Enterprise Virtual Reality (VR) Market is Estimated to Register a CAGR of 37.4% Over the Forecast Period
Market Segmentation
The global Enterprise Virtual Reality (VR) Market has been segmented on the basis of component, device type, technology, vertical, and region. Based on component, the market has been segmented into hardware and software. The hardware segment has further been divided into semiconductor components, sensors, and displays. The software segment has further been divided into software development kits and cloud based. The device type has been segmented into head-mounted displays, gesture tracking devices, projectors & display walls, and 3D cameras. The technology segment has been sub-segmented into non-immersive, semi-immersive, and fully immersive. The vertical segment has been sub-segmented into consumer electronics, aerospace & defense, healthcare, commercial, industrial, and others. The region includes North America, Europe, Asia-Pacific, and the rest of the world.
Prominent Players
Some of the Prominent Players in the global Enterprise Virtual Reality (VR) Market are Microsoft Corporation (US), Sony Corporation (Japan), Google LLC (US), Qualcomm Technologies, Inc (US), Facebook, Inc (US), Samsung Electronics (South Korea), Vuzix Corporation (US), Sensics, Inc. (US), Eon Reality, Inc. (US), Avegant Corporation (US), and Sixense Entertainment, Inc. (US).
Market Highlights
The global Enterprise Virtual Reality (VR) Market is spanned across North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to be one of the largest markets with the highest adoption of virtual reality technology. For the purpose of analysis, North America has been segmented into the US, Canada, and Mexico. During the forecast period, the US is expected to be the leading region, growing at a CAGR of 38.05%, followed by Canada with 36.01%, and Mexico with 34.47%. The presence of key market players such as Microsoft Corporation, Google LLC, and Facebook Inc. in the US has driven the growth of the Enterprise Virtual Reality (VR) Market in the region. Moreover, increasing demand for VR applications in consumer electronics and gaming and entertainment industries is further expected to propel the growth of the Enterprise Virtual Reality (VR) Market in North America in the near future.
On the other hand, Asia-Pacific is expected to witness the fastest growth at a CAGR of 40.56% in the Enterprise Virtual Reality (VR) Market during the forecast period. Increasing investments in the technological developments and rising adoption of HMD for simulation and training purposes is driving the market in the region. The Asia-Pacific region has been segmented into five regions–China, Japan, India, South Korea, and the rest of Asia-Pacific. China is dominating the market in the Asia-Pacific region owing to various government initiatives supporting the growth of start-ups in VR technology. India is expected to grow with the fastest CAGR of 42.09% owing to the growing number of mobile-based VR application developers in the country.
Europe is witnessing a steady growth in the global Enterprise Virtual Reality (VR) Market. For the purpose of analysis, Europe has been segmented into five regions—the UK, Germany, Italy, France, and the rest of Europe. Growing media and entertainment industry, increasing VR applications in the education and healthcare sector, and strategic alliances among the key market leaders and new entrants are driving the market growth in Europe. The UK, Germany, and France are the major revenue contributors to the market in the region.
The Global Enterprise Virtual Reality (VR) Market is expected to reach USD 101.2 Billion by 2027 at a CAGR of over 37.4% by the end of the forecast period 2017–2027.
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