and local players who offer advanced and innovative products. Vendors are competing based on their product portfolio, high content quality, competitive pricing, and features. The rising demand for high-quality products, technological advancements, and the entry of new vendors will intensify the level of competition among the players in the virtual reality market.
The vendors in the market are Google, Netflix, Samsung Electronics, Valve, 360 Labs, Koncept VR, JauntDODOcase, I AM CARDBOARD, KNOXLABS, OnePlus, PowisVR, Unofficial Cardboard, ZEISS VR ONE, HOMIDO, Mattel, Samsonite IP Holdings, Google Facebook (Oculus VR), HTC, Open Source Virtual Reality, Sony, Zebronics, FOVE, LG Electronics, CyberGlove Systems, MANUS VR, NeuroDigital Technologies, Virtalis, Dexta Robotics, Synertial EON Reality, Spinview Global, VRscape, AppReal, and Erminesoft.
VR apps are developed for various platforms, including Mac/PC, iPhone, Android, and Xbox 360 that enable consumers to play and access VR content on their devices. VR platforms such as Google Cardboard are low-cost systems and are designed to supplement the smartphone and VR applications. The VR apps virtual reality market segmentation is expected to witness growth in the forthcoming years.
Personal computers (PCs) integrated with VR have a large consumer base as they provide an enhanced VR experience. VR PC’s provide improved hardware tracking, ultra-smooth frame rates, and high-resolution textures. According to the virtual reality (VR) market outlook, this will have a positive impact on the VR market size & share.
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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