Virtual Reality Headsets are increasingly becoming household stuff. The wide adoption of VR headsets across the sectors indicates its ability, which is not limited to enabling 3D experience in gaming, music, movies, or traveling. They have also widely penetrated burgeoning industries such as defense and healthcare. In the military sector, a VR Headset along with its other scientific applications, is used to improve mental and health training programs.
The global VR headset market is one of the fastest growing markets. Innovations in VR headsets led by the advances in technology and expertise commutatively support the growth of the global VR headset market escorting it to ascended levels on the global platform. According to an eminent research firm, Market Research Future (MRFR), the global virtual reality headset market would reach approximately USD 5 BN by 2022, posting a whopping double-digit CAGR over 35 % throughout the forecast period (2016 – 2022).
Healthcare sector is an early adopter of virtual reality technology and has been using VR technology as a diagnostic tool which enables doctors to arrive at a diagnosis in conjunction with other methods such as MRI scans to eliminate the further need for invasive procedures or surgery. Now, the sector also accounts for one of the early adaptors of VR headsets, using it for surgery simulation, phobia treatment, robotic surgery, and skills training, among others.
Besides, VR headsets are also used in a technique called virtual mirror therapy, which involves putting on a VR headset and controlling a virtual version of the absent limb which is increasingly helping patients to better cope-op with the “phantom pain”. This phenomenal research was brought forward by a group of students at San Francisco State in mid-2017.
VR headsets are increasingly penetrating in the fitness sector (GYM & personal well-being Fitness sector) as well, helping people to shed extra pounds exercising at the comfort of home. Enjoying an augmented adoption and demand in various burgeoning sectors, virtual reality headsets are evolving rapidly due to the rising technological advancements.
Additionally, widespread uptake of VR headsets in other rapidly growing industries such as media and entertainment (advertising, gaming, etc.) and automotive, is fostering the VR headset market to an extent. Market Penetration of smartphones is also driving market growth, exponentially.
Conversely, high cost associated with the VR headsets, due to the sophistication of hardware is impeding the growth of the market, restricting the technology with the lesser accessibility. Nevertheless, expected developments in related technologies are expected to support the growth of the market, bringing down the cost of the headsets and making it affordable for all.
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For a better understanding, the report has been segmented into four key dynamics:
By Component: Comprises Controller, Head mounted display.
By Application: Comprises Automobile, Healthcare, Consumer electronics, Gaming Industry and other.
By Type: Comprises Handheld, PC connection, Smartphone enabled.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
North American region would retain its dominance over the global virtual reality headsets market. Technological advancements and increasing uptake in the education and training sector are some of the factors driving the regional market. Also, the growing investment in technologies and high demand by films, education system, and military to develop and improve visual experience fosters the market growth in the region. Moreover, early adoption of the latest cutting-edge VR technologies assures region an edge over other regions.
The Asia Pacific region virtual reality headsets market is rapidly emerging as a profitable market, globally. Considerable advancements in related technologies and the availability of futuristic yet cost-competitive technologies are key driving force behind the growth, the market in the region is witnessing. Also, the increasing adoption of virtual reality headsets across government and commercial sectors for various purposes provides impetus to the growth of the regional market.
Virtual Reality Headsets Market – Competitive Landscape
Highly competitive, the VR headsets market appears to be diversified due to the presence of a large number of players. These players invest heavily in R&D, global expansion, advanced technologies, and product launch to gain a competitive edge in the market.
Players leading the global VR headsets market include Samsung electronics Ltd. (South Korea), Sony Corporation (Japan), HTC Corporation (Taiwan), Google (US), Facebook (U.S.), Microsoft Corporation (US), Oculus VR, LLC (US), Fove, Inc. (US), Avegant Corporation (US), and LG Electronics, Inc. (South Korea), and among others.
Industry/Innovation/ Related News:
May 21, 2019 — Facebook Inc. (the US) and its Oculus virtual-reality division launched new VR headset – the Oculus Quest, the first headset to break free of that dichotomy and the results are splendid to behold. The Quest is Facebook’s second attempt at a standalone headset and is now available in 22 countries, including the UK and US. It is one of the best-looking VR headsets currently on the market.
July 01, 2019 — HTC Corporation (Taiwan), a consumer electronics company & HTC Vive, company’s VR Headset segment launched a new unit today, Vive Enterprise Solutions, to help businesses take advantage of virtual reality. Vive Enterprise Solutions will be entirely focused on enterprise VR. Any professional need related to VR hardware, software, or services.
The move follows the release of the Vive Pro last year, a headset that managed to fix all problems that the original Vive had, but at a high cost, affordable for only businesses and professionals. On June 26th, HTC unveiled its new VR headset, the Vive Cosmos that features inside-out tracking, improved displays, and a modular design.
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List of Figures
FIGURE 1 RESEARCH PROCESS
FIGURE 2 DRIVERS OF GLOBAL VIRTUAL REALITY HEADSETS MARKET
FIGURE 3 GLOBAL VIRTUAL REALITY HEADSETS MARKET: BY TYPES (%)
FIGURE 4 GLOBAL VIRTUAL REALITY HEADSETS MARKET: BY APPLICATION (%)
FIGURE 5 GLOBAL VIRTUAL REALITY HEADSETS MARKET SHARE BY REGION (2016 & 2022) (%)
FIGURE 6 NORTH AMERICA VIRTUAL REALITY HEADSETS MARKET, BY TYPES (%)
FIGURE 7 NORTH AMERICA VIRTUAL REALITY HEADSETS MARKET, BY APPLICATION (%)
FIGURE 8 NORTH AMERICA VIRTUAL REALITY HEADSETS MARKET SHARE BY COUNTRY (2016 & 2022) (%)
FIGURE 9 EUROPE VIRTUAL REALITY HEADSETS MARKET, BY TYPES (%)
FIGURE 10 EUROPE VIRTUAL REALITY HEADSETS MARKET, BY APPLICATION (%)
FIGURE 11 EUROPE VIRTUAL REALITY HEADSETS MARKET SHARE BY COUNTRY (2016 & 2022) (%)
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