Virtual Reality Hardware Market Is Expected To Reach At High Value In Coming Years
Virtual Reality Hardware Market is an extremely interesting way to experience the places within replicated and immersive environments that can be similar or completely different from the real world. Virtual reality is a computer-generated environment, with a headphone and motion tracking. It looks like a virtual space where the user is also present. Virtual reality has become popular across various sectors including entertainment, healthcare, and education. It is used to deliver training to doctors and employees to avoid mistakes. Further, it helps architects to evaluate the design and see how the structure will look in real.
Virtual Reality Hardware Market Prominent Players
The prominent players in the global virtual reality hardware market are Google, Microsoft, Facebook Technologies LLC., Sony Interactive Entertainment Europe Limited, SAMSUNG ELECTRONICS CO., LTD., HTC Corporation, EON Reality Inc., and VUZIX, among others.
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The virtual reality hardware market is driven by the swift penetration of head-mounted displays in the gaming & entertainment segment, and sport sector. Increasing gaming community, the advancement of technology & growing digitization, as well as huge investments in the virtual reality market are further expected to boost the growth of the market. Display latency and high energy consumption affect the overall performance of virtual reality devices, which in turn are expected to impede the growth of this market.
Virtual Reality Hardware Market by Hardware Type
On the basis of hardware type, the virtual reality hardware market is segmented into sensors, semiconductor component, displays & projectors, position trackers and other products. The displays & projectors segment is estimated to account for the largest share in the global virtual reality hardware market.
Virtual Reality Hardware Market by Device Type
On the basis of device type, the market can be segmented into head-mounted displays and gesture-tracking devices. In terms of market share, the segment of head-mounted displays is estimated to account for the largest market share, as it finds major application in healthcare, retail, commerce, gaming, and entertainment.
The gesture-tracking devices segment is expected to grow at a higher CAGR during the forecast period. These tracking devices track the user’s movements and enable the user to interact with the virtual situation. The use of gesture-tracking devices in healthcare, gaming and entertainment application will play a vital role to boost the growth of the market.
Virtual Reality Hardware Market by Application
Similarly, in terms of application the virtual reality hardware market can be segmented into consumer, commercial and other applications. The consumer segment is estimated to account for the largest share of the global virtual reality hardware market. The large share of this segment can be attributed to increasing demand for head-mounted displays in consumer application, which includes sports, entertainment, and gaming.
Virtual Reality Hardware Market by Region
On the basis of region the market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America dominated the market of the virtual reality hardware market, owing to having advanced technologies, robust IT infrastructure, and presence of key market players. The U.S. is a major contributor to the growth of the market in North America. However, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered in China, Japan and India. Factors such as rise in adoption of the latest technologies, an increase in application areas among the industries in emerging economies such as India and China are further expected to fuel the growth of the market.
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