Immersive Virtual Reality Market Expanding with 16.1% CAGR
The latest market report published by Brisk Insights, “Immersive Virtual Reality Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the global market is worth US$ 1.5 Bn in 2018 and expected to grow at a CAGR of 16.1% during the forecast period from 2019 to 2027.
"Gaming & entertainment industry driving the demand for immersive VR devices"
The rapid increase in smartphone penetration along with the expected launch of 5G technology across many countries anticipated driving the global immersive virtual reality market from 2019 to 2027. Further, some of the well-known players of the tech-industry are arriving into the market, which is one of the many factors influencing the market. Along with Sony, HTC, and Samsung, Facebook, Google, and Microsoft have also invested in VR technology to try its fortune in the rapidly growing VR gaming industry. Some of the products available in the market are Sony’s PlayStation®VR, Shoogee’s Durovis Dive 6, and Google Cardboard. The 2014 acquisition of Oculus VR by Facebook has drifted the market towards growth, influencing the emergence of robust competition among players.
Furthermore, growing applications of VR technology in education, surgery, pilot flying training, and treating the mental disorders, the growth of the immersive VR is anticipated to be exponential. Moreover, increasing funding from investors in start-ups to develop immersive VR devices is further increasing the competition in the market. Start-ups like Sandbox, Video are working on VR technology to reduce its cost to increase their market share.
Overall, the global immersive virtual reality market was US$ 1.5 Bn in 2018 and expected to reach US$ 5.6 Bn in 2027, growing with a CAGR of 16.1% from 2019 to 2027.
Browse the full report at https://www.briskinsights.com/report/immersive-virtual-reality-market
The overall immersive virtual reality market is competitive in nature and it is growing at a moderate rate. The market players are adopting strategies acquisition small players and upgrading their current technology to stay competitive in the market. Some of the leading global players included in the reports are Sony, Google, Microsoft, Samsung, etc. among others.
• In February 2020, Dreamscape, in partnership with AMC Theatres announced that it will open its facility in Easton Town Center, Columbus, Ohio, U.S. The company is providing free-roaming VR experiences with immersive and fully sensory story-telling for all ages of people.
• In February 2020, Facebook acquired Sanzaru Games, popular for its fantasy-adventure game Asgard’s Wrath. Back in November 2019, Facebook has also acquired Beat Games, a VR game developer. With both this acquisition, Facebook has aggressively entered into the VR games market.
Key Market Movements:
• The global immersive virtual reality market estimated to grow with a CAGR of 16.1% from 2019 to 2027.
• Base on technology, the fully-immersive segment estimated to grow at the fastest rate during the forecast period.
• Based on device type, head-mounted display captured the major share and anticipated to be the fastest-growing segment during the forecast period.
• Based on the end-use, the gaming & entertainment segment captured the major market share of the global market. A large number of companies launching gaming headsets driving the segment growth.
• Based on the region, North America was the largest region of the global immersive virtual reality market in 2018.
List of Companies Covered:
• Durovis Dive (Shoogee GmbH & Co. KG)
• Sony Interactive Entertainment LLC
• Google LLC
• HTC Corporation
• LG Electronics Inc.
• Microsoft Corporation
• EON Reality
• and among others
The Global Immersive Virtual Reality Market is Segmented into:
Technology Segment (2017-2027; US$ Bn)
Device Type Segment (2017-2027; US$ Bn)
End-use Segment (2017-2027; US$ Bn)
Geography Segment (2017-2027; US$ Bn)
*Complete segmentation list is on a report page