Virtual Reality Market by Offering (Hardware and Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) and Geography - Global Forecast to 2024

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Date: 21-Jan-2019
No. of pages: 157
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“Virtual reality market projected to grow at 33.47% CAGR during 2018–2024”

The virtual reality (VR) market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% during the forecast period. The penetration of HMDs in the gaming and entertainment sector, huge investments in VR market, advancement of technology and growing digitization, and availability of affordable VR devices are the major factors fueling the growth of the overall market. However, display latency and energy consumption affecting the overall performance of VR devices and health concerns relating to low resolution and lack of movement might restrain the overall growth of the market.

“Fully immersive technology to grow at highest CAGR during forecast period”

The fully immersive technology-based VR devices enable users to feel the virtual environment in a realistic way. Head-mounted displays (HMD) or virtual reality goggles offer a fully immersive virtual reality environment. The realistic and interactive real-time environment offered by these devices make them ideal for gaming and entertainment. The increased use of fully immersive technology in the HMDs will drive this technology in the VR market.

“Software to register high CAGR in virtual reality market during forecast period”

VR devices have been available from last 3–4 years in a good number, though the content creation for the VR devices was lacking. Recently, the VR content creation has witnessed a high growth owing to the high demand. This will boost the VR software market growth in the next 5 years. The cloud-based services for VR and SDKs will play a crucial role in the development of the VR software market.

“APAC to lead virtual reality market by 2024”

Growing consumer and commercial markets with increasing investments in countries such as Japan, India, and China would boost the growth of the VR market in APAC. The use of VR has increased in commercial and consumer markets in APAC owing to the easy availability of VR technology in the region. The low-priced VR headsets are easily available in APAC countries, which would, in turn, help the market in APAC grow at a high pace. APAC will grow at the highest CAGR and is also expected to lead the VR market by 2024.

In the process of determining and verifying the market size for several segments and sub segments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the virtual reality market space.

The break-up of primary participants for the report has been shown below:


  • By Company Type: Tier 1– 36%, Tier 2– 44%, and Tier 3 – 20%

  • By Designation: C-level Executives– 61%, and Managers– 39%

  • By Region: North America– 35%, Europe – 32%, APAC– 21%, South America– 7%, and Middle East & Africa – 5%


The report profiles key players in the virtual reality market with their respective market ranking analysis. Prominent players profiled in this report are Sony (Japan), Samsung Electronics (South Korea), Google (US), Microsoft (US), HTC (Taiwan), Oculus (US), Eon Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US), Sensics (US), Sixense Enterprises (US), Nintendo (Japan), Psious (Spain), Mindmaze (Switzerland), WorldViz (US), Firsthand Technology (US), Virtuix (US), Survios (US), Merge Labs (US), SpaceVR (US), and Virtually Live (Switzerland).

Research Coverage:

This research report categorizes the global virtual reality market on the basis of technology, offering, device type, application, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the virtual reality market and forecasts the same till 2024.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:


  • This report segments the virtual reality market comprehensively and provides the closest market size projection for all sub segments across different regions.

  • The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.

  • This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches, partnerships, acquisitions, collaborations, expansion, and capital funding.

Virtual Reality Market by Offering (Hardware and Software), Technology, Device Type (Head-Mounted Display, Gesture-Tracking Device), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) and Geography - Global Forecast to 2024

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in Virtual Reality Market
4.2 Virtual Reality Market in APAC, By Application and Country
4.3 Virtual Reality Market: Developed vs Developing Markets, 2017 and 2024 (USD Billion)
4.4 Virtual Reality Market: Major Countries

5 Market Overview
5.1 Introduction
5.2 History and Evolution of VR Technology
5.3 Market Dynamics: VR Market
5.3.1 Drivers
5.3.1.1 Penetration of HMDs in Gaming and Entertainment Sector
5.3.1.2 Huge Investments in VR Market
5.3.1.3 Advancement of Technology and Growing Digitization
5.3.1.4 Availability of Affordable VR Devices
5.3.2 Restraints
5.3.2.1 Display Latency and Energy Consumption Affect Overall Performance of VR Devices
5.3.2.2 Health Concerns Relating to Low Resolution and Lack of Movement
5.3.3 Opportunities
5.3.3.1 Penetration of HMDs in Healthcare and Architectural Applications
5.3.3.2 Use of VR in Aerospace & Defense for Training and Simulation
5.3.4 Challenges
5.3.4.1 Developing User-Friendly VR Systems
5.4 Value Chain Analysis
5.5 Emerging Trends
5.5.1 Microdisplays for VR
5.5.1.1 Lomid Project
5.5.1.2 Kopin’s Microdisplay for VR Hmd

