Few Large Global Players Dominate the Market Holding ~50% of Revenue Share Despite Presence of about 500 Competitors Comprising a Large Number of Regional Players and Country-Niche Players, finds a recent market study on Asia Pacific Virtual Reality Market by Ken Research.
Global Players Who Comprise 5% in Terms of Number of Competitors Hold Dominant Revenue Share
Competitive Analysis by the Ken Research Study found that the Asia Pacific Virtual Reality market is highly competitive with ~500+ players which include globally diversified players, country-niche players as well as a large number of regional players having their own niche in Virtual Reality development and execution for specific segments. The large global players even though comprise just about 5% in terms of the number of companies, hold ~50% of the market revenue share followed by regional players which account for ~25% of the market revenue. Most of the country-niche players have specialized experiences to offer catering to a particular end-user industry or technology.
Specialist Players within Asia Pacific Virtual Reality Market Earn a Major Chunk of their Overall Revenues from this Segment
Detailed Comparative Analysis of Key Competitors revealed that for specialist player Eon Reality, the company’s Virtual Reality businesses generate ~75 of its global revenues. While for diverse players the share can be anywhere in the range of 1% to 5%. All leading global competitors are having a strong presence in the Asia Pacific Virtual Reality market and offer comprehensive Virtual Reality solutions.
For more information on the research report, refer to the below link:
Top Companies in Virtual Reality Market | Competitors in Virtual Reality Market
During and After the COVID Pandemic, Virtual Reality Witnessed Significant Growth as Businesses Started Adopting the Technology to Make Remote Management and Learning More Efficient
The outbreak of the Covid-19 pandemic initially resulted in supply chain disruptions, resulting in irregular deliveries of components, devices, equipment, and other relevant hardware required for the VR industry to grow. Moreover, reduced availability of in-house staff also decelerated the pace of production. However, for many industries, VR eventually became the tool to combat the effects of the pandemic, gradually boosting production in this space. Industries like healthcare used it to train medical professionals in a simulated environment. Defense and security authorities could continue training their fighter pilots, while travel and tourism companies – severely hit by the pandemic-induced restrictions – started offering fun experiences through VR. VR helped many other industries to simulate physical experiences in a virtual environment and continue with their businesses. Examples of such application areas of VR included retail pop-ups, car dealerships, bank branches, etc. All these factors helped the market get back on a growth trajectory since 2021. The market is expected to witness steady growth owing to the cost reduction benefits a simulated environment, created through the applications of VR technology, has to offer.
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Increased adoption of Virtual Reality in the Asia Pacific led to major industry-wide developments, acquisitions, collaborations, and deal-wins
- In September 2022, Meta collaborated with Qualcomm to design a customized chipset for extended reality platforms to deliver the next-generation platforms and core technologies to accelerate a fully immersive metaverse.
- At mobile world Congress 2022, HTC announced that HTC VIVE and Holoride would work together to bring VR entertainment to car passengers leveraging the advancement of 5G technology.
- In January 2022, Microsoft acquired Activision Blizzard which will bring experience and community of gaming to everyone. Activision Blizzard Inc. is a leader in gaming development and interactive entertainment content publishing and this acquisition will help the company to accelerate growth in Microsoft’s gaming business and will provide building blocks for the metaverse.
- Qualcomm is collaborating with VictoryXR to provide the Oculus Quest 2 headsets powered by the Qualcomm Snapdragon Mobile platform for VictoryXR’s VR education program.
- In September 2022, Sony Interactive Entertainment announced a partnership starting with 3 million contributions to USC Games Gerald. The partnership of Sony Interactive Entertainment with USC Games is expected to offer students game development and design studying opportunities.
For more information on the research report, refer to the below link:
Potential Investors in Virtual Reality Companies
Read Also –
3 Key Insights on $16 Bn Opportunity in Asia Pacific Virtual Reality Market
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