Global 5G in VR Market to experience significant growth over 2020-2027

January 08, 2021

According to the research report titled ‘Global 5G in VR Market Size study, by Component (Software, Services, Hardware) by Application (Consumer level, Enterprise level, Industrial level) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global 5G in VR market is expected to amass considerable gains during 2020-2027.

Rising demand for high speed connectivity, and widespread adoption of connected devices and mobile phones are driving the global 5G in VR market growth. Further, several applications of VR in end-use industries such as advertising, science, medicine, gaming, and entertainment for enhancing customer experience is contributing to the market growth.

For those uninitiated, virtual reality (VR) is a computer made 3D environment which entirely immerses users in an artificial world. The usage of VR necessitates exponential data usage and logistical compilation. Hence, 5G network connection caters the requirement of high speed transmission for large volumes of data for an optimum VR experience, thereby fueling the global 5G in VR market growth.

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In addition, various benefits of 5G network such as high speed, low latency and essential bandwidth are accelerating the growth of global 5G in VR market. As per Forbes, 5G helps in reducing the latency rates by 10 times and improves data rates.

Moreover, introduction of technologically advanced smartphones which can support VR positively impacts the market growth. However, complications associated with maintenance, and high cost of virtual reality devices may hamper the global 5G in VR industry outlook over 2020-2027.

In terms of component gamut, global 5G in VR industry is bifurcated into software, services, and hardware. Considering the application scope, the market is divided into consumer level, industrial level, and enterprise level. 

From a regional frame of reference, worldwide 5G in VR market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market accounted for significant revenue share in the recent past, mainly due to early adoption of technology in the region. Whereas, Asia-Pacific industry is anticipated to witness the highest CAGR over 2020-2027, owing to increasing disposable income of booming population.

Major players operating in global 5G in VR market sphere include ZTE Corporation, Facebook Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, Google LLC, Qualcomm Inc., LG Corporation, Samsung Electronics Co. Ltd., and SK Telecom Co. Ltd.

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