The Singapore
virtual reality headset market is anticipated to grow at a high compound annual
growth rate (CAGR) in the forecast period of 2024-2028. The rise of modern
technologies such as blockchain, rapid development in the internet and Internet
of Things (IoT) devices, artificial intelligence (AI), and innovation in
digital technology has enabled the adoption of virtual reality headsets during
this period. The developing video game industry allows people to immerse
themselves in animated game scenarios and interact with others, leading to the
rapid growth in popularity of virtual reality headsets in the gaming industry.
A virtual reality headset is a head-mounted device
used to provide virtual reality visuals to the eyes. It allows users to
experience and interact with virtual environments, creating a sense of presence
and immersion. These headsets incorporate displays, sensors, and audio systems
to deliver a realistic and engaging virtual reality experience. Virtual reality
headsets find applications in various industries, from entertainment to big
business, and are transforming sectors such as aerospace, automotive,
education, healthcare, and many more. Virtual reality is a technology that
creates a simulated environment for users to explore and interact with,
providing an immersive and interactive experience. It has applications in
various industries and relies on computer hardware and software, as well as
specialized equipment like VR headsets, to deliver the virtual experience.
Increasing
Popularity in Gaming and Entertainment Sector
VR gaming and immersive entertainment experiences have
been gaining popularity, attracting consumers to invest in VR headsets for an
enhanced gaming experience. Gaming enthusiasts seek immersive and interactive
experiences that transcend traditional gaming boundaries. VR has provided a
means to escape reality and embark on thrilling adventures, making gaming more
captivating and engaging than ever before.
Moreover, the entertainment sector, including virtual
reality movies, concerts, and live events, has also contributed to the growth
of the Singapore VR market. VR movies and documentaries have emerged as novel
storytelling mediums, offering viewers an unprecedented level of immersion.
With VR headsets, users can become active participants in the narrative,
leading to a more profound emotional connection with the content. VR concerts
and live events have redefined the way people experience performances. They
provide the opportunity to attend concerts, theatre plays, and sporting events
virtually, breaking geographical barriers and reaching a wider audience.
Businesses have recognized the potential of VR in
creating unique marketing opportunities. By collaborating with the gaming and
entertainment industry, companies can tap into the ever-growing VR consumer
base. Additionally, the gaming and entertainment sectors have been instrumental
in fostering innovation in VR technology. The demand for enhanced graphics and
seamless motion tracking has driven manufacturers to continually improve VR
headsets.
In
the education sector, the gaming and entertainment applications of VR have had
a profound impact. Educational institutions are incorporating VR into their
curricula to offer students immersive learning experiences. Whether it's
exploring historical landmarks, dissecting complex 3D models, or learning in
simulated environments, VR has the potential to revolutionize education by
making it more engaging and interactive. The continuous push for technological
advancements in VR devices with government support bodes well for the future of
the VR market in Singapore. Thus, the increasing popularity of virtual reality
headsets in the gaming and entertainment sector is driving the Singapore market
throughout the projected period.
Increasing Social and Communication Interaction
VR provides the ability to transport users to a
virtual environment in which they can interact with other users. This provides
an opportunity to create social connections that may otherwise be hard to
establish or maintain. Users can participate in virtual cognition training to
improve their social skills, such as emotion recognition, social attribution,
and analogical reasoning. There are even programs in which young adults with high
functioning can participate, designed to increase their social skills. These
programs train users to better recognize facial expressions, body language, and
emotions from a person’s voice. The effects of these programs are long-lasting,
as users gain the ability to recognize other people’s emotions within the
training, which they can carry forward in their lives.
Social virtual reality also provides a new way for
people to connect over long distances. Virtual spaces can be created in a VR
environment, allowing users to interact with each other in a realistic setting.
Users can have realistic avatars and talk to each other as if they were
face-to-face. This method of communication can be as effective as talking to
another person in real life, as long as the users feel immersed in the
environment. When users are immersed in the virtual environment, they have a
better sense of presence, and their responses are more genuine. Being able to
attend events and experience activities with others via VR has provided a
substitute for real-life interactions that is more realistic than merely
speaking over the phone or via video chat. Therefore, the growing use of VR in
social communication is expected to increase the demand for virtual reality
headsets in the market.
Growing consumer base in Retail Market
Virtual reality (VR) headsets have emerged as
powerful tools driving innovation and transformation within the retail sector.
Through the interactive capabilities of VR, retailers have found innovative
ways to engage customers, enhance shopping experiences, and optimize various
aspects of their business operations. This technology is reshaping the retail
landscape and providing unique opportunities for businesses to connect with
consumers in novel and meaningful ways.
