Virtual Reality or VR is a computer generated simulation of three-dimensional (3D) image that can be interacted with a physical environment with the aid of special electronic equipment that might include a head-mounted displays and gloves attached with the sensors. The use of VR in live events, gaming, and video entertainment is poised to witness steady growth over the forecast period.
As per analysis, “Asia Pacific Virtual Reality (VR) Market by Component, Technology, Device, Platform, Industry Vertical, End User, and Country 2020-2026: Trend Forecast and Growth Opportunity” the key companies operating in the Asia-Pacific virtual reality market include Nintendo Co., Ltd, Sixense Entertainment, Inc, Hewlett-Packard Development Company. L.P, Apple Inc., Leap Motion, Inc., Qualcomm Technologies, Inc., Cyberglove Systems Inc., Google Inc., Atheer, Inc., Facebook Inc., Meta Inc., Oculus VR, LLC, EON Reality, Inc., EON Reality, Inc., Samsung Electronics Co. Ltd, Total Immersion, Inc., Zappar Ltd, Virtuix, Sony Corporation and among others. The key companies have started developing the cell phones integrated with virtual reality technology. Furthermore, a rapid penetration from the conventional PC-console gaming to mobile gaming by hardcore gamers is anticipated to propel the growth of Asia-Pacific Virtual reality technology during the forecast period.
On the basis of component, Asia-Pacific virtual reality market is segmented as hardware and software. Hardware includes position trackers, sensors, displays & projectors, cameras, semiconductor component and others. Software includes software developer kits and cloud services. Hardware segment holds major share in market as it requires high initial cost of the products. On the basis of technology, market is segmented as non-immersive technology, semi-immersive technology and fully-immersive technology. On the basis of device type, market is segmented as Head-Mounted Display (HMD), projector & display wall and gesture-tracking device. HMD are widely used by gamers in order to experience the real time gaming with detailed graphics experience. On the basis of platform type, market is segmented as mobile virtual reality, console virtual reality and PC virtual reality. On the basis of application, market is segmented as education, aerospace & defense, automotive, healthcare, gaming, retail & marketing, entertainment & media and others. Entertainment & media sector dominates the market as VR based devices are more suitable for gaming & entertainment purpose and is being widely adopted for entertainment & media purpose. Additionally, on the basis of end-use, market is segmented as consumer and enterprises. Enterprises segment is further sub-segmented as small & medium enterprises and large enterprises.
The Asia-Pacific virtual reality market is driven by increase in penetration of internet services, followed by wide availability of mobile manufacturers & game developers and growth in adoption of high network technologies. However, high cost of manufacturing due to SoC integration may impact the market. Moreover, integration of 5G with VR and advancement in fully immersive technology are key opportunities for market.
On the basis of country-wise analysis, Asia-Pacific virtual reality market is segmented as China, India, Japan, South Korea, Australia, and rest of the APAC. China country dominates the market in the Asia-Pacific region owing to growth of high technological advancement coupled with increased partnership among the manufacturers to improve the business in the region.
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Ankur Gupta, Head Marketing & Communications