New York- The global Virtual Reality (VR) headsets market size is expected to reach USD 90.88 Billion in 2030 and register a revenue CAGR of 27.9% over the forecast period, according to the latest report by Reports and Data. Rapid digitization, increasing application of VR in retail sector and surge in adoption of head mounted devices in various industries, is driving VR headsets market revenue growth.
VR headsets are head mounted devices that are used to provide an immersive experience to users through digital simulation. VR headsets are most commonly associated with video games, but they are also used for training medical students or doctors in healthcare sector. They comprise of a stereoscopic head mounted display, stereo sound and head motion tracking sensors such as gyroscopes, accelerometers, magnetometers, or structured light systems. Eye-tracking sensors and gaming controllers are included in some VR headsets. The VR headset glasses use head-tracking technology, which changes the wearer’s field of vision as they turn their heads.
VR headsets are being tested in a variety of industries, sectors and companies as a potential feature for improving patient consultations, body scanning to improve diagnosis and treatment, improving learning experience and increasing business performance, among others. As a result, the market for VR headsets is expanding rapidly. A diverse product offering, introduction of high-speed communication technology, and increasing number of smartphones are currently driving revenue growth of global VR headsets market.
Some Key Highlights from the Report
- In December 2021, Arpara, a Hong Kong-based company, a developer of VR hardware and software, launched Kickstarter campaign for their two new VR headsets, the arpara 5K VR Tethered and the arpara 5K VR, which are designed for VR gaming, multimedia consumption, and more. The arpara headsets have dual 1.03-inch micro-Organic Light Emitting Diode (OLED) displays with a resolution of 2560 x 2560, for a total viewing resolution of 5K. Furthermore, the crystal-clear visuals generate a virtual screen equivalent to a 3000+ inch retina-level giant screen for three-dimensional (3D) viewing.
- Standalone segment accounted for larger revenue share in 2020. A standalone VR headset is a monolithic headset with an integrated screen processor and battery, as well as several viewfinders on the body that provide stable spatial orientation and position recognition relative to the world coordinates of additional peripheral devices. These headsets have the ability to implement real-life applications and allow full mobility which have increased popularity of these headsets. In addition, graphic chips in standalone VR headsets improve image resolution for a better video experience.
- Medical service segment revenue is expected to register high growth rate during the forecast period. VR headsets are being used as an effective diagnostic tool to help doctors and clinicians make accurate diagnosis. This is done in conjunction with other modalities such as Magnetic Resonance Imaging (MRI) scans and Computed Tomography (CT) scans and it eliminates the need for any invasive approaches, allowing the patient to have a pain-free experience. Furthermore, VR simulation technologies are also being used in medical education and training. Major VR-based companies are developing products that combine 360-degree video and three-dimensional interactive information to create the best possible learning programs for physicians and students. They can practice complex, life-saving procedures in a risk-free environment, improve their skills and receive usability feedback, all while using this technology.
- Head mounted devices segment accounted for significant revenue share in 2020. Technological advancements have altered traditional methods of looking around. The combination of internet and smartphones, as well as head mounted devices, has been revolutionary. It allows users to navigate a VR environment by simply moving their head, eliminating the need for a separate controller. Furthermore, neutral position of head allows for a straighter and more relaxed posture, which reduces fatigue caused by turning the eyes, head, or body toward a monitor.
- Market in North America accounted for largest revenue share in 2020. The region is rapidly adopting VR technology and investing heavily in latest technologies such as Artificial Intelligence and others. Rapid digitalization and rising adoption of VR headsets in gaming and entertainment industries is propelling market revenue growth. Furthermore, the region has several startups focusing on bringing innovative VR technologies to various industries.
- Companies profiled in the global market report includes Google LLC, HTC Corporation, Samsung Electronics Co., Ltd., Microsoft Corporation, Meta Platforms, Inc., DPVR, Hewlett-Packard Development Company, L.P., FOVE Inc., Pimax Technologies, LLC, and StarVR Corporation.