With a Staggering CAGR of 82%, Virtual Reality Glove Market will Grow Exponentially by 2020, Says Technavio

Technavio publishes a new market research report on the global VR glove market from 2016-2020. (Graphic: Business Wire)

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LONDON--()--The global virtual reality (VR) glove market is expected grow at a CAGR of 82% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global VR glove market for 2016-2020. The market is further categorized into three segments by technology adopter, including innovators, early adopters, and early majority, of which the innovators segment dominated the market with close to 75% of the overall market share in 2015.

VR glove companies are likely to increase the selling price of their products during the forecast period because of no price wars due to a limited number of vendors in the market. However, the ASP will decline with the growth of the addressable market, increasing the number of vendors and saturating technology,” says Ujjwal Doshi, a lead gaming research expert from Technavio.

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Technavio’s research study segments the global VR glove market into the following regions:

  • Americas
  • APAC
  • EMEA

In 2015, the Americas accounted for 48.31% of the market, followed by EMEA with 43.47% share. With the market's growth in emerging economies, APAC will be the fastest growing region with a market share of 24.43% by 2020.

VR glove market in Americas

The VR glove market in the Americas is expected to reach USD 20.58 million by 2020, growing at a CAGR of over 76% during the forecast period.

The ever-growing popularity of VR games will be the leading factor influencing the market's growth in this region. The adoption of VR technology by industry giants such as Sony and Microsoft will trigger market growth during the forecast period. In addition, large coverage of companies such as Apple and Google in the mobile gaming segment is likely to foster the adoption of VR content in the mobile gaming industry.

In Electronic Entertainment Expo 2015, many companies showed the potential of this technology in gaming by demonstrating their VR gaming products. Oculus showcased its latest headset, Sony revealed a game demo for Project Morpheus, and Microsoft partnered with Valve and conducted discussions on making Windows 10 the software platform for HTC Vive and other PC-based VR devices.

VR glove market in EMEA

The VR glove market in EMEA is expected to reach USD 17.51 million by 2020, growing at a CAGR of above 74% during the forecast period.

“The major factor influencing the growth of the VR glove market in this region is the huge popularity of gaming consoles. Western Europe accounts for more than 80% of the global market in this region because of the high console-PC ratio as a gaming device. The popularity of VR gloves in this region is high due to high demand for VR consoles,” asserts Ujjwal.

The increased adoption of the simulated environment will further boost the demand for VR gloves. In addition, different sectors such as healthcare, engineering, and travel are adopting VR simulation, a technique which was specific for military training.

VR glove market in APAC

The VR glove market in APAC is expected to reach USD 12.31 million by 2020, growing at an astounding CAGR of almost 126% during the forecast period.

The market in APAC will be heavily influenced by Japan as it accounts for the highest use of VR technology. The prominent use of VR for gaming and entertainment creates huge potential for VR gloves in this region.

The market in this region is incredibly small due to the limited reach of the technology to most countries. The huge popularity of VR in countries like Japan and South Korea is driving the VR glove market in this region. As the individuals in this region are considered to belong the late majority segment when it comes to technology adoption, the region is likely to have substantial growth during the forecast period.

The top vendors in the global VR glove market highlighted in the report are:

  • CyberGlove Systems
  • Manus VR
  • GloveOne
  • Virtalis

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global virtual reality (VR) glove market is expected grow at a CAGR of 82% during the forecast period, according to Technavio’s latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com