Market Overview:
As per the latest report, The virtual reality market forecast is projected to grow from USD5.91885 Billion in 2023 to USD 53.0195326 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.53% during the forecast period (2023 - 2032).
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Key Players:
Key CompaniesIn The Virtual Reality Market Include,
- Sony Corporation (Japan)
- Microsoft Corporation (US)
- Google LLC (US)
- Facebook Inc (US)
- Qualcomm Technologies Inc.(US)
- Samsung Electronics (South Korea)
- Sensics Inc. (US)
- Vuzix Corporation (US)
Virtual Reality is one of the major multidisciplinary technology that includes various sensors, integrating computers, graphic images, communication, measurement, control media, artificial intelligence, and other technologies. It provides simulated experience to the customers and is used in a wide range of applications in various industries like retail, gaming, healthcare, automotive, entertainment, and more. This technology is used to conduct virtual training, assistance, marketing, engineering & maintenance, designing, and simulation activities for the employees and workers.
The advanced technologies in the 5G infrastructure and technology are propelling the market growth. Growing demand for head-mounted display (HMD) in the gaming and entertainment industry and implementing VR at marketing strategy is boosting the market growth. The rising use of virtual reality technology in various industries like consumer electronics, healthcare, aerospace & defense, commercial, industrial, and others is accelerating the growth of the market. The use of virtual reality technology in medicines may foster market growth.
The virtual reality market opportunities are rising adoption of automation in manufacturing sectors across developing regions is expanding the market growth. Healthcare and automotive sectors are majorly demanding this VR technology.
Market Segmentation:
The virtual reality market is segregated into four segments components, device type, technology, and vertical.
Component Segmentation