6 Virtual Reality Market, By Technology
6.1 Introduction
6.2 Virtual Reality Technology
6.2.1 Nonimmersive Technology
6.2.1.1 Usage of Nonimmersive Technology in VR Software Development Set to Drive the Market
6.2.2 Semi-Immersive and Fully Immersive Technology
6.2.2.1 Fully Immersive Technology to Be the Major Driver Owing to Demand in VR HMDs

7 Virtual Reality Market, By Offering
7.1 Introduction
7.1.1 Hardware
7.1.1.1 Sensors
7.1.1.1.1 Accelerometer
7.1.1.1.2 Gyroscope
7.1.1.1.3 Magnetometer
7.1.1.1.4 Proximity Sensor
7.1.1.2 Semiconductor Components
7.1.1.2.1 Controller and Processor
7.1.1.2.2 Integrated Circuits
7.1.1.3 Displays and Projectors
7.1.1.4 Position Trackers
7.1.1.5 Cameras
7.1.1.6 Others
7.1.2 Software
7.1.2.1 SDKs Will Play Crucial Role in VR Software Market
7.1.2.2 Software Development Kits
7.1.2.3 Cloud-Based Services
7.1.3 VR Content Creation
7.1.3.1 VR Content Creation is the Key to Strengthen VR Technology and Growth of VR Hardware Devices

8 Virtual Reality Market, By Device Type
8.1 Introduction
8.2 Virtual Reality Devices
8.2.1 Head-Mounted Displays
8.2.1.1 Use of HMDs in Gaming and Entertainment is the Major Driver for Growth of VR Hardware Devices
8.2.2 Gesture-Tracking Devices
8.2.2.1 Gesture-Tracking Devices to Play Crucial Role in Healthcare and Gaming Applications
8.2.2.1.1 Data Gloves
8.2.2.1.2 Others
8.2.3 Projectors & Display Walls
8.2.3.1 Projectors & Display Walls are New Growth Avenues in VR Hardware Market

9 Virtual Reality Market, By Application
9.1 Introduction
9.2 Virtual Reality Applications
9.2.1 Consumer
9.2.1.1 Gaming and Entertainment Applications are Major Drivers for VR Market Growth
9.2.1.1.1 Gaming and Entertainment
9.2.1.1.2 Sports
9.2.1.2 Use-Cases in Consumer
9.2.2 Commercial
9.2.2.1 Retail and Ecommerce to Drive Commercial Application in VR Market
9.2.2.1.1 Retail & Ecommerce
9.2.2.1.2 Education and Training
9.2.2.1.3 Travel and Tourism
9.2.2.1.4 Advertising
9.2.2.2 Use-Cases in Commercial
9.2.3 Enterprise
9.2.3.1 Increased Use of VR Technology and Devices in Industrial Facilities to Drive Enterprise Application in VR Market
9.2.3.2 Use-Cases in Enterprise
9.2.4 Healthcare
9.2.4.1 Patient Care Management and Medical Training & Education are Major Applications Driving the Growth of VR in Healthcare
9.2.4.1.1 Surgery
9.2.4.1.2 Patient Care Management
9.2.4.1.3 Fitness Management
9.2.4.1.4 Pharmacy Management
9.2.4.1.5 Medical Training and Education
9.2.4.2 Use-Cases in Healthcare
9.2.5 Aerospace & Defense
9.2.5.1 Simulation Training to Be Major Growth Factor of VR in Aerospace & Defense
9.2.5.2 Use-Case in Aerospace & Defense
9.2.6 Others
9.2.6.1 Automotive
9.2.6.2 Real Estate (Architecture and Building Design)
9.2.6.3 Geospatial Mining
9.2.6.4 Use-Cases in Other Applications

10 Virtual Reality Market, Geographical Analysis
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Strong Presence of VR Companies in US Likely to Drive the Market
10.2.2 Canada
10.2.2.1 Increasing Investment in Cutting-Edge Technologies to Fuel VR Market Growth in Canada
10.2.3 Mexico
10.2.3.1 Evolving Industries in Mexico to Drive the Market Growth
10.3 Europe
10.3.1 Germany
10.3.1.1 High Adoption of New Technologies in Manufacturing to Drive the Market in Germany
10.3.2 France
10.3.2.1 High Adoption in Retail to Enhance Growth of VR Market in France
10.3.3 UK
10.3.3.1 Continuous Focus on Digitalization Likely to Drive Growth of VR Market in UK
10.3.4 Rest of Europe
10.3.4.1 Inflow of Products and Technology From UK, Germany, and France Would Propel VR Market Growth in Rest of Europe
10.4 APAC
10.4.1 China
10.4.1.1 High Number of Local Players Producing VR Devices to Drive Growth of VR Market in China
10.4.2 India
10.4.2.1 Increasing Awareness of Advanced Technology to Play Crucial Role in the Growth of VR Market in India
10.4.3 Japan
10.4.3.1 High Growth of Healthcare Sector in Japan to Fuel Growth of VR Market
10.4.4 South Korea
10.4.4.1 Digital Revolution in Industrial Sector in South Korea Would Drive Growth of VR Market
10.4.5 Rest of APAC
10.4.5.1 High Consumer Spending in Rest of APAC Would Boost the VR Market
10.5 RoW
10.5.1 Middle East & Africa
10.5.1.1 Oil & Gas and Mining to Fuel Growth of VR Devices in Middle East and Africa
10.5.2 South America
10.5.2.1 Growing Consumer Market to Drive Growth of VR Market in South America

11 Competitive Landscape
11.1 Introduction
11.2 Competitive Scenario
11.2.1 Product Launches & Developments
11.2.2 Partnerships
11.2.3 Agreements, Collaborations, and Capital Funding
11.2.4 Acquisitions and Expansions
11.3 Virtual Reality Market, Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differtiators
11.3.3 Innovators
11.3.4 Emerging Companies

12 Company Profiles
12.1 Introduction
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
12.2 Key Players
12.2.1 Google
12.2.2 Microsoft
12.2.3 Oculus VR (Facebook)
12.2.4 Sony
12.2.5 Samsung Electronics
12.2.6 HTC
12.2.7 Eon Reality
12.2.8 Vuzix
12.2.9 CyberGlove Systems
12.2.10 Leap Motion
12.2.11 Sensics
12.2.12 Sixense Enterprises
12.3 Key Innovators
12.3.1 Nintendo
12.3.2 Psious
12.3.3 Mindmaze
12.3.4 Firsthand Technology
12.3.5 Worldviz
12.3.6 Virtuix
12.3.7 Survios
12.3.8 Merge Labs
12.3.9 SpaceVR
12.3.10 Virtually Live

