Virtual Reality Market worth $44.7 billion by 2024 with a growing CAGR of 33.47%

The virtual reality (VR) market is expected to grow from USD 7.9 billion in 2018 to USD 44.7 billion by 2024, at a CAGR of 33.47% during the forecast period. The penetration of HMDs in the gaming and entertainment sector, huge investments in the VR market, advancement of technology and growing digitization, and availability of affordable VR devices are the major factors fueling the growth of the overall market.

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The use of OLED microdisplays will be a new advancement in the next few years in the VR market. Commercially available VR headsets use smartphone displays. These allow a large field of view through the use of simple optics. The major disadvantage of using these displays is in their pixelated image representation, courtesy to its insufficient pixel density and limited resolution. Hence, the use of OLED microdisplays can be of great advantage with diagonals of about 1 inch or higher and HD resolution. This helps in providing considerably improved image quality. Also, the fast display backplane provides high imaging refresh rates of up to 120 fps with minimal latency.

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The virtual reality software market is expected to lead by 2024. The enterprise sector in the virtual reality software market would grow with the highest rate courtesy to its use in industrial setups for prototype creation. This would boost the VR market for enterprise applications. Content creation can transform the way VR is used in many applications such as product designing, car manufacturing, and interior designing.

Gesture-tracking devices would be growing at the highest CAGR in the virtual reality market. The gesture-tracking devices can be used prominently for medical training and simulation, and also in therapy. Gesture-tracking devices are usually combined with head-mounted displays and other fully immersive devices for active interaction with the virtual environment.

Virtual reality is used in enterprise applications mainly for the training of personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. Traditionally, training was conducted using classroom methods; however, the introduction of virtual reality has added a new dimension to the training methodology. Using virtual reality, a high level of immersion can be achieved that can help a trainee understand things in a better way.

APAC is expected to lead the VR market by 2024 due to the high demand for VR devices in the region and also due to the emergence of local manufacturers in China providing VR devices at low cost. Owing to the presence of a number of display panel manufacturers in the region, APAC witnesses an increasing adoption of latest technologies. Consumer electronics, retail, BFSI, healthcare, transportation, and sports and entertainment industries are expected to contribute substantially to the growth of the VR market in APAC. These industries offer huge potential for the VR market because of the increasing awareness among consumers and the rising adoption of new technologies in various industries, especially in countries such as China, India, and South Korea.

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The penetration of HMDs in healthcare and architectural applications offers growth opportunities for the VR market players. With advanced interfaces, such as HMDs, medical professionals can easily perform surgeries and also provide post-operative care through VR simulation. HMD can thus make the medical sector more proactive in treating patients. This technology is rapidly gaining importance among medical professionals and is expected to play an important role in assisting doctors and surgeons in the near future. The VR platform provides a riveting view of the building design and an interactive, navigable, and immersive experience so that the client and architect can understand the structure and make suitable modifications prior to the construction.

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