Virtual reality handsets are modern headgears that are connected to gaming consoles, mobile phones, or PCs to offer a life-like virtual experience to the users. Virtual reality technology utilizes near-to-eye displays and conveniently integrates them with technical gadgets. Apart from the gaming industry, virtual headsets are also used in the automotive and medical sectors to offer enhanced user experience.
A wide range of applications of virtual reality in the automotive and military sectors are significantly driving the growth of the global virtual reality headset market. Also, there is a significant spike in demand for gaming consoles. Virtual reality technology possesses immense potential in a wide array of applications like industrial prototyping, medical training, and education. Furthermore, the surging investments in VR technology by consumers and enterprises are also likely to fuel the demand for such headsets globally. Furthermore, the adoption of the latest technologies like machine learning and artificial intelligence in virtual reality will also accentuate the product demand.
The market players are heavily investing in the research and development activities of advanced devices. The outbreak of the Covid-19 pandemic has significantly shifted masses towards online platforms for entertainment and business purposes. There is a high deployment of virtual reality technology in virtual events to permit the reach of potential customers by offering the real-like experience of the services and products. There are a plethora of services offered by VR devices like accessibility to experience different sides, profound visualization, virtual experience, and several others. However, the growing penetration of smartphones is likely to create several lucrative growth opportunities in the global virtual reality headset market in the forthcoming years.
The global virtual reality headset market can be segmented into application, product, end device, and region.
By application, the market can be segmented into telecommunication, education, retail, manufacturing, media & entertainment, healthcare, and others.
By product, the market can be segmented into standalone PC, connected smartphones, enabled, and standalone.
By end device, the market can be segmented into high-end, mid-end, and low-end devices.
Asia Pacific accounts for the largest share in the global virtual reality headset market due to the growing digitalization in the region. The development of virtual reality technology especially in the entertainment and gaming sector in the region is likely to promulgate the growth of the regional market. Also, the growing disposable income of the people along with improving living standards of people will also support the growth of the regional market.
North America is likely to be the fastest-growing region in the global virtual reality headset market due to the wide adoption of virtual reality technology among organizations in the region. The declining prices of headsets are another key factor encouraging people to use virtual reality headsets.
Some of the significant players in the global virtual reality headset market are ZEISS International, Vive., Samsung Electronics Co Ltd., Oculus, Microsoft Corporation, Merge Labs, Inc., LG Electronics Inc., Google LLC, and FOVE, Inc. To cite, HP Development Company, L.P. in May 2020 introduced the Reverb G2 VR headset in partnership with Microsoft Corporation and Valve.