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details

List of Tables

Table 1 VR Market, By Technology, 2016–2024 (USD Million)
Table 2 VR Market for Nonimmersive Technology, By Offering,, 2016–2024 (USD Million)
Table 3 VR Market for Semi- and Fully Immersive Technologies,, By Offering, 2016–2024 (USD Million)
Table 4 VR Market, By Offering, 2016–2024 (USD Million)
Table 5 VR Market, Hardware, 2016–2024 (USD Million)
Table 6 VR Market for Software, By Application, 2016–2024 (USD Million)
Table 7 Virtual Reality Market, Device Type, 2016–2024 (USD Million)
Table 8 Virtual Reality Market, Device Type, 2016–2024 (Thousand Units)
Table 9 Virtual Reality Hmd Market, By Application, 2016–2024 (USD Million)
Table 10 Virtual Reality Market for Gesture-Tracking Devices,, By Application, 2016–2024 (USD Million)
Table 11 Virtual Reality Market for Projectors & Display Walls,, By Application, 2016–2024 (USD Million)
Table 12 Virtual Reality Market, By Application, 2016–2024 (USD Million)
Table 13 Virtual Reality Market for Consumer Applications, By Device Type, 2016–2024 (USD Million)
Table 14 Virtual Reality Market for Consumer Applications, By Region,, 2016–2024 (USD Million)
Table 15 Virtual Reality Market for Consumer Applications in North America,, By Country, 2016–2024 (USD Million)
Table 16 Virtual Reality Market for Consumer Applications in Europe,, By Country, 2016–2024 (USD Million)
Table 17 Virtual Reality Market for Consumer Applications in APAC, By Country, 2016–2024 (USD Million)
Table 18 Virtual Reality Market for Consumer Applications in RoW, By Region, 2016–2024 (USD Million)
Table 19 Virtual Reality Market for Commercial Applications, By Device Type, 2016–2024 (USD Million)
Table 20 Virtual Reality Market for Commercial Applications, By Region,, 2016–2024 (USD Million)
Table 21 Virtual Reality Market for Commercial Applications in North America, By Country, 2016–2024 (USD Million)
Table 22 Virtual Reality Market for Commercial Applications in Europe,, By Country, 2016–2024 (USD Million)
Table 23 Virtual Reality Market for Commercial Applications in APAC,, By Country, 2016–2024 (USD Million)
Table 24 Virtual Reality Market for Commercial Applications in RoW, By Region, 2016–2024 (USD Million)
Table 25 Virtual Reality Market for Enterprise Applications, By Device Type, 2016–2024 (USD Million)
Table 26 Virtual Reality Market for Enterprise Applications, By Region,, 2016–2024 (USD Million)
Table 27 Virtual Reality Market for Enterprise Applications in North America, By Country, 2016–2024 (USD Million)
Table 28 Virtual Reality Market for Enterprise Applications in Europe,, By Country, 2016–2024 (USD Million)
Table 29 Virtual Reality Market for Enterprise Applications in APAC, By Country, 2016–2024 (USD Million)
Table 30 Virtual Reality Market for Enterprise Applications in RoW, By Region, 2016–2024 (USD Million)
Table 31 Virtual Reality Market for Healthcare Applications, By Device Type, 2016–2024 (USD Million)
Table 32 Virtual Reality Market for Healthcare Applications, By Region,, 2016–2024 (USD Million)
Table 33 Virtual Reality Market for Healthcare Applications in North America, By Country, 2016–2024 (USD Million)
Table 34 Virtual Reality Market for Healthcare Applications in Europe,, By Country, 2016–2024 (USD Million)
Table 35 Virtual Reality Market for Healthcare Applications in APAC,, By Country, 2016–2024 (USD Million)
Table 36 Virtual Reality Market for Healthcare Applications in RoW, By Region, 2016–2024 (USD Million)
Table 37 Virtual Reality Market for Aerospace & Defense Applications, By Device Type, 2016–2024 (USD Million)
Table 38 Virtual Reality Market for Aerospace & Defense Applications,, By Region, 2016–2024 (USD Million)
Table 39 Virtual Reality Market for Aerospace & Defense Applications in North America, By Country, 2016–2024 (USD Million)
Table 40 Virtual Reality Market for Aerospace & Defense Applications in Europe, By Country, 2016–2024 (USD Million)
Table 41 Virtual Reality Market for Aerospace & Defense Applications In, APAC, By Country, 2016–2024 (USD Million)
Table 42 Virtual Reality Market for Aerospace & Defense Applications In, RoW, By Region, 2016–2024 (USD Million)
Table 43 Virtual Reality Market for Other Applications, By Device Type,, 2016–2024 (USD Million)
Table 44 Virtual Reality Market for Other Applications, By Region,, 2016–2024 (USD Million)
Table 45 Virtual Reality Market for Other Applications in North America,, By Country, 2016–2024 (USD Million)
Table 46 Virtual Reality Market for Other Applications in Europe, By Country, 2016–2024 (USD Million)
Table 47 Virtual Reality Market for Other Applications in APAC, By Country, 2016–2024 (USD Million)
Table 48 Virtual Reality Market for Other Applications in RoW, By Region, 2016–2024 (USD Million)
Table 49 VR Market, By Region, 2016–2024 (USD Million)
Table 50 VR Market in North America, By Application, 2016–2024 (USD Million)
Table 51 VR Market in North America, By Country, 2016–2024 (USD Million)
Table 52 VR Market in Europe, By Application, 2016–2024 (USD Million)
Table 53 VR Market in Europe, By Country, 2016–2024 (USD Million)
Table 54 VR Market in APAC, By Application, 2016–2024 (USD Million)
Table 55 VR Market in APAC, By Country, 2016–2024 (USD Million)
Table 56 VR Market in RoW, By Application, 2016–2024 (USD Million)
Table 57 VR Market in RoW, By Region, 2016–2024 (USD Million)
Table 58 Product Launches & Developments: Virtual Reality Market, 2017 & 2018
Table 59 Partnerships: Virtual Reality Market, 2014–2017
Table 60 Agreements, Collaborations, and Capital Funding: Virtual Reality, 2014–2017
Table 61 Acquisitions and Expansions: Virtual Reality Market, 2014–2017

