According to the latest report by IMARC Group “Virtual Reality Headset Market: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027“, The global virtual reality headset market size reached US$ 7.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 26.8 Billion by 2027, exhibiting at a CAGR of 23.27% during 2022-2027.
A virtual reality (VR) headset is a head-worn apparatus that completely covers the eyes and enables users to interact with a simulated artificial three dimensional (3D) experience. It comprises a stereoscopic head-mounted display, stereo sound, head motion, eye-tracking sensors, gyroscopes, accelerometers, magnetometers, and structured light systems. It provides an all-around view, creates a real world around the user and provides an operational experience. Apart from this, it generates an artificial computer-generated world to facilitate simulations of touch, sound, and vision.
It also assists in experiential learning that allows students to grasp theoretical concepts faster and in greater depth and enhances the learning process by adding interactive and engaging content for experimentation and learning by performing. VR finds extensive applications in consumer goods and electronics, healthcare, games and entertainment, automobile, education, real estate, security, and military. At present, it is available in various forms, such as a standalone, personal computer (PC) based, and console based.
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Covid-19 Impact:
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The rising penetration of smartphones and the emerging trend of virtual reality games represent one of the key factors positively influencing the market. Moreover, the integration of advanced technologies, such as artificial intelligence (AI) and the internet of things (IoT), to increase the efficacy of the headset is strengthening the market growth. For instance, AI algorithms assist in the implementation of autonomic and evolutionary communication in mobile, bioinspired and adaptive gaming, multiuser and distributed systems, context-aware networking, data aggregation and fusion, and energy-efficient monitoring in mobile VR technology. Additionally, the easy availability of VR headsets across various online and offline distribution channels, coupled with free doorstep delivery and secured payment gateways, is propelling the market growth.
Apart from this, the improving standards of living and inflating disposable income levels are catalyzing the demand for VR headsets. Besides this, the escalating demand for VR headsets in the healthcare sector to offer professionals a safe ground to practice scenarios associated with anxiety disorders is providing a thrust to the market growth. Additionally, the increasing application of VR in designing and manufacturing industries as an alternative to physical prototypes is positively influencing the market. For instance, designers interact with a real-time representation of the elements that are hard to reach and modify the original computer-aided design (CAD) drawings. In addition, the rising popularity of VR headsets among youngsters as assistance for learning is strengthening the growth of the market. Furthermore, increasing investments in research and development (R&D) to introduce more advanced and cost-effective product variants are driving the market.
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