VR Conferencing Market

VR Conferencing Market is valued at USD 9.80 Billion in 2017 and expected to reach USD 49.99 Billion by 2027 with the CAGR of 17.7% over the forecast period.

VR Conferencing Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027”. Increasing development in gaming areas and growing in awareness about health due to this pandemic and to save time through traveling which boosts the growth of VR conferencing market.

Scope of VR Conferencing Market Report:

Virtual reality conferencing space is designed to provide innovative solutions for conferencing and events in 3D enabling customers to be immersed in highly interactive and life like experience through virtual reality environment. VR Conferencing is a computer interface that delivers an immersive 3D visual experience to users; it creates simulated environment using high performance PCs and equipment’s such as headsets and gloves. Apart from entertainment industry and gaming this technology has been used for education and training programs.it is a real-time experience that puts user in the world with entirely digital elements. VR Conferencing can also be used in variety of application such as training, education, gaming, therapy and in many more. In education the VR conferencing equipment is used for training a surgeons and airline pilots and helping scientists to understand complex problems. In training and learning and scientific visualization are some most significant applications of virtual reality technology.

Global VR conferencing market has turn out to be an important topic during COVID-19 pandemic outbreak. VR conferencing market gaining huge attention due to pandemic outbreak.

Key Players for Global VR Conferencing Market Reports

Global VR conferencing market reports cover prominent players like

• Facebook Technologies LLC.
• HTC Corporation
• Microsoft
• Sixense Enterprises Inc.
• Samsung Electronics Co.Ltd
• Alphabet Inc.
• Barco
• Sensics Inc.
• CyberGlove Systems Inc.
• Ultraleap Ltd.
• others.

VR Conferencing Market Segmentation:

The global VR Conferencing market is segmented on the basis of device, technology, component, application, and region and country level. Based on device the global VR Conferencing market is segmented as head-mounted display, projectors and display wall and gesture-tracking device. On the basis of technology the global VR conference market is segmented as non-immersive and semi and fully immersive. Based on components the glob al VR conferencing market is classified as software and hardware. On the basis on application the global VR conferencing is segmented as consumer, healthcare, aerospace and defense, commercial, enterprise and others.

By Device  

• Head-mounted Display (HMD)
• Gesture-tracking Device (GTD)
• Projectors and Display Wall (PDW)

By Technology

• Non-immersive
• Semi & Fully Immersive

By Component

• Software
• Hardware

By Application

• Enterprise
• Healthcare
• Aerospace and Defense
• Others

The regions covered in global VR Conferencing market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global VR Conferencing market sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Global VR Conferencing Market Dynamics:

The key factor for growth of global VR Conferencing market is the VR brings people together without having the risk of travel or inconvenience. VR conference saves costs and reduces the risk of spreading illness such as in pandemic of COVID-19. VR system consumes high amount of energy which restraints the growth of VR conferencing market. Consumers in the gaming sectors require gadgets with long battery life, sensors and other network consumes high energy and due to this VR system doesn’t operate for long duration this affects the growth of VR conferencing market. Some of the key player operating in the market focusing on increasing the sale of their product for example Sony VR technology is planning to reshape entertainment delivery during lockdown or after pandemic. Company is planning to promote VR concerts to entertain people which increase the opportunity to increase the growth of VR conferencing market. In 2019 the commercial application segments dominates the market with shares accounts 52.5%. in terms of revenue the head mounted display accounts 61.4% shares in 2019. The semi and fully immersive segments accounts 79.4% shares in 2019, hardware accounts 68.8% market shares in 2019.

VR Conferencing Market Regional Analysis:

The Asia Pacific is the fastest growing market due to increasing technological advancement in Southeast Asian countries, for example Japan had introduces 5G commercial services in 2019, which increases the initiatives by telecommunication companies to offer VR/AR viewing platform for 5G connectivity. The government initiative for fund and investment in VR companies encouraging the adoption of virtual reality technology in the region.

North America held significant shares in virtual reality technology market due to rise in customers preference in VR based video gaming and increasing corporate meeting by VR conferencing which increases the market in that region.  In 2020 Apple Inc. had announced to acquire NextVR Inc. for sports and entertainment purpose. The Facebook Technology LLC announced that thay acquired SANZARU Inc.,, an American video game developing company, this acquisition is to expand virtual reality gaming  offerings of Facebook Technology LLC.

VR Conferencing Market By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

News:

Apple acquired VR startup ‘spaces’

Aug 24, 2020- Apple had now acquired another startup spaces which has a team specialized in virtual reality technology. Spaces was created in 2016 by Dreamwork Animation veterans, and the startup has been developing VR products since then, including a Zoom add-on that allowed users to hold virtual reality video conferencing using animated avatars. The company discontinued all its services last week without further details. As Apple continues to invest in its ARKit and new features such as the LiDAR scanner in the new 2020 iPad pro, it’s plausible to expect that all of this technology will be merged into new product to offer advanced augmented and virtual reality capabilities.

  Report Coverage

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2021 - 2027
Market Size in 2020:	USD 9.80 Billion
Base year considered	2020
Forecast Period CAGR %:	17.70 %
Market Size Expected in 2027:	USD 49.99 Billion
Tables, Charts & Figures:	175
Pages	200
Key Players/Companies	Facebook Technologies, LLC., HTC Corporation, Microsoft, Sixense Enterprises Inc., Samsung Electronics Co., Ltd, Alphabet, Inc., Barco, Sensics, Inc., CyberGlove Systems Inc., Ultraleap Ltd., and many others
Segments Covered	By Device, By Application, By Technology, By Component
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa