Press release
Advancements In Virtual Reality Revolutionize Employee Safety Training And Drive Market Expansion: An Emerging Driver Transforming The Virtual Reality Devices Market Landscape
Virtual Reality Devices
What Is the Projected Growth of the Virtual Reality Devices Market?
The virtual reality devices market has grown rapidly in recent years. It will increase from $14.98 billion in 2024 to $17.42 billion in 2025, with a CAGR of 16.3%. The growth is primarily driven by the demand in gaming and entertainment, training and simulation, healTH*Care and therapy applications, and educational purposes.
The virtual reality devices market is set for rapid growth, reaching $28.34 billion in 2029 at a CAGR of 12.9%. Growth is influenced by business applications, wellness uses, collaborative work environments, and 5G support. Key trends include standalone VR, immersive social experiences, body tracking, and content creation by users.
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What Are the Different Virtual Reality Devices Market Segments?
The virtual reality devices market covered in this report is segmented -
1) By Type: Hand Held Devices, Head Mounted Devices, Gesture Controlled Devices, Other Types
2) By Technology: Semi And Fully Immersive, Non-immersive
3) By Application: Medical And HealTH*Care, Commercial, Education, Advertising And marketing, Commerce, Energy And Utilities, Entertainment And Gaming, Designing And Engineering, Logistics, Other Applications
Subsegments:
1) By Hand Held Devices: VR Controllers, Motion Sensors, Haptic Gloves
2) By Head Mounted Devices (HMDs): Oculus Rift, HTC Vive, PlayStation VR, Oculus Quest, Mixed Reality Headsets
3) By Gesture Controlled Devices: Gesture Recognition Gloves, Hand Tracking Devices, Motion Capture Systems
4) By Other Types: VR Simulators, Treadmills (VR-specific), Full-body Tracking Suits, VR Pods
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What Are the Primary Drivers Shaping the Virtual Reality Devices Market?
The virtual reality devices market is anticipated to grow due to the rising use of VR in transforming traditional safety training methods. Virtual reality offers a safe and immersive training environment, unlike traditional methods that fail to simulate real-time emergencies. VR helps employees better prepare for real-world scenarios, resulting in improved retention and fewer errors. For example, Ford utilizes VR to simulate realistic work conditions for more effective staff training.
Which Companies Are Leading in the Virtual Reality Devices Market?
Major companies operating in the virtual reality devices market include Google, Sony Corporation, Samsung Electronics Co.Ltd, Oculus VR LLC, Marxent Labs, Microsoft Corporation, HTC Corporation, Lenovo Group Ltd, AMD, Cyberglove Systems Inc, Fove Inc, LG Electronics Inc, Eon Reality Inc, Leap Motion, Inc, Unity Technologiesn, Firsthand Technology, Wevr, Nvidia, Snap, Bricks & Goggles, Prenav, Virtuix, Apple, Qualcomm, Magic Leap, Unity Technologies, Vuzix, Pimax, Varjo, Ultraleap, Manus VR, WorldViz, Sixense, StarVR, Sensics, OSVR, InContext Solutions, Eonite Perception, Survios, Jaunt, NextVR, The Void, Dreamscape Immersive, Zero Latency
What Are the Latest Developing Trends in the Virtual Reality Devices Market?
The integration of 5K stereoscopic video in VR devices is transforming the virtual reality market. This technology offers improved resolution over the previous low-resolution 360-degree video used in VR headsets, providing a more immersive VR experience. Oculus VR, for instance, developed a Guided Meditation VR app that runs 5K stereoscopic video content on the Oculus Go mobile headset.
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What Are the Top Revenue-Generating Geographies in the Virtual Reality Devices Market?
Asia-Pacific was the largest region in the virtual reality devices market in 2023. Western Europe was the second-largest region in the virtual reality devices market analysis. The regions covered in the virtual reality devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Virtual Reality Devices Market?
2. What is the CAGR expected in the Virtual Reality Devices Market?
3. What Are the Key Innovations Transforming the Virtual Reality Devices Industry?
4. Which Region Is Leading the Virtual Reality Devices Market?
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