Virtual Reality Market is projected to expand at a steady CAGR over the forecast by 2031 | Meta, Microsoft, Sensics, Leap Motion, Sixense Enterprises, Eon Reality

Virtual Reality equipment such as gloves, headsets or glasses, and bodysuits are used to provide viewers with an immersive experience. By allowing users to immerse themselves in a fully realistic environment, virtual reality has changed the gaming and entertainment industries. In addition, the expanding usage of this technology in instructional training, such as for instructing engineers, mechanics, pilots, field workers, defense warriors, and technicians in the manufacturing and oil and gas industries, is propelling market expansion.

The easy availability of affordable VR devices is a major element pushing VR device adoption. Local companies' launches of VR gadgets in countries like China and India have aided in making such devices inexpensive and promoting their widespread adoption.

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COVID-19 Impact Analysis:

Several industries were temporarily shut down and lockdowns were enacted during the COVID-19 outbreak to stop the virus from spreading, affecting commercial operations across regions. However, as businesses increasingly need to conduct their operations online, VR has become more popular. Companies have turned to virtual platforms to maintain their day-to-day operations, such as attending meetings and developing policies and plans. Furthermore, virtual reality (VR) is developing as a viable technique for virtual events.

As a result, the pandemic has had a moderately positive impact on this sector in the short term. People in the actual world, used virtual technology to better their health and well-being, entertainment, live shows, virtual conferences, and meetings.

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Key Trends and Drivers:

- The increasing usage of the 5G network is driving virtual technology adoption. High-bandwidth and ultra-low latency are key features of 5G services. The promotes the use of virtual reality technology in applications such as entertainment, training, and simulation.
- Head Mounted Displays (HMDs) have been widely used in the gaming and entertainment industries. With the introduction of VR and 3D technology, the gaming industry has undergone a technical transformation. The use of HMDs for gaming is the primary driver of the VR HMD market's growth. The advent of low-cost VR HMDs has also aided in the growth of the VR segment's shipments.

Key Players:

- Meta
- Microsoft
- Sensics
- Leap Motion
- Sixense Enterprises
- Eon Reality
- Oculus
- Alphabet

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