AR and VR in Asia-Pacific is Anticipated to Hit US$77 Billion by 2025

The introduction of VR devices in countries like India and China has fostered the market growth of AR and VR in Asia-Pacific

AR and VR in Asia-Pacific are projected to grow from US$15.3 billion in 2020 to US$77 billion by 2025; it is expected to grow at a CAGR of 38.1% from 2020 to 2025. The introduction of VR devices by local companies in countries like India and China has assisted in making such devices more affordable and boosting their wide-scale adoption. Furthermore, more opportunities also emerge for the market due to the integration of 5G with VR and developments in fully immersive technology. However, manufacturing because of SoC integration requires high cost, thereby becoming a significant restraint for the market vendors.

Based on components, the virtual reality market is segmented into hardware and software. In 2021, the hardware segment is expected to dominate the Asia-pacific virtual reality market due to the high availability of the products. However, the software segment is expected to grow at a higher rate considering VR content creators are increasing worldwide and prices of hardware are dropping.

Based on device type, the virtual reality market is segmented into head-mounted displays, projectors & display walls, and gesture-tracking devices. In 2021, the head-mounted displays segment is expected to dominate the Asia-pacific virtual reality market in the device type segment and is expected to grow at a higher rate as head-mounted displays are used in the gaming and entertainment industry, and the high adaptability of the systems has routed to the market growth.

The application of virtual reality in the healthcare sector has been expanding and provides various advantages like robotic surgery, skill training, and surgery simulation. VR in the healthcare sector provides major benefits such as, it helps healthcare professionals in obtaining new skills and training on new operating machines which can be done in a secure environment. In the area of diagnostics, virtual reality assists medical practitioners to gain better insights in comparison to MRI scans and other techniques, hence eradicating the need for invasive surgeries or methods, until necessary. The leading players in the global VR market are Microsoft Corporation, Samsung Electronics, Facebook Inc., Google LLC, and Sony Corporation.