Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Virtual Reality Headset Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 13, 2021 (GLOBE NEWSWIRE) -- The Global Virtual Reality Headset Market is anticipated to grow at a CAGR of around 28.1% during the forecast period 2020 to 2027 and to reach around US$ 44.2 Bn by 2027.
Increasing adoption of VR from various end use industries across the globe is expected to drive the growth of the global virtual reality headset market.
The market in North America is expected to account for a major revenue share in the global virtual reality headset market due to the increasing use of virtual reality in healthcare sector. Government is spending high in the development of present healthcare sector. Their focused towards delivering enhanced care to patients with advanced technology. Increasing use of new technology in order to treat and train medical professionals is gaining importance. With the help of virtual reality it becomes easy to access and view complex areas in the human body.
Major players are investing high for R&D activities their approach towards enhancing the business through strategic acquisitions is expected to augment the growth of virtual reality headset market. In 2020, Apple Inc., a global technology company acquired NextVR. The company specializes in recording live events like concerts and sports matches to be experienced in VR. This acquisition is expected to help the company to enhance the business and increase the product offering.
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The market in Asia Pacific is expected to witness faster growth in the target market due to high demand from entertainment and gaming industry. Gaming industry is flourishing in developing countries. Players operating in countries such as South Korea and Japan and focused on providing a better consumer experience. In 2019, around 65.7% of South Koreans stated that they were playing video games. Almost 6 in 10 South Koreans between the age of 10 and 65 years stated that they were playing mobile games, while 42.1% reported they were playing PC games.
Emerging countries such as India and Australia are spending high in order to uplift the educational bars. Their approach towards deploying virtual reality technology in educational sector in order to simplify the teaching experience is gaining traction. Players approach towards tracking the untapped market in emerging countries is expected to support the growth of target market. Favorable business policies by the government and emergence of mid-size enterprises with innovative solutions are expected to boost the regional market growth.
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Increasing demand from various end use industries such as healthcare, gaming, automotive, etc. is a major factor expected to drive the growth of global virtual reality headset market. In addition, deployment of VR technology at events as a part if marketing strategy in order to reach maximum customers is expected to support the growth of virtual reality headset market.
Innovative product launches by major players in order to attract new customers is expected to boost the growth of virtual reality headset market. In 2021, Apple Inc. a global technology company is expected to launch its VR product “Apple Glasses”. The product launch is expected to help the company to enhance the business and increase the revenue share. Factors such as high cost of devices and lack of advanced infrastructure for the adoption of advanced technology are factors expected to hamper the growth of global virtual reality headset market. In addition, high initial investment is expected to challenge the growth of target market. However, increasing investment by major players and focus on integration of AI in devices are factors expected to create new opportunities for players operating in the virtual reality headset market over the forecast period. In addition, increasing strategic partnership activities is expected to support the revenue transaction of the target market.
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The global virtual reality headset market is segmented into end-device, product type, and application. The end-device segment is bifurcated into low-end device, mid-range device, and high-end device. Among end-device segment the High-end Device segment is expected to account for major revenue share in the global virtual reality headset market. The application segment is divided into gaming, healthcare, media & entertainment, manufacturing, retail, education, telecommunications, and others.
Among application the healthcare segment is expected to account for a noticeable revenue share in the target market. Players operating in the global virtual reality headset market are Carl Zeiss AG, Facebook Technologies, LLC, Google LLC, HTC Corporation, LG Electronics, Microsoft, Razer Inc., Samsung Electronics Co., Ltd., and Sony Corporation. The market is highly competitive due to presence of large number of players operating on global level.
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