Sarasota, FL -- (SBWIRE) -- 10/15/2018 -- As estimated in this report, the global virtual reality (VR) market stood at US$ 2.02 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this market is expected to reach US$ 26.89 billion by the end of the forecast period. The main types available in this virtual reality (VR) market are head-mounted display, gesture control devices, and projectors & displays walls. Among the three, the demand for head-mounted displays is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

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With the presence of a large pool of participants, the global virtual reality (VR) market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Oculus VR LLC, Sony Corporation, HTC Corporation, and Samsung Electronics Company Limited are some of the key vendors of virtual reality across the world. These players across virtual reality (VR) market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the virtual reality (VR) market study.

Increasing mobile phones, tablets, and smartphones with built in VR functionalities that have become an important tool in the workplace to enhance smooth business workflows and operations. Additionally, rising technology penetration across the many industries such as retail, healthcare, e-commerce and automotive is anticipated to drive the virtual reality market growth during the forecasted period. There is a limited user interface (UI) with virtual reality applications which are affecting the growth of the VR market. However, raising the investment by global players in the virtual reality applications is expected to grow the market during the upcoming time.

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Device type segment divides into the head-mounted display, gesture control devices, and projectors and displays walls. It is expected the head-mounted displays will hold a major share during upcoming due to head-mounted displays are the most promising devices to boost the growth of the virtual reality market. This also referred to sometimes as virtual reality headsets or VR glasses. HMD also use one of the several techniques to transfer images to the brain. Consumer, commercial, enterprise, medical, aerospace, and defense, automotive, energy and others applications come under application segment. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil. APAC region is anticipated to lead the virtual reality (VR) market in terms of revenue and is likely to witness the highest growth rate in the market by 2022. This is due to; increase in research and development centers in APAC and the growing acceptance of newer technologies in the countries such as China, India, and Japan are the drivers for the AR market in APAC region.

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The report covers detailed competitive outlook including company profiles of the key participants operating in the global VR market. Key players profiled in the report include Oculus VR, LLC, Sony Corporation, HTC Corporation, Samsung Electronics Co., Ltd., EON Reality Inc., Google Inc., Microsoft Corporation, Vuzix Corporation, CyberGlove Systems Inc, Sensics, Inc., Leap Motion Inc., Marxent Labs LLC, WorldViz, Jaunt, Inc., Nokia, Cyberith GmbH, Virtalis Limited, and Sixense Entertainment, Inc among others.