Social VR Market - Introduction
- Companies and social platforms are using virtual reality solutions to enhance the experience of social platforms. The social VR app is integrated with a virtual reality headset to provide a virtual meeting room and social event experience.
- Social media users or participants appear as virtual characters or Avatars in virtual environments to attend organized social events, virtual parties, and virtual team meetings. Adoption of video conferencing and online meeting platforms is increasing among enterprises to reduce the travel time of employees and expenses on commercial meetings.
- The social VR system allows the participant to choose their virtual characters for participating in virtual social meeting events. The social VR is a next-generation social platform to enhance the meeting experience for users and companies.
- Demand for social VR systems is increasing among social media platform companies to provide advanced platforms to interact with others in a virtual environment as they interact in real life.
Key Drivers of the Social VR Market
- Increasing demand for an advanced social platform with VR technology is expected to drive the growth of the social VR market. Advancements in technology regarding communication standards are expected to boost the growth of the social VR market.
- Adoption of social VR helps to minimize the business expenditure by investing in the separate video or VR based communication channel and is expected to create better business opportunities for providers of social VR.
High cost of the system and lack of awareness about technologically advanced social platforms expected to hinder the market
- The high cost of VR headsets and customized software platforms increases the overall cost of the solution. The high cost of the virtual system and equipment for social media platforms may restrain the growth of the social VR market.
- Lack of awareness about virtual platforms for social meetings among residential and commercial users is also expected to hamper the growth of the social VR market.
Impact of COVID-19 on the Global Social VR Market
- Companies are expanding their geographical presence to capture more market share in Asia Pacific due to the increasing impact of COVID-19 on business growth. Companies are adopting the work from home model for employee safety, which creates opportunities for video conferencing service providers and virtual reality meeting service providers.
- Companies are adopting social VR services to provide better social media platform solutions and services to viewers and customers.
Asia Pacific to Hold Major Share of the Global Social VR Market
- Asia Pacific holds a prominent share of the social VR market due to the increasing adoption of high-speed virtual reality solutions for business communication and commercial meetings.
- The social VR market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide services across the region and also due to the increasing number of IT and service companies in Asia Pacific. In North America and Europe region, solution providers are offering the advanced social media VR platform to maintain their market positions.
Key Players Operating in the Global Social VR Market
- Wookey Projects, Inc.
Wookey Projects, Inc. was founded in 2013 and is based in Liverpool, United Kingdom. The company is a global virtual reality solutions provider for attending live events on virtual platforms. It offers a VR solution for PCs and VR headsets to attend events and video game events.
- vTime Holdings Ltd
vTime Holdings Ltd. was founded in 2013 and is a global social media platform providing company. The company offers solutions in augmented reality, virtual reality, and mixed reality for residential and commercial sectors and is available on multiple platforms.
Other key players operating in the global social VR market include Bigscreen, Inc., VRChat Inc., HTC Corporation, Facebook Technologies, LLC, Google LLC, and Microsoft Corporation.
Global Social VR Market: Research Scope
Global Social VR Market, by Component
- Hardware (Headset)
- Implementation & Integration
- Support & Maintenance
Global Social VR Market, by End-user
Global Social VR Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Virtual Reality Meetings
- Virtual Reality in Social Media
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.