Global 5G in VR Market is valued approximately USD $ billion in 2019 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2020-2027. Virtual reality is a 3D environment created by the computer which entirely immerses end-users in an artificial world exclusive of the real-world. The VR can be applied in multiple end use industries namely, science, advertising, medicine, entertainment and more. the VR is majorly used in Gaming and enhancing customer experience in entertainment industry. But all the use of VR necessitates a logistical compilation and an exponential increase in data usage.
Thus, requiring high speed and volumes of data for an optimum VR experience which can be provided through 5G network connection. The 5G network has the essential bandwidth, low latency and high speed enabling a seamless VR experience. The massive adoption of VR in end-use industries such as retail and e-commerce drives the market. Further, the demand for high speed connectivity and augmented proliferation of connected devices and mobiles across the globe fuels the market growth. Connected devices with a poor connection endure high patency and low data rates which is solved by the 5G networks.
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As per Forbes, the addition of 5G brings about 10 times decrease in latency rates and also improves data rates. Thus, the growing use of VR through simple devices as smartphones and connected devices drives the market growth. As in June 2020, Verizon Media launched a new extended reality toolset under the name Verizon Media Inmersive for creating augmented mixed, virtual reality advertising and branded content with a focus on next generation 5G experiences. While launch of the tech-enabled smartphones which can support VR supports the market growth. For Instance: HTC VIVE and Qualcomm technologies announced their collaboration to develop Vive’s WAVE development platform. This will enable businessmen and carriers to use use this technology to offer VR facility. However, difficultly in maintenance and high cost of virtual reality devices impedes the growth of the market over the forecast period of 2020-2027.
The regional analysis of global 5G in VR market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early introduction and adoption of technology in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising population would create lucrative growth prospects for the 5G in VR market across Asia-Pacific region.
Major market player included in this report are:
Facebook
Huawei Technologies
Qualcomm Inc.
ZTE Corporation
Samsung Electronics
Google
SK Telecom
LG Corporation
Microsoft Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Software
Services
Hardware\
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By Application:
Consumer level
Enterprise level
Industrial level
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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