Virtual Reality Market getting back to growth | Microsoft (the U.S.), Oculus (the U.S.), Google (the U.S.)

 The virtual reality market is projected to grow with a CAGR of 28.3% and is projected to reach USD 4 billion by 2029. The virtual Reality market is expected to register bolstering growth over the forecast period. With the development of new products and government backing in countries like China, the market of Virtual reality is expected to flourish across the globe.

The virtual reality market is projected to grow at a promising pace on account of its rising use in business organizations and gaming and media devices. The COVID-19 pandemic has significantly surged the use of VR and entertainment media platforms.

As per Deloitte, nearly 88% of mid-sized organizations are using VR. The AR market, on the other hand, is projected to generate USD 2 billion by 2022.  In line with this, leading market players are actively working to develop games that work on VR. For instance, for instance, Pokemon Go, a VR game, was downloaded a billion times and is used by 45 million users daily. The recent COVID-19 outbreak has significantly surged the use of VR and the hours spent by gamers. However, the disruption in the supply chain has severely impacted the market growth.

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The Major Players Covered in this Report: Microsoft (the U.S.), Oculus (the U.S.), Google (the U.S.), Samsung Electronics (South Korea), Sixense Enterprises (the U.S.), Leap Motion (the U.S.), Vuzix (the U.S.), & More...

By Type
Bladder Accumulator
Piston Accumulator
Diaphragm Accumulator

By Application
Automobile Industry
Construction and Agricultural
Machinery
Plastics Industry
Marine Industry
Oil and Gas Industry

By Sales Channel
Direct Channel
Indirect Channel

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Virtual Reality in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Virtual Reality market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Virtual Reality and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Virtual Reality. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key Highlights:
The Virtual Reality market is anticipated to develop at a compound annual growth rate (CAGR) of 28.3% during the forecast period.
The implementation of Virtual Reality technology for VR gaming and multimedia streaming applications to provide a large spectrum of customers for the Virtual Reality market
The coronavirus pandemic and its aftereffects are anticipated to have positive impact on the sales of Virtual Reality products. Although, with the manufacturing shut down the supply of the products may expected to shrink at an extent, the growth in demand due to lockdowns and home isolations to promote the Virtual Reality Market.
North America to cater a major share in the global market with strong use in mid sized corporate organizations and nearly 90% of population in the region already using Virtual Reality techniques for some applications such as online VR gaming and activities.
The digital revolution that is being done by China, and target to generate 1/5th of revenue generation of Virtual Reality market in the country is really providing strong prospects of growth to Asia Pacific region
Head-mounted devices segement is anticipated to dominate the market share owing to the high use of these devices in mobile gaming applications and immersive gaming experience observed due to the use of these devices.
Consumer applications and the gaming and entertainment industry to generate major chunk of revenue in Virtual Reality market with stromg growth perspectives for the market.

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