Driven By Advancements in Technology, the Growing use of VR in Healthcare, and a Surge in Online Education, the Virtual Reality Market in the Asia Pacific is Forecasted to Reach Around $16 Bn by 2030 says Ken Research Study.
Undoubtedly, there is a growing prominence of Virtual Reality in various end-user industries/activities necessitated by multiple driving factors, including long-term objectives to enhance online education, and training opportunities in the healthcare and aerospace Industries. Geographically, among all the regions, Asia Pacific is found to be the largest market for Virtual Reality.
According to Ken Research estimates, the Asia Pacific Virtual Reality Market – which grew from around US$2 Bn in 2019 to nearly US$4 Bn in 2022 – is expected to grow further into a nearly US$16 Bn opportunity by 2030.
- Enhancements Achieved in Immersive Quality and Visualization Standards Helped the APAC Virtual Reality Market to Grow in Key End-User Industries
The Asia Pacific Virtual Reality Market witnessed growth during the forecasted period, primarily due to enhancements in its immersive quality and improved standards of visualization that helped key end-user industries such as Gaming and Entertainment, Education, etc. to launch innovative products and solutions. Although the COVID-19 lockdown caused disruptions in the supply chain in terms of irregular deliveries of devices, components, equipment, and other relevant hardware in the initial phase of the pandemic, the market has rebounded and is forecast to cross $16 Bn by 2030 from ~$4 Bn in 2022, witnessing a CAGR of ~20% during this period.
- Relatively Cheaper Availability of Internet Data in the Asia Pacific is Helping the VR Market to Grow in the Region
An Immersive VR Experience with 360-degree video features requires a lot of internet data. VR head-mounted displays (HMD), gesture tracking devices (GTD), and projects and display walls (PDW) also consume internet data to run. For instance, HMD requires a minimum of 20 Mbps for streaming. For resolution comparable to HD TV, it requires an even higher bandwidth of 80-100 Mbps. However, if the user wants the best 360-degree video experience 600Mbps is essential.
In the Asia Pacific, China is a major consumer of VR. India is also a large emerging market in the region. The price of internet data is significantly low in China and India as compared to the global market standards. It is helping these markets to adopt VR technology and solutions faster.
- Display Latency in Virtual Reality Hampers the Experience of the User
Display Latency may be termed as the lag between when the signal is sent and when the signal is shown. It is the difference between the real-time and actual response time. A high value of display latency results in a delayed response of the VR system, resulting in a hampered experience for the user.
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Latency in VR can be reduced by providing a high bandwidth network that may not be available in many countries. To have a proper VR experience and low latency, a user would require a bandwidth of 2.35 Gbps which could be a challenge in the Asia Pacific Virtual Reality market.
For more information on the research report, refer to below link:
Potential Investors in Virtual Reality Companies
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