Virtual Reality Market to Grow at 24.6% During 2023-2028

The latest report by IMARC Group, titled " Virtual Reality (VR) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, the global virtual reality market size reached US$ 10.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.1 Billion by 2028, exhibiting a growth rate (CAGR) of 24.6% during 2023-2028. Virtual reality (VR) provides viewers with a simulated three-dimensional environment in the real world through the use of digital technology. In this technology, a fully immersive experience is achieved using computer hardware and software, gesture recognition systems, sensors, and embedded electronic components. Inputs are processed by the processor, resulting in an output that allows the user to perceive that the object is part of the surrounding environment. A VR experience ranges from a non-immersive experience to a semi-immersive experience to one that is fully immersive, where the user can interact with objects similar to those in their own environment. Virtual reality technology can be used for a wide range of purposes, including in the military, consumer, training, and education sectors, as well as in retail. VR devices include head-mounted video/display walls, displays, gesture-tracking devices, gloves, headsets, glasses, bodysuits, and projectors.

Competitive Landscape with Key Players:

• CyberGlove Systems Inc
• Eon Reality Inc
• Google LLC (Alphabet Inc.)
• HTC Corporation
• Microsoft Corporation
• Oculus VR LLC (Facebook Inc.)
• Samsung Electronics Co. Ltd.
• Sixense Enterprises Inc.
• Sony Corporation
• StarVR Corp (Acer Inc.)
• Ultraleap Ltd.
• Unity Software Inc

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Industry Demand:

The global market is primarily driven by the escalating demand for VR games and consoles in the gaming industry. This can be attributed to the rising number of individuals taking up gaming as a profession. In line with this, the rapid utilization of VR in the design and construction of automobiles at the concept stage is resulting in a higher product uptake. Besides this, the emerging trend of virtual tour of popular tourist spots, monuments, and even hotels and restaurants are also propelling the market demand. Moreover, the growing usage of VR applications in the architecture and planning sector for visualizing suggested urban designs, architectural plans and early detection of faults is fueling the market.

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Industry Drivers:

Continual technological advancements, such as CMOS/OLED micro-displays in VR displays is resulting in an augmented demand for VR HMDs, which in turn, is driving the market. The market is further propelled by the increasing adoption of VR exposure therapy in the healthcare sector for the treatment of mental health disorders. Some of the other factors contributing to the market include the increasing demand for virtual reality in pilot training, rapid urbanization and digitization, considerable growth in the information technology (IT) industry, inflating disposable income levels, continual product innovations, and extensive research and development (R&D) activities conducted by the key players.

Key Market Segmentation:

Breakup by Device Type:

• Head-Mounted Display
• Gesture-Tracking Device
• Projectors and Display Wall

Breakup by Technology:

• Semi and Fully Immersive
• Non-Immersive

Breakup by Component:

• Hardware
• Software

Breakup by Application:

• Aerospace and Defense
• Consumer
• Commercial
• Enterprise
• Healthcare
• Others

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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