Press release
Virtual Reality Market Top Leading Companies, Consumption, Key Drivers, Challenges and Trends Forecast to 2028, Fortune Business Insights
The global virtual reality market is projected to grow from $6.30 billion in 2021 to $84.09 billion in 2028 at a CAGR of 44.8% in the forecast period, 2021-2028
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The coronavirus emergency has immensely damaged and disrupted various economies around the world. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
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The report on thevirtual reality market emphasizes:
Coherent insights into the market
Pre-obtained data about the business scenario
Latest industry development and key drivers
In-depth information about key players
Market Driver:
High Utilization of Virtual Reality in Military Settings to Intensify Market
The increasing application of virtual reality (VR) solutions in the defense sector will enable speedy expansion of the market in the foreseeable future. The intelligent technology offers the understanding to perform high-risk operations beforehand, which, in turn, will spur the demand of the market. The virtual training sessions can help soldiers to develop skills for challenging situations during combat. For instance, the UK Ministry of Defense announced the investment in a virtual simulator platform to offer a wider training program for the armed forces. Likewise, the US army is constantly focused on providing a synthetic training environment by 2021 to prepare soldiers for real combat scenarios.
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Elevated Demand for Virtual Meets and Conferences to Accelerate Market Amid COVID
The growing acceptance of digital technologies is expected to spur opportunities for the market amid coronavirus. The lockdown in several regions has led to high demand for immersive solutions. The growing popularity of virtual meets, conferences, exhibitions, gatherings will have a tremendous impact on the market during the pandemic. For instance, LAVAL, a Canadian city in southwestern Quebec, north of Montreal conducted an online exhibition with the help of VR glasses and 3D graphics. Besides, the utilization of VR technologies among students for online training will further enhance the potential of the market amid the COVID-19 Pandemic.
Regional Analysis:
Rising Government Support Stimulate Growth in North America
The market in North America is expected to dominate the global market owing to the existence of prominent players in the US. The high support from the government of the US through investments is likely to encourage the market in the region. For instance, the US Department of Agriculture's (USDA's) Food Safety and Inspection Service (FSIS) implemented virtual training sessions on public health veterinary. The market in Asia Pacific is expected to witness a rapid growth rate during the forecast period owing to the developing nations. China is expected to hold the largest share in the global market owing to the growing adoption of the 5G network in the region. Furthermore, the rising government initiatives and fundings are expected to improve the market prospects in India. For instance, campaigns such as Digital India, made in India, and Vocal for Local will uplift the small scales enterprises in India. For instance, AjnaLens raised funds of USD 1.5 Mn from Maharashtra Defence and Aerospace Venture Fund to enhance virtual and augmented reality capabilities.
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The Report Lists the Main Companies in the Virtual Reality Market:
Google LLC (California, United States)
Oculus Rift (Facebook Inc.) (California, United States)
Sony Corporation (Tokyo, Japan)
Unity Technologies (California, United States)
HTC Corporation (Taoyuan City, Taiwan)
Microsoft Corporation (Washington, United States)
Autodesk Inc. (California, United States)
Sixense Enterprises Inc. (California, United States)
Eon Reality Inc. (California, United States)
Dassault Systems SE (Vélizy-Villacoublay, France)
Apple Inc. (California, United States)
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Table of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter's Five Force Analysis
Global Market Share Analysis and Matrix, 2019
Key Market Insights and Analysis, By Segments
Global Virtual Reality Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
By Component (Value)
Hardware
Software
Content
By Device Type (Value)
Head Mounted Devices
VR Simulator
VR Glasses
Treadmills & Haptic Gloves
Others
By Industry (Value)
Gaming
Entertainment
Automotive
Retail
Healthcare
Education
Aerospace & Defence
Manufacturing
Others
By Region (Value)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
North America Virtual Reality Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
By Component (Value)
Hardware
Software
Content
By Device Type (Value)
Head Mounted Devices
VR Simulator
VR Glasses
Treadmills & Haptic Gloves
Others
By Industry (Value)
Gaming
Entertainment
Automotive
Retail
Healthcare
Education
Aerospace & Defence
Manufacturing
Others
By Country (Value)
United States
Canada
TOC Continued
Key Development:
January 2019: Autodesk Inc signed a partnership agreement with InsiteVR to offer VRmeeting integration platform for engineering and construction meetings. The platform will support in-designing and review projects to assist engineers.
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