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Virtual Reality Market Set to Reach USD 143.86 billion by 2029, Driven by CAGR of 30.86% | Data Bridge Market Research
Explore Further Details about This Research Virtual Reality Market Report https://www.databridgemarketresearch.com/reports/global-virtual-reality-market
The fast-growing phenomenon of virtual shopping is generating business opportunities for firms in the virtual and augmented reality industries. People can shop for things and see how they appear in their homes with the use of AR systems. Manufacturers in the virtual and augmented reality space must, however, take into account trade and travel limitations in nations like Canada, India, Germany, and Brazil that have been affected by the third wave of the coronavirus.
Global virtual reality market was valued at USD 16.73 billion in 2021 and is expected to reach USD 143.86 billion by 2029, registering a CAGR of 30.86% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
The term "virtual reality" refers to a technique that uses computers to generate a simulated environment. Virtual reality simulates a variety of sensations, including vision, touch, hearing, and even smell, to provide the viewer a fully immersive 3D experience. Realistic audio and graphics are provided via virtual reality to enhance the experience.
Some of the major players operating in the virtual reality market are
Axis Communications AB (Sweden)
Johnson Controls (Ireland)
Sony Corporation (Japan)
Avigilon Corporation (Canada)
Panasonic Corporation (Japan)
SAMSUNG (U.S.)
Arcules, Inc. (U.S.)
Google, LLC (U.S.)
Microsoft (U.S.)
HTC Corporation (Taiwan)
Oculus (U.S.)
EON Reality. (U.S.)
Vuzix (U.S.)
CyberGlove Systems Inc. (U.S.)
Ultraleap, Inc. (U.S.)
Sixense Enterprises Inc (U.S.)
Drivers
Adoption of advanced technologies
According to 2020 data from a national survey, 90% of instructors concur that using AR/VR technology to create tailored and differentiating experiences for students is a viable strategy. The market prognosis for virtual classrooms is also projected to change as a result of the increasing use of AR and VR technology in corporate learning and development. This will bolster the market growth rate.
Opportunities presented by head mount displays in APAC region
The gaming and entertainment industries have seen significant adoption of HMDs. With the advent of VR and 3D technology, the gaming business has undergone technical development. The usage of HMDs has improved the user experience and elevated gaming to a new level by enabling a fully immersive environment. The seamless transition made possible by the usage of VR HMDs has given users a special, improved experience.
Furthermore, the factors such as rising urbanization, industrialization and mounting awareness regarding the importance of education in the backward regions are some other important market drivers. Additionally, growing support by the government on the promotion of the technology and solutions and increasing per capita income are anticipated to drive the growth rate of the market.
Opportunities
Growth and expansion
Growth and expansion of education industry especially in the developing economies will present very many opportunities for the growth of the market. Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. Rising number of end users on daily basis, both at large and small scale and complete digitization of operations will also work in favor of the market.
Virtual Reality Market Scope
The virtual reality market is segmented on the basis of component, device type, technology and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
Hardware
Sensors
Semiconductor Components
Displays and Projectors
Position Trackers
Cameras
Others
Computer/video generator
Combiner
Software
Software Development Kits
Cloud-Based Services
VR Content Creation
Device Type
Head-Mounted Displays
Projectors & Display Walls
Gesture-Tracking Devices
Technology
Fully Immersive
Non-Immersive
Semi Immersive
Vertical
Entertainment & Media
Healthcare
Surgery
Patient Care Management
Fitness Management
Pharmacy Management
Medical Training and Education
Industrial
Commercial
Retail and Ecommerce
Education and Training
Travel and Tourism
Advertising
Aerospace & Defense
Automotive
Education
Others
Real estate
Geospatial mining
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