The Virtual Reality or VR is a digitally created experience where a three-dimensional (3D) environment is simulated with the real-world. This technology offers an immersive experience to viewers with the aid of VR devices for instance gloves, headsets or glasses, and bodysuits. Additionally, rising usage of VR technology in instructive training such as for training mechanics, soldiers in defense, field workers, engineers, pilots, and technicians, in the manufacturing and oil & gas sectors is driving the market growth.
As per analysis, “Europe 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 Europe virtual reality market include Hewlett-Packard Development Company. L.P, Cyberglove Systems Inc., Qualcomm Technologies, Inc., Sony Corporation, Facebook Inc., Oculus VR, LLC, Total Immersion, Inc., Samsung Electronics Co. Ltd, EON Reality, Inc., Meta Inc., Sixense Entertainment, Inc, Zappar Ltd., Nintendo Co., Ltd., Sony Corporation, Leap Motion, Inc., Atheer, Inc., Virtuix, Microsoft Corporation, Apple Inc. and among others.
By component, Europe virtual reality market is categorized into hardware (cameras, semiconductor components, position trackers, sensors, displays & projector and others), and software (cloud services and software developer kits). By technology, market is categorized into semi-immersive technology, fully-immersive technology and non-immersive technology. By device, market is categorized into gesture-tracking devices, head-mounted display (HMD) and projector & display wall. By platform, market is categorized into console VR, mobile VR and PC VR. By industry vertical, market is categorized into education, retail & marketing, entertainment & media, gaming, healthcare, automotive, aerospace & defense, and other verticals. In addition, by end-user, market is categorized into enterprise (small & medium enterprises and large enterprises) and consumer.
The Europe virtual reality market is driven by advancement of technology & growth in digitization, followed by rise in availability of affordable VR devices, high investments in VR market, growth in adoption of HMDs in different industries and increase in penetration of HMDs in the gaming & entertainment sector post Covid-19. However, health concerns relating to low resolution & lack of movement and display latency & energy consumption affect overall performance of VR device may impact the market. Moreover, rise in demand for VR HMDs in the healthcare sector attributed to the COVID-19 pandemic, rise in use of VR in aerospace & defense for training & simulation and increase in penetration of HMDs in healthcare & architectural applications are key opportunities for market. Furthermore, adverse impact of lockdowns due to COVID-19 on commercial trade is a major challenge for market.
By country-wise analysis, the Europe virtual reality market is segmented as UK, Spain, France, Italy, Germany, Russia and rest of the Europe. It is expected that future of the Europe virtual reality market will be bright on account of significant adoption of VR technology in various application areas across various industrial verticals, primarily in the gaming and automotive industries during the forecast period. Europe region has a wider gamer base that fuels the adoption of innovative virtual reality headsets in the region. The region witnesses prominence owing to rapid development and launch of advanced virtual reality hardware, targeted primarily at the gaming community in European countries.
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Ankur Gupta, Head Marketing & Communications