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One of the key ways VR headsets drive the retail
sector is by offering immersive product showcases and virtual shopping
experiences. Retailers can create virtual showrooms where customers can explore
products in a 3D environment, interact with them, and get a sense of scale and
design. This virtual shopping experience enables customers to make more
informed purchasing decisions, especially for products that are not physically
available in-store. For instance, in the furniture industry, VR allows
customers to visualize how a particular piece of furniture will fit into their
home before making a purchase, reducing the likelihood of returns and
increasing customer satisfaction.
VR headsets enable retailers to tap into the
growing trend of virtual social commerce. With the rise of social VR platforms,
retailers can host virtual shopping events where customers can interact with
each other and shop together in a shared virtual space. This social shopping
experience fosters a sense of community among customers and strengthens brand
loyalty.
In conclusion, virtual reality headsets are driving
the transformation of the retail sector by revolutionizing product showcases,
offering personalized shopping experiences, facilitating virtual try-ons,
enhancing employee training, enabling virtual events, and revolutionizing
e-commerce and market research. The immersive and interactive capabilities of
VR create novel opportunities for retailers to connect with consumers, boost
sales, and optimize business operations. As VR technology continues to advance,
its impact on the retail sector is expected to grow.
Recent Developments
- On
November 01, 2022, PICO partnered with Singtel to launch the PICO 4
all-in-one VR headset in Singapore. With the PICO 4, the company hopes to
help consumers "build new connections, reimagine everyday routines,
and unlock boundless potential in VR."
- ·
On June 30, 2022, Singapore's National Neuroscience Institute partnered with
Kyalio to develop VR modules for neurosurgery training. The VR modules,
developed by NNI and Kyalio, support the continuing education and
upskilling of medical doctors and students by providing them with a
simulated experience of various neurosurgical procedures.
- On
August 03, 2022, Keppel O&M partnered with M1 to implement Southeast
Asia's first maritime 5G AR/VR Smart Glasses Solution. The pilot project,
which received a grant under the IMDA 5G Innovation Program, is part of
Keppel O&M's strategy to leverage digitalisation for remote virtual
operations that can help solve critical challenges in Singapore's maritime
industry. Through M1's robust 5G network, Smart Glasses can provide a
high-bandwidth immersive AR/VR environment that enables highly detailed
representations and real-time information to be relayed to users and
control centers.
Market Segments
The
Singapore Virtual Reality Headset Market is segmented
into product
type, end device, material, end-user, region, and competitive landscape. Based
on product type, the market is segmented into tethered, standalone
pc-connected, smartphone-based. Based on end device, the market is divided into
low-end device, mid-range device, high-end device. Based on material, the
market is separated into plastic, paper, and others. Based
on end-user, the market is segmented into gaming, healthcare, entertainment
& media, education & training, retail, telecommunications, and others. And based on region, the market is
segmented into East Region, North-East Region, Central Region, North Region,
and West Region.
Market
Players
Major market players of Singapore virtual reality headset market are Virtual Reality Rental Co., Lemnis
Technologies, Vostok VR, Circos VR, HoloSuit, Hiverlab, VizioFly, IXEN
Interactive, ARPlanet, BIMLife, Pinheads Interactive, TaKanto Pte. Ltd.
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Attribute
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Details
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Base Year
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2022
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Historic
Data
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2018 –
2021
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Estimated Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for
2018-2022 and 2023-2028
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Report
coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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Product Type
End Device
Material
End-User
Region
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Regional
scope
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East
Region, North-East Region, Central Region, North Region, and West Region
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Key companies profiled
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Virtual
Reality Rental Co., Lemnis Technologies, Vostok VR, Circos VR, HoloSuit, Hiverlab,
VizioFly, IXEN Interactive, ARPlanet, BIMLife, Pinheads Interactive, TaKanto
Pte. Ltd.
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scope
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report customization with purchase. Addition or alteration to country,
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Delivery
Format
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PDF and Excel
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Report
Scope:
In
this report, Singapore virtual reality headset market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Singapore Virtual Reality Headset
Market, By Product
Type:
- Tethered
- Standalone PC-connected
- Smartphone-based
- Singapore Virtual Reality Headset
Market, By End Device:
- Low-end Device
- Mid-range Device
- High-end Device
- Singapore Virtual Reality Headset
Market, By Material:
- Singapore Virtual Reality Headset Market,
By End-User:
- Gaming
- Healthcare
- Entertainment & Media
- Education & Training
- Retail
- Telecommunications
- Others
- Singapore Virtual Reality Headset Market,
By Region:
- East Region
- North-East Region
- Central Region
- North
Region
- West
Region
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in Singapore virtual reality headset market.
Available
Customizations:
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according to a company’s specific needs. The following customization options
are available for the report:
Company
Information
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additional market players (up to five).
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reality headset market is an
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