VR Market to Surpass USD 40 Bn by 2020, Forecasts iGATE Research in Its New Cutting-edge Report Published at MarketPublishers.com14 Feb 2017 • by Natalie Aster
LONDON – Virtual reality (VR) is currently on the brink of becoming mainstream, with the market value likely to surpass USD 40 billion by 2020. VR involves the creation of a virtual world that engages with consumers.
The key factors driving the market comprise expanding digitisation, technology innovations, surging demand for head mounted displays (HMDs) in games and entertainment industries, alongside a hike in investment in the VR marketplace. Meantime, the expensiveness of devices and dearth of technical expertise, amid others, are the main factors impeding the growth of the VR market.
The technology behemoths are pouring a powerful lot of money into the VR market space, such as Facebook's acquisition of Oculus VR headset for USD 2 billion. As a result of a deep partnership with Oculus, Samsung has also created VR devices for use, in tandem with its top trending smartphones. The Samsung's Gear VR is now the biggest product in the mobile VR marketplace.
The giants like Facebook, Sony, Samsung and Google dominate VR, with more than 50% market share as of 2016.
Cutting-edge research report “Global Virtual Reality Market (Hardware and Software) and Forecast to 2020” drawn up by iGATE Research provides an all-round assessment of the rapidly evolving, high-growth VR market.
It categorises the marketplace by component, segment, application, and platform; providing the market size data and forecasts during 2014 – 2020. The study examines the market share by platform and application, as well as gives detailed about key companies’ market share as of 2016. The report provides top company sales data for 2016; sheds light on global M&As; discusses the latest involvement in VR of technology giants. The study canvasses the competitive landscape, provides profiling of the top 7 companies involved in the VR business. Furthermore, the report explores the drivers of the global VR market alongside identifying the main challenges to the sector growth.
More new research reports prepared by this publisher are at hand in the iGATE Research catalogue.