Asia Pacific Virtual Reality Market Future Outlook to 2027: Ken Research

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Virtual Reality Market Definition and Overview

As a technological paradigm, Virtual Reality equips its users with a computer-generated three-dimensional (3D) environment. The user can interact with this environment in a natural way through a variety of avenues, including head-mounted displays, while gesture recognition or handheld controllers help with hand and body tracking. There could also be provisions for haptic or touch-sensitive feedback. Humans experience things through different senses, such as touch, vision, sound, smell, taste, etc. VR, an extended reality technology, simulates these senses to offer an immersive user experience. The higher the number of senses controlled by a VR device, the better would be the user experience. Believability is a key feature of Virtual Reality. Since it is a developing technology, providers are in the continuous process of making it more realistic by bringing it closer to the real world, making it more responsive, interactive, fast and bug-free. Apart from offering entertainment through immersive films or video games, VR can also help train people in areas that could otherwise prove to be risky or expensive for a first-time learner, including trainee fighter pilots to trainee surgeons.

Asia Pacific Virtual Reality Market Outlook, Drivers and Challenges

Asia Pacific Virtual Reality Market
                                                            Asia Pacific Virtual Reality Market

The Asia Pacific Virtual Reality market is expected to witness a strong growth of more than 20% in the next five years. While the gaming and entertainment sector has been witnessing a strong surge in the adoption of VR technology gears and interfaces for a more fulfilling and immersive user experience, the healthcare industry is found to be leveraging it for surgery simulation, robotic surgery, and surgical procedure trainings. Industries like aviation or defense and security have also been implementing this technology to train their pilots or vehicle drivers in a simulated environment. Automotive engineers have been using the technology to experiment with their designs and their applicability, saving on the cost of bringing out costly prototypes. VR has proved to be of similar help for the architecture and planning industry players who can now more effectively visualize the impact of their designs and plans, detect faults and make necessary corrections before starting with the construction. Real-estate and housing industry players have also started incorporating VR in their applications to offer a virtual experience of the property they are going to sell.

However, challenges like display latency, the delay between the real or perceived response time and required or actual response time, continues to hamper the industry’s growth by reducing the quality of user experience. There are also factors like high cost of development and cyber security concerns that plague the industry.

Asia Pacific Virtual Reality Market Value Chain Analysis

The Virtual Reality market value chain starts with the providers of VR content. The core VR content providers are professional firms, such as studios and developers, who have been the traditional providers of such content for other medium types as well. These also include the prosumers who help inform and create content in VR and other new media platforms. Once the content is ready, Virtual Reality experience Developer Organizations appear as the next step in the value chain. These developers could be technological software companies who help convert the available content into usable formats. Next in the value chain are the manufacturers of hardware who develop and offer devices and equipment required to access the VR content. It may also include companies who provide support systems such as computing platforms and supporting hardware to facilitate user interaction with the content. Once the content and relevant access devices are ready, they are distributed as integrated devices or solutions to end user industries by marketers and distributors who sometimes sell them under own branding. This segment involves companies who provide the processing power, IT infrastructure and networks necessary to distribute the VR content to the end users and firms hosting, marketing, selling and distributing the VR content and devices through various portals, platforms, and retail avenues. The End User industries include entertainment, media, healthcare, educational and multiple others and subsequently the Individual End Users who purchase the VR devices and solutions for their specific needs.

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Asia Pacific Virtual Reality Market Segmentation

The Asia Pacific Virtual Reality market can be segmented into four categories by the type of components involved. These categories include Hardware, Software, Content, and Services. By device type, this market can be segmented into four categories: Head Mounted Displays, Gesture Tracking Devices, Projectors and Display Walls, and Others. By technology, the market is split into three segments: Non-Immersive, Semi Immersive, and Fully Immersive.  On the basis of end-user industries, the market can be segmented into Gaming and Entertainment, Automotive, Retail and Ecommerce, Healthcare, Defense and Security, Education, Architecture & Planning and Real Estate, Travel and Tourism, and Others. Geographically, the major countries for the VR market in Asia Pacific are China, Japan, India, South Korea, and Singapore.

Asia Pacific Virtual Reality Market Competitive Landscape of Major Competitors

Some key players in the Asia Pacific Virtual Reality Market are HTC Corporation, Meta Platforms Inc., Microsoft, Samsung, Sony, Google (Alphabet Inc.), Qualcomm and NVIDIA, etc.

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Impact of Covid-19 on Asia Pacific Virtual Reality Market

The outbreak of the Covid-19 pandemic initially resulted into supply chain disruptions, resulting in irregular deliveries of components, devices, equipment, and other relevant hardware required for the VR industry to grow. Moreover, reduced availability of in-house staff also decelerated the pace of production. However, for many industries, VR eventually became the tool to combat the effects of the pandemic, gradually boosting production in this space. Industries like healthcare used it to train medical professionals in a simulated environment. Defense and security authorities could continue training their fighter pilots, while travel and tourism companies – severely hit by the pandemic-induced restrictions – started offering fun experiences through VR. VR helped many other industries to simulate physical experiences in a virtual environment and continue with their businesses. Examples of such application areas of VR included retail pop-ups, car dealerships, bank branches, etc. All these factors helped the market get back on a growth trajectory since 2021. The market is expected to witness a steady growth owing to the cost reduction benefits a simulated environment, created through the applications of VR technology, has to offer.

Key Segments Covered in Asia Pacific Virtual Reality Market

Asia Pacific Virtual Reality Market by Component

Hardware

Software

Content

Services

Asia Pacific Virtual Reality Market By Device Type

Head Mounted Displays

Gesture Tracking Devices

Projectors and Display Walls

Others

Asia Pacific Virtual Reality Market by Technology

Non-Immersive

Semi Immersive

Fully Immersive

Asia Pacific Virtual Reality Market by Type of End User Industry

Gaming and Entertainment

Automotive

Retail and Ecommerce

Healthcare

Defense and Security

Education

Architecture & Planning and Real Estate

Travel and Tourism

Others.

Asia Pacific Virtual Reality Market by Geography and Major Countries

China

Japan

India

South Korea

Singapore

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Key Competitors in Asia Pacific Virtual Reality Market

HTC Corporation

Meta Platforms Inc.

Microsoft

Samsung

Sony

Google (Alphabet Inc.)

Qualcomm

NVIDIA

Time Period Captured in the Report: –

Historical Period: 2017-2021

Forecast Period: 2022-2027F

Key Target Audience:

Organizations and Entities Who Can Benefit by Subscribing This Report:

Virtual Reality Developers

Virtual Reality Content Providers

Virtual Reality Content Development Studios

Virtual Reality Hardware Manufacturers

Virtual Reality Software Solutions Developers

Virtual Reality Access Platform Developers

Potential Investors in Virtual Reality Companies

Virtual Reality Products/Services Distributors

Virtual Reality Associations

Virtual Reality Research Groups

Ministries of Electronics and Engineering

Media and Entertainment Service Organizations

For More Information on the Research Report, Click on the Following Link: –

Future Outlook of Asia Pacific Virtual Reality Market

Contact Us: –

Ken Research

Ankur Gupta, Head Marketing & Communications

Support@kenresearch.com

+91-9015378249

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