Growing Penetration of High Mounted Displays (HMDs) in Gaming and Entertainment Industry to Drive Growth of Social VR Market
In the gaming and entertainment industry, installation of high mounted displays (HMDs) has increased, especially during COVID-19 period which is projected to drive the social VR market growth ahead in the coming years. The gaming industry has undergone a technological shift because of the introduction of virtual reality (VR), and 3D technologies. HMDs have contributed to providing a completely immersive experience for consumers, bringing gaming to new heights. Users had a fresh, and enhanced experience thanks to the seamless transition made possible using VR HMDs that have been experiencing a high adoption rate in the video game sector. HMDs are preferred by video game players for their enhanced experience and pleasure.
HMDs, display digital visuals, allowing for a three-dimensional vision, which improves the user experience. As a result, the booming gaming industry will fuel the market for HMDs and, as a result, VR. According to idtech, 58.9 million and 93.3 million people in the United States will use virtual reality and augmented reality at least once a month this year. It makes up 17.7% and 28.1 % of the overall US population, respectively. This is a considerable increase from 2020, when 52.1 million and 82.1 million people in the United States, respectively, utilized AR and VR at least once a month. According to virtual reality data for 2020, Facebook was the market leader in headset shipments in the second quarter, accounting for 38.7% of all shipments. With 21.9 %, Sony came in second, while Pico came in third with 9.2%.
The leading players in social VR market are concentrating their efforts toward the growth of product sales. Sony, for example, has some of the world's largest movie, music, and gaming studios because of its VR technology. To keep people entertained, the business plans to push virtual reality concerts, and other VR entertainment alternatives. Such activities are likely to give the VR industry a new dimension and stimulate market growth. the growing use of virtual reality applications in the architectural and planning industry. VR technology is being used in architecture to help with decision-making, and visualising the effects of proposed urban designs, and architectural plans. It also allows for early fault diagnosis, and rectification, saving time and money.
Increased Demand for Consumer Electronics Products Worldwide to Enhance Market Growth
Hardware is expected to be the fastest-growing segment of the social VR market over the forecast period. The growing adoption of smartphones, tablets, and other technologically advanced electronic devices is fuelling category expansion. Input devices, output devices, and consoles are all part of the hardware category. OEMs are expected to benefit from the fast adoption of virtual reality headsets in commercial applications, theme and amusement parks, and other utility and entertainment areas/aspects. In addition, advances in lightweight wearable technology are projected to boost demand for VR head-mounted displays.
Enhanced Use of Augmented Reality and Virtual Reality to Drive Growth of Asia Pacific Social VR Market
The largest user of social VR is Asia Pacific, which is predicted to increase at the highest rate over the projection period. China, as a key distributor of HMDs and other VR-related hardware, has seen substantial growth in the VR sector. In Southeast Asian countries, technological improvements are also assisting the market's expansion. In Japan, commercial 5G services were launched in 2019, prompting telecommunications providers to employ strategic inventiveness to develop augmented reality (AR)/virtual reality viewing platforms that take advantage of 5G connections. Promising government and other associated body activities, such as funding and investments to assist VR businesses, are also supporting the region's adoption of VR technology. The high-speed virtual reality solutions for corporate communication and commercial meetings are becoming more widely used in social VR.
Increased investment by major players to deliver services across the region, as well as the growing number of IT and service organisations in the Asia Pacific, the social VR market in the region is predicted to grow the quickest over the forecast period. As a developing market, APAC is seeing significant changes in the adoption of new technologies and innovations. There is growing adoption of new technologies due to the presence of a number of display panel producers. In industries such as healthcare, business, and consumer, the VR is predicted to grow rapidly. The escalating competitor offerings will drive the VR industry forward in the region. The rapid expansion of the business and consumer segments is the primary driver of the VR market. Growing consumer and commercial markets, as well as increased investment in nations like Japan, India, and China, are likely to propel the augmented reality and virtual reality industries forward.
Global Social VR Market: Competitive Landscape
In February 2021, The Zillow 3D Home Tour, an interactive media allowing real estate shoppers to check out residences with VR technology remotely, was introduced by Zillow, an online real-estate marketplace company. The start-up uses Artificial Intelligence (AI) to help break down barriers between listing assets like virtual tours and photographs and listing data like room size and square footage. On the other hand, in March 2020, Microsoft teamed up with HP and Valve to introduce a new VR headset to the market that provides customers with a more immersive and comfortable VR experience.
A few of the players in the social VR market include Bigscreen, Inc., Zillow, VRChat Inc., HTC Corporation, Google LLC, Facebook Technologies, LLC, and Microsoft Corporation.
Global Social VR Market is Segmented as Below:
Global Social VR Market, by End-user
Key Elements Included In The Study: Global Social VR Market
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