List of Figures

Figure 1 Market Segmentation
Figure 2 VR Market: Research Design
Figure 3 Bottom-Up Approach to Arrive at the Market Size
Figure 4 Top-Down Approach to Arrive at the Market Size
Figure 5 Data Triangulation Methodology
Figure 6 Virtual Reality Market, 2016–2024 (USD Billion)
Figure 7 Head-Mounted Displays Held Largest Share in Virtual Reality Market in 2017
Figure 8 Consumer Application to Lead Virtual Reality Market From 2018 to 2024
Figure 9 APAC to Hold Largest Share of Virtual Reality Market By 2024
Figure 10 North America Held Largest Size of VR Market for Consumer Applications in 2017
Figure 11 Growing Consumer Applications of Virtual Reality to Drive Market Growth During Forecast Period
Figure 12 Consumer Application and China to Hold Largest Share of Virtual Reality Market in APAC By 2024
Figure 13 China Expected to Witness Highest CAGR By 2024
Figure 14 China to Grow at Fastest Rate During Forecast Period
Figure 15 Evolution of VR Technology
Figure 16 Demand for VR Applications in Gaming and Entertainment Sector Will Drive Growth of VR Market
Figure 17 Value Chain Analysis (2017): Major Values are Added During Research and Product Development, and Manufacturing Stages
Figure 18 Elements of VR Ecosystem
Figure 19 Semi-And Fully Immersive Technologies Dominate Virtual Reality Market During Forecast Period
Figure 20 VR Market for Software to Witness Higher CAGR During Forecast Period
Figure 21 Virtual Reality Market for Displays and Projectors to Witness Highest CAGR During Forecast Period
Figure 22 VR Software Market for Enterprise Application to Witness Highest CAGR During Forecast Period
Figure 23 Virtual Reality Market for Gesture-Tracking Devices to Witness Highest CAGR During Forecast Period
Figure 24 Virtual Reality Market for Gesture-Tracking Devices to Witness Highest CAGR During Forecast Period in Terms of Market Shipments
Figure 25 VR Market for Enterprise Applications to Witness Highest CAGR From 2018 to 2024
Figure 26 Geographic Snapshot: VR Market in APAC to Witness Highest Growth Rate During Forecast Period
Figure 27 US to Hold Largest Size of VR Market From 2017 to 2024
Figure 28 North America: Snapshot of Virtual Reality Market
Figure 29 Europe: Snapshot of VR Market
Figure 30 APAC: Snapshot of VR Market
Figure 31 Companies Adopted Product Launches & Developments as Key Growth Strategies From 2014 to 2018
Figure 32 Ranking of Top 5 Players in Virtual Reality Market +
Figure 33 Companies Adopted Product Launches & Developments as Key Growth Strategies From 2014 to 2018
Figure 34 Geographic Revenue Mix of Major Players
Figure 35 Google: Company Snapshot
Figure 36 Microsoft: Company Snapshot
Figure 37 Sony: Company Snapshot
Figure 38 Samsung Electronics: Company Snapshot
Figure 39 HTC: Company Snapshot
Figure 40 Vuzix: Company Snapshot

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