Virtual Reality Market Companies Outlook, Growth Prospects and Key Opportunities by 2033

Over the past year, a variety of different product categories have referred to "virtual reality" increasingly frequently. Businesses are dividing their product lines into fresh groupings in order to capitalise on the fast expanding use of virtual reality technologies. By the end of 2022, the global market for VR technology would be worth more than US$ 6 billion, according to Persistence Market Research.

For the evaluation period of 2017-2022, the report offers a complete prognosis on the expansion of the global virtual reality market. It is projected that a number of variables would affect the market's current rapid growth.

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Virtual reality (VR) is a rapidly growing market with the potential to revolutionize a wide range of industries, including gaming, education, healthcare, and training. The VR market encompasses both hardware and software products used to create, experience, and interact with virtual environments.

The global VR market is expected to reach $20.9 billion by 2025. This growth is being driven by increasing adoption of VR in gaming, as well as its use in medical training and therapy, and remote work and education tools. The COVID-19 pandemic has further accelerated the growth of the VR market, as it has led to a surge in remote work and online education, increasing the demand for virtual collaboration and learning tools.

However, the high cost of VR hardware and the lack of standardized content remain significant challenges for the market. To address these challenges, major players in the VR market are investing heavily in research and development, and are working to develop more affordable and accessible hardware, as well as to create more compelling and standardized VR content.

In conclusion, the VR market is a rapidly evolving and exciting industry with the potential to transform how we interact with technology and each other. As VR technology continues to improve and become more widely adopted, we can expect to see more innovative and impactful applications in a wide range of fields.

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Virtual Reality Market: Opportunities & Challenges

In short span of time, VR technologies have extended their application purview beyond consumer electronics, retail and media & entertainment. In healthcare sector, virtual reality is being integrated with computed tomography to create three-dimensional imaging technology that provides data on real-time basis.

The resultant 3D view of the patient's anatomy allows surgeons to observe the skeletal, muscular and nervous system clearly. New opportunities for virtual reality include, development of interactive virtual environment in employee training, increasing use of VR devices in distraction therapy and to develop social skills for autistic people, simulate the real spaces to enable architects in designing better interiors and reworking on layouts.

Although, developers of VR technologies and products are witnessing the emergence of new challenges, poising the mass adoption on the tenterhooks. Currently, the biggest challenge riddling the growth of the global virtual reality market is unaffordable prices. Changing cost structure of companies in the global virtual reality market has created high price points for mass adoption of virtual reality.

Even if the companies overcome the price factor, a majority of them struggle at creating compelling content. Moreover, consumers are demanding for a mobile VR experience, while safety hazards are becoming a key limitation. Since VR devices work effectively on high data transference, the need for uniform 5G spectrum cellular networks has gained traction. And, unfortunately, the lack of such uniformity within developed and developing regions, and across the globe, curbs its mass adoption.

Key Developers in Global Virtual Reality Competition Landscape

The report has profiled some of the leading companies in the global virtual reality market. Tech behemoths namely Sony Corporation, HTC Corporation, Samsung Electronics Co. Ltd., Microsoft Corp., and Google Inc., have been observed as leading players in the global virtual reality market. Through 2022, the market will also witness the active presence of companies such as Lumus Ltd, Vuzix Corporation, Oculus VR, LLC, Magic Leap, Inc., Unity Technologies, Inc., and Eon Reality Inc.

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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