Asia Pacific Virtual Reality Market is expected to reach around US$16 billion by 2030 – Ken Research
The Asia Pacific Virtual Reality Market recorded a positive CAGR of nearly 20% due to the enhancements in immersive quality, fault detection & cost-reduction capabilities, and improved quality of visualization. The market is estimated to be US$4 billion in 2022 and is expected to reach around US$16 billion by 2030. VR acted as a collaborative tool at the time of the pandemic, helping users to interact with each other in a virtual world. Students could learn from the virtual labs and classrooms using VR. Moreover, VR technology helped users improve their mental health by allowing the user to connect with others during quarantine.
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Key Growth Drivers
- According to Goldman Sachs, Healthcare is among the top 3 industries that will be the leading adopters of VR Technology. 82% of healthcare professionals said that VR was expected to create a convenient way of learning and practicing for. While it enabled doctors and physicians to diagnose the disease more accurately, it helped surgeons learn procedures in a simulated environment, saving costs and reducing potential medical risks.
- The spread of the internet is also expected to drive a surge in VR technology adoption. According to GSMA, a global organization representing the worldwide mobile communications industry, the Asia Pacific region has a mobile broadband coverage of 96%. According to GSMA’s Mobile Economy Asia Pacific 2022 Report, there are expected to be more than 400 million 5G connections by 2025.
- Especially in countries like Japan, Singapore, and South Korea, 5G connections are expected to account for nearly 55% of the country’s connections by 2025.
- However, issues relating to display latency persists to be a roadblock in the growth trajectory of the VR market. A scientific study, done on the latency impact on Quality of Experience in a Virtual Reality simulator for remote control of machines, showed that latency in the display update had a severe impact and should be avoided or kept limited to 30-35 milliseconds (ms).
- Since Covid-19 Pandemic, the use of VR for Learning, Training, and Treatment has significantly increased since it encouraged students, teachers, and professors to learn and educate using VR labs. For instance, EON-XR, EON Reality’s immersive learning solution, helped thousands of primary and secondary school students access quality education through its hardware-agnostic capabilities that could be used on existing tablets and smartphones.
Key Trends by Market Segment:
By Component: Hardware Component holds the largest share of the Asia Pacific Virtual Reality market. The Services component is expected to grow the fastest.
- Using 360-degree video, a fully immersive VR experience may be delivered. Multiple research works carried out on the topic show that user interactions with 360-degree films are rapidly increasing, and as a result, it is expected that the adoption of such movies will increase.
- The cost of VR headsets is being reduced by major players in the sector, like HTC and Meta, boosting adoption.
- Between Q2 2017 and Q1 2022, the number of VR headset shipments from China increased from 80,000 to 257,000.
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By Device Type: Gesture Tracking Devices are expected to grow the fastest, owing to the increased efforts by industries to make advanced devices for the user and offer a fully virtual environment where it would be possible to perform various gestures like clapping, high fives, etc.
- The entertainment business is experiencing healthy patent activity linked to gesture tracking devices. Between 2016 and the first quarter of 2021, CB Insights discovered more than 500 patent filings relating to gesture recognition or hand gestures.
- As an outcome of the physical gathering restrictions induced by the outbreak of the Coronavirus pandemic, according to Pankaj Gupta, founder of Enablex, there was a huge demand for virtual events, eventually resulting in increased adoption of VR. The founder added that demands from private coaching companies and educational institutions also boosted the adoption of VR.
- Users with head-mounted displays have the option to design a personalized, interactive environment. It assists in practicing risky scenarios like fires, collisions, etc., or in developing skills with fewer interruptions than the natural environment may provide.
By Technology: The Fully Immersive technology segment of the Asia Pacific Virtual Reality market is expected to grow the fastest during the forecast period.
- Immersive Technology has been adopted in multiple sectors, with significant uptake in South Korea’s manufacturing sector, a sector that contributed to 25% of the country’s GDP in 2021.
- 360-degree technology is one of the latest innovations helping Virtual Reality experiences to improve.
- Manufacturing businesses’ productivity and efficiencies are rising due to immersive technology. Immersive technology has a significant advantage in lowering training costs, boosting knowledge, and accelerating product release.
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By Geography: China is expected to remain the largest geographic segment within the total Asia Pacific Virtual Reality market.
- Due to the increased adoption of Virtual Reality across diverse sectors, and since the current penetration is still at a moderate level, Singapore is anticipated to see the fastest development within the region, with the highest CAGR for the projected period.
- According to a report by the India Brand Equity Foundation, the adoption of AR/VR has increased across a variety of business sectors in India.
In India, smartphone penetration was 54% in 2020 and is expected to reach 96% by 2040 which would help immensely in improving VR technology accessibility.
- To promote Japan’s local regions, METI (Ministry of Economy, Trade, and Industry) started providing subsidies to create content that utilized technology, such as VR and AR. However, the VR development company needs to follow the guidelines laid out by METI and partner with local businesses. The project has to be below 10 million to be eligible for a 50% subsidy.
Competitive Landscape:
The Virtual Reality market is highly competitive with ~500+ players which include globally diversified players, regional players as well as a large number of country-niche players, offering specialized experiences or catering to a particular end-user industry or technology.
Large global players control about 50% of the market, while regional players hold the second largest share. Some of the major players in the market include HTC Corporation, Meta Platforms Inc., Microsoft, Samsung, Sony, Google (Alphabet Inc.), Qualcomm, NVIDIA, AMD, Intel, Eon Reality, Autodesk.
Leading global specialist companies, such as Eon Reality, are highly focused on providing a significant number of Virtual Reality solutions and advanced techniques that can be used across multiple industries, including Automotive, Education, and more.
Recent Developments Related to Major Players
- With the help of Meta Horizon Home, which is available from June 2022, customers can invite friends and track their fitness via the Oculus Mobile App, creating a more social VR experience.
- HTC revealed that HTC VIVE and Holoride would collaborate to deliver VR entertainment to automobile passengers using the advancements brought on by 5G at the Mobile World Congress 2022.
- Microsoft and Samsung, two industrial behemoths, announced their collaboration on December 2021 for their upcoming mixed reality gadget projects like the Hololens, head-mounted mixed reality smart glasses.
- To support VictoryXR’s VR education initiative, Qualcomm in April 2021 declared that they are working with the company to provide Oculus Quest 2 headsets running on the Qualcomm Snapdragon Mobile platform.
- On September 2022, Sony announced another cutting-edge Virtual Reality headset, PlayStation VR2.
Conclusion
The Asia Pacific Virtual Reality Market is forecasted to continue strong growth during the forecast period and reach a revenue of ~US$16 billion by 2030, primarily driven by rising demand for Virtual Reality from all major industry sectors for an immersive experience and improved quality of visualization. Though the market is highly competitive with over 500+ participants, few global players control the dominant share and regional players also hold a significant share.
Note: This is a Planned/On-Demand report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, “Asia Pacific Virtual Reality Market Size, Segments, Outlook, and Revenue Forecast 2019-2030” The Virtual Reality Market is segmented by Component, Device Type, and Technology. In addition, the report also covers market size and forecasts for the region’s five major countries’ Virtual Reality Markets. The revenue used to size and forecast the market for each segment is USD billion.
Market Taxonomy
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For more insights on the market intelligence, refer to the link below:-
Asia Pacific Fully Immersive VR Market
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