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Virtual Reality Services In Telehealth Drive Growth In The Virtual Reality Services Market Driver: A Major Catalyst in the Evolution of the Virtual Reality Services Market in 2025
Virtual Reality Services Global Market Report 2025
The market size for virtual reality services has seen rapid expansion in the past few years. Projected growth indicates an expansion from $13.32 billion in 2024 to $15.1 billion in 2025, boasting a compound annual growth rate (CAGR) of 13.4%. Factors contributing to this growth in the historical period include burgeoning demand in gaming and entertainment, corporate adoption and training, falling costs and improved accessibility, creation of content and investment from the industry, as well as cinematic and media experiences.
The market for virtual reality services is predicted to see a steep rise in the coming years. It's projected to expand to a market size of $25.97 billion in 2029, showing a compound annual growth rate (CAGR) of 14.5%. The anticipated growth during this period is linked to factors such as the incorporation of 5g technology, use in enterprise and industrial fields, healthcare and therapeutic applications, immersive social encounters, and integration of augmented reality. The key development trends for this period include the use of VR in e-commerce and retail sectors, location-based entertainment, experiences in travel and tourism, collaboration across industries, and virtual social spaces.
What Are the Key Drivers Behind the Growth of the Virtual Reality Services Market?
The growth of the virtual reality services market is largely fueled by their essential role in telehealth. With an increased influx of COVID-19 patients expected, VR-enabled tools will be instrumental in providing the necessary advanced skills for thousands of doctors and nurses, helping them navigate a simulated environment. Virtual reality training services designed specifically for scenarios involving coronavirus pathology prove to be highly effective and applicable to our current context. These services equip medical students, doctors, and nurses with critical skill sets that they can readily apply in real-world situations. An example of this is the XRHealth application, which supports hospitals in treating hospitalized coronavirus patients and allows physicians to monitor these patients upon their return home. Therefore, the escalating need for virtual reality services in telehealth is anticipated to significantly propel the growth of the virtual reality services market.
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Who Are the Major Industry Players Fueling Virtual Reality Services Market Expansion?
Major companies operating in the virtual reality services market include Skywell Software LLC, LittlStar's, Creative Solutions, Gramercy Tech LLC, HQSoftware LLC, Program-Ace LLC, Groove Jones LLC, Xicom Technologies Ltd., Zco Corporation, The Intellify, Quy Technology Pvt. Ltd., Fluper Ltd., JPLoft Solution, Credencys Solutions Inc., HorizonCore Infosoft Pvt. Ltd., Quytech Company, Hedgehog lab Ltd., IndiaNIC Infotech Limited, Chetu Inc., Vakoms LLC, Delta Reality, Dyfuzja Software Development Co., Cortex Inc., Chocolate Milk & Donuts LLC, NARSUN Studios, Setapp Inc., Oodles Technologies Pvt. Ltd., Infotrum LLC, Sumeru Inc., NewGenApps, HTC Corporation, Sony Group Corporation, Oculus VR LLC, Google LLC, Samsung Electronics Co. Ltd., Lenovo Group Ltd., Meta Platforms Inc., NVIDIA Corporation, Apple Inc., Amazon Inc., Unity Technologies Inc., Unreal Engine 3D, Autodesk Inc., Eon Reality Inc., 3D Systems Corporation, Dassault Systèmes SE, Pico Interactive Inc., StarVR Corporation, FOVE Inc.
Which Key Developments Are Influencing the Virtual Reality Services Market?
The rise of remote shopping via virtual reality is a prominent trend in the virtual reality services industry. The global COVID-19 pandemic has led many consumers to avoid traditional offline shopping, but this doesn't necessitate a cease in communication between e-commerce companies and their clientele. Virtual reality presents an opportunity for businesses to provide novel shopping experiences to potential customers without hindering their reach. This technology allows e-commerce enterprises to re-envision customer experiences and redesign shopping paths. Case in point, the GAP, a brand based in the US, has created a virtual Dressing Room app that enables users to virtually try on clothes before purchase. This assists customers in selecting suitable clothing, in turn reducing product returns and diminishing the financial strain for retailers.
How Is the Segmentation of the Virtual Reality Services Market Defined?
The virtual reality services market covered in this report is segmented -
1) By Type: Hardware, Software
2) By Basis Of Service: Consulting, Training, Implementation, Integration, Operation, Maintenance
3) By Application: Healthcare, Education, Real Estate, Advertising, Travel, Gaming, Entertainment, Other Applications
Subsegments:
1) By Hardware: VR Headsets, VR Controllers, VR Tracking Devices, VR Gloves, Haptic Feedback Devices, Motion Platforms, VR Cameras
2) By Software: VR Content Creation Software, VR Gaming Software, VR Simulation Software, VR Training And Education Software, VR Design And Architecture Software, VR Entertainment And Media Applications, Augmented Reality (AR) Integration Software
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What Is the Leading Region in the Virtual Reality Services Market?
Asia-Pacific was the largest region in the virtual reality services market in 2023. North America was the second largest region in the virtual reality services market. The regions covered in the virtual reality services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Virtual Reality Services Global Market Report?
- Market Size Analysis: Analyze the Virtual Reality Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Virtual Reality Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Virtual Reality Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Virtual Reality Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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