Technavio, a tech-focused market research firm, has published a new report on the global VRD market, which is expected to experience a slow but steady growth rate with a CAGR of more than 3% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global VRD market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global VRD market into the following key regions: The Americas, EMEA, and APAC.
Geographical segmentation of the global VRD market for 2015 (market share %)
|
Americas |
92.0% |
|
EMEA |
5.0% |
|
APAC |
3.0% |
Source: Technavio
The global VRD market in the Americas
The Americas dominated the global VRD market accounting for a share of around 92% in 2015. The key revenue generators in the region are the US and Canada, where the US dominates the market and is expected to continue to be a leading technology provider. Much of the country’s growth can be attributed to the presence of companies such as Magic Leap, Avegant, and MicroVision. Vendors offering new technology will gain presence in the American market, and will likely expand to other regions, making the Americas a favorable market for the growth of the VRD, during the forecast period.
According to Sunil Kumar Singh, a lead analyst at Technavio, specializing in research on displays, “There is a huge demand for the AR technology in the US, leading to subsequent launch of several projects related to smart glasses and HMDs. The Americas is one of the earliest adopters of AR, and there are several apps being developed for iOS and Android. This gives immense potential for VRD technology providers such as MicroVision to penetrate the American market.”
The mobile market is expected to grow in the region leading to an increased adoption of VR in mobiles. The presence of companies like Sony and Microsoft will drive the VR gaming market in the future, as VR will be integrated with the PlayStation and Xbox models. Besides, companies like Google and Apple have larger coverage in the mobile gaming segment. The rapid rise in the paying mobile gamers, who spent heavily on more than one game, led to an increase in revenue generation in the mature markets like the US in 2015. Such market developments show that there is huge potential for VR applications in the Americas.
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The global VRD market in EMEA
With the presence of big players such as Metaio, Wikitude, and Blippar in Europe, MEA is not expected to have much impact on the VRD devices and technology market. The UK is one of the key leading countries in the region and globally. Besides this, there are numerous companies in Israel involved in the military, defense, and aerospace sectors where VRD can be effectively used. Various government-funded projects in these sectors are encouraging new players in Israel to enter the market. Some of the other leading countries in Europe include France, Switzerland, Germany, and Austria. Major vendors such as BMW, Volkswagen, and many publishing companies have employed AR technology and created huge interest among consumers, which may also help in the adoption of VRD technology
The global VRD market in APAC
The VRD market in APAC is at an initial stage and is growing slowly as there are only a few companies involved in the AR technology in this region, with the highest number being in Japan. The revenue generated in APAC through the outsourcing of software development to India is expected to contribute to the growth of the global VRD market during the forecast period. APAC is also expected to lead the market in terms of mass production of AR devices like HMDs, mobile devices, or smart glasses during the forecast period. The region is anticipated to surpass the US as the world’s biggest game market, with China being the largest market for VR in gaming in the forecast period. One of the biggest VR players in China, BaoFeng MoJing, is already working on VR hardware, along with other hundreds of companies, which are trying to copy the existing products and innovating VR devices. The Chinese market is expected to reach over $18 billion by 2020, which will lead to significant growth in the VR gaming market in Asia. China is followed by Japan and South Korea in terms of consumption of VR technology.
The top leading vendors operating in the global VRD market are:
- Avegant
- MicroVision
A more detailed analysis is available in the Technavio report tilted, ‘Global VRD Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global AMOLED Display Market 2016-2020
- Global 3D Display Market 2016-2020
- Global Classroom Displays Market 2016-2020
- Global Large-Area LCD Market 2016-2020
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