The global virtual reality headset market size is expected to reach USD 19.78 billion by 2025, registering a 21.5% CAGR from 2019 to 2025, according to a new study published by Grand View Research, Inc. Rising adoption of Virtual Reality (VR) electronic units in various sectors including entertainment, retail, healthcare, manufacturing, and telecommunications is anticipated to drive the growth.
Introduction of advanced headset models is expected to further drive the market for virtual reality headsets over the forecast period. Proliferation of the sales of smartphones and consumer electronics is anticipated to further fuel the growth. Smartphone-enabled headsets are expected to drive substantial demand as the manufacturers introduce mobile VR headsets using third-party mobile devices as the screen. This not only decreases the overall cost but also opens avenues for mobile application developers.
Furthermore, the costs associated with the technology has reduced significantly, thus the adoption of headsets in various application area has witnessed exponential growth across various industry verticals. The emergence of consumer VR coupled with falling Average Selling Price (ASP) of devices is expected to drive the market growth over the forecast period. However, lack of content and health-related issues such as motion sickness, hygiene, and comfort may restraint the growth of the VR headset market.
There has been a significant advancement in the evolution of VR peripherals which will be supported by the major game consoles and desktops. The market for wearable devices like the head-mounted displays, bodysuits, gloves, motion trackers, among others, is expected to witness a high demand from gaming enthusiasts.
Video game companies are rapidly adopting the VR technology to create games that are life-like and offer the most amazing experience. Virtual reality headsets have made a tremendous change in gaming industry and has given the participants a platform to be a part of the virtual domain with a real life-like feel. The wearable VR as VR headset gaming is expected to offer significant growth opportunities to the market players over the forecast period. Furthermore, the entertainment industry is anticipated to present immense growth opportunities for virtual reality devices and aligned solicitations. Entertainment segment has always presented itself as a novel adopter in implementing technologies to deliver enhanced user experience to its users.
The concept of applying virtual reality to entertainment-related plans is attracting the movie industry. The combination of VR/AR technology could create an immersive experience for the movie viewers in near future; 3D film characters could appear in front of, on the side, or behind the viewer, and as the story unfolds, the viewer could interact with the movie characters. For example, Magic Leap, an augmented reality company, offers a visualization technology to the user and allows interaction between the real world and fictional characters.
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Further key findings from the report suggest:
- The high end device segment is expected to expand at the fastest CAGR over the forecast period, attributed to the increasing demand of high end virtualization
- Virtual reality is expected to significantly transform the media and entertainment sector, owing to the increasing usage of VR headset in amusement parks, cinema halls, theme parks, and other such places
- The technology helps healthcare organizations formulate their existing processes more efficiently and precisely. VR in medical field involves live depictive imaging for assisting medical students and physicians
- Rising investments in gaming industry by the top players, is expected to significantly drive the demand for VR headsets over the forecast period
- Retail industry, with the rising consumer requirement for advanced shopping technology, will create significant traction in the VR headset market. For instance: IKEA VR and Lowe’s Holoroom VR provides customers to visualize renovation and home improvement before it happens
- HTC Corporation; Sony Corporation; Samsung Group; Facebook, Inc.; Google LLC; Microsoft Corporation; Razer Inc.; Carl Zeiss AG; LG Electronics, and others are the key participants of virtual reality headset market