The latest market report published by Credence Research, Inc. “Immersive Virtual Reality Market By Technology (Semi-immersive, Fully-immersive), By Device Type (Head-mounted Display, Gesture Tracking Devices, Projectors & Display Walls), By End-use (Gaming & Entertainment, Aerospace & Defense, Healthcare, Education, Others) – 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.
Market Insights
“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.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/immersive-virtual-reality-market
Furthermore, growing applications of VR technology in education, surgery, a 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, Vrideo 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.
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.
Industrial Developments
• 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, 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 end-use, gaming & entertainment segment captured the major market share of the global market. Large number companies launching gaming headsets driving the segment growth.
• Based on the region, North America was the largest region of global immersive virtual reality market in 2018.
List of Companies Covered:
• Durovis Dive (Shoogee GmbH & Co. KG)
• Sony Interactive Entertainment LLC
• Google LLC
• Samsung
• HTC Corporation
• HMD-TECH
• LG Electronics Inc.
• Microsoft Corporation
• EON Reality
• Cyberith
• and among others
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About Credence Research (Original Publisher)
Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, nonlegislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.
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