Virtual Reality Market Overview:
The virtual reality market research is projected to grow from USD5.91885 Billion in 2023 to USD 53.0195326 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.53% during the forecast period (2023 - 2032).
VR Market is a computer-generated simulation that can be accessed with the assistance of head-up displays and gloves to provide immersive experiences. The software can be used in creating worlds to be experienced by users using associated hardware. The global VR Market report by Market Research Future (MRFR) comprises an in-depth analysis of the industry with projections for revenue and growth during the forecast period (2020-2027). The COVID-19 impact on the industry has also been included in the report.
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Key Players:
Key Companies In The Virtual Reality Market Include
- Sony Corporation (Japan)
- Microsoft Corporation (US)
- Google LLC (US)
- Facebook Inc (US)
- Qualcomm Technologies Inc.(US)
- Samsung Electronics (South Korea)
- Sensics Inc. (US)
- Vuzix Corporation (US)
Market Scope:
The global VR Market is set to exhibit 37.4% CAGR over the forecast period owing to advances in head-mounted displays and consumer enthusiasm for VR. Immersive experiences in media & entertainment titles has garnered positive reception for the market. This is exemplified by the implementation of VR in rollercoaster rides in theme and amusement parks. Applications of VR in industries other than media such as healthcare, education, hospitality, and others can drive market demand significantly. Integration of VR with IoT can favor the market to increase worker training, improve productivity, and lower error rates.
The COVID-19 outbreak had a positive impact on the VR Market with people downloading and procuring VR games while working from home. The pandemic has accelerated strides in 360-degree communication with travel companies utilizing it to provide virtual tours.
But integration of system-on-a-chip (SoC) coupled with mediocre security standards can limit market growth.
Market Segmentation:
By component, the market is divided into hardware and software. The hardware segment is further segmented into displays, semiconductors, sensors, and others. The software segment is divided into software development kits, cloud-based, and others.
On the basis of device type, it is segmented into head-mounted displays, 3D cameras, gesture tracking devices, projectors & display walls, and others. The head-mounted displays can occupy a large market share owing to its importance in training programs of industries of military, aerospace, medical & research, and engineering.
By technology segment, the VR market is segmented into non-immersive, semi-immersive, and fully immersive.
Verticals pandered by the virtual market are healthcare, consumer electronics, aerospace & defense, industrial, commercial, and others. The healthcare industry is expected to command a large chunk of the VR Market owing to training programs created for training new doctors and use of the technology for treatment of mental health issues. VR can be used in increasing the efficiency of surgeons and lowering complications during treatment.
Regional Analysis:
North America, Latin America, Europe, Asia-Pacific (APAC), and the Middle East & Africa (MEA) are major regions covered in the VR Market.
North America is expected to dominate the market owing to presence of various VR developers and applications in gaming & entertainment and consumer electronics. The U.S. is likely to contribute the most to the regional market at a CAGR of 38.05% over the forecast period. The North America market is characterized by acquisitions of small startups by large companies in a bid to consolidate it.
Europe is projected to display a strong growth rate over the assessment period owing to investments in VR hardware and software. Consumption of VR headsets and interest in VR games can augur favorably for the market. Integration of VR across industries by a consortium, The INTUITION Network, and noting down its progress in the workplace can provide new avenues of expansion to the market.
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Industry news:
Facebook announced the testing of Ads on its virtual reality platform, Oculus. This move could signal the company’s intent on expanding its platform and expanding its platform.
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