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
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.
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
Asia Pacific Virtual Reality Market By Device Type
Head Mounted Displays
Gesture Tracking Devices
Projectors and Display Walls
Asia Pacific Virtual Reality Market by Technology
Asia Pacific Virtual Reality Market by Type of End User Industry
Gaming and Entertainment
Retail and Ecommerce
Defense and Security
Architecture & Planning and Real Estate
Travel and Tourism
Asia Pacific Virtual Reality Market by Geography and Major Countries
Key Competitors in Asia Pacific Virtual Reality Market
Meta Platforms Inc.
Google (Alphabet Inc.)
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
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