Virtual Reality (VR) in Entertainment Market – Industry Analysis, Forecasts and Opportunity Assessment (2016-2023)
Report on Virtual Reality (VR) in Entertainment Market – Industry Analysis, Forecasts and Opportunity Assessment (2016-2023)
Introduction to Virtual Reality (VR) in Entertainment Market
The virtual and augmented reality market continues to soar, driven by new technologies, application and consumer interest across the entertainment world. Entertainment is usually associated with involvement, escape and bringing impossible to life; thus helping forget about the reality. Virtual reality offers the same, but with a massive technological spur, stimulating environment and graphics that often look better than the truth.
VR Market Size
The total VR market size was $2.0 billion in 2016 and is expected to reach $17.8 billion by 2022, driven by identification of new areas of application of VR such as healthcare, museums, and theme parks to name a few. The total number of VR users is estimated to be 170 million in 2018.
VR market analysis
The latest technology offering such as 3D, 4K, and 8K are boosting the growth of virtual reality. Stunning graphics, high definition, and motion with high-end audio are driving consumers to test the new technology.
Virtual reality market research
The VR market is highly competitive and requires market players to be innovative and introduce new products in its portfolio to protect or grow its market share. Mergers and acquisitions have to be a continuous process for firms seeking to expand to different markets. Currently, North America dominates the VR market, witnessing high demand due to growth in OLED displays, optical and positional tracking virtual reality solutions. However, APAC region is expected to witness a high growth due to growing consumer base, especially in India and China.
Virtual Reality Market Segmentation
The VR market can be classified into 5 key segments
- Component: This includes the different hardware and software used by firms. Proprietary and patents by big firms and the ability to invest in R&D lets big companies disrupt the market with technologies and innovation, an edge over the local players
- Technology: 3D audio, 3D depth sensors, 4K, 8K video streaming options
- Stimulation: Gesture Control, Positional Tracking, Optical Tracking are some of the options available in VR games
- End Users: The consumers of VR can be Commercial Real Estate, Automotive, Game, Education, Healthcare or Education
- Region: It can chiefly be segmented into 4 regions – North America, Europe, APAC and Rest of the World.
Virtual reality market trends
Despite being a relatively new technology, VR has taken a commonplace in an individual’s lives. The integration of VR in gaming platforms such as Sony PlayStation and Microsoft Xbox and readily available mass market VR headsets have allowed easy penetration of this technology into masses.
Further, sensing a good opportunity, many start-ups have jumped into this field, with approximately $3.6 billion capital flowing in the VR/AR sector alone. VR gaming still remains the nerve centre in VR entertainment. There were around 35 virtual reality games that earned more than $1 million in revenue. The other areas where VR is being extensively marketed include Cinemas, Music, Theme, and Parks.
VR Museum: These days many people consider going to the museum a boring engagement. But with the advent of VR, many would reconsider their position. VR museum would be a digital replica or environment of the museum that exists miles away. Virtual Museum of Canada, with a collection of 2500 Canadian museum is the best example in this category.
VR Music: Today all the major music festivals create their own application or videos for virtual reality. This allows fans to enjoy music without leaving their home. Since the capacity is a constraint in live concerts or show, VR becomes a great way to build up the audience.
VR Cinema: Cinema till date remains the most popular out of home entertainment option for most individuals. The ability to view 3D movies provide consumers a unique experience. Major movie studios create a separate VR content in many countries. This includes the likes of Disney and Warner Bros.
Virtual Reality Market Share
The top firms shipping VR devices are Sony (43%), Oculus – Facebook (19.4%), HTC (12.9%), Microsoft (3.2%) and others (21.5%).
By the count of devices, the devices shipped by Sony was 2 million, Oculus – 0.9 million, HTC – 0.6 million, Microsoft – 0.15 million, and 1 million units by other vendors.
The report contains a comprehensive analysis on:
- Global Virtual Reality (Entertainment) Market Segments
- Global Virtual Reality (Entertainment) Market Drivers, Restraints and Opportunities
- Global Virtual Reality (Entertainment) Market Size & Forecast 2016 to 2023
- Supply & Demand Value Chain
- Global Virtual Reality (Entertainment) Market Current Trends
- Competition & Major Companies
- Technology and R&D Status
- Porters Five Force Analysis
- Strategic and Critical Success Factor Analysis of Key Players
Regional analysis for Global Virtual Reality (Entertainment) Market includes:
- North America
- US and Canada
- Latin America
- Mexico, Brazil, Argentina and Rest of Latin America
- Western Europe
- EU5 (Germany, France, Italy, Spain, U.K.)
- Nordic Countries (Denmark, Finland, Norway, and Sweden)
- Benelux (Belgium, The Netherlands, and Luxembourg)
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia and New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
- South Africa
- North Africa
- Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macroeconomic factors, and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
- Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
- Consumer and Pricing Analysis
- Market dynamics of the industry
- In-depth Market Segmentation
- Historical and Projected Market Sizing in terms of volume and value
- Recent market trends and Impact Factors
- R&D Status and Technology Overview
- Extensive Industry Structure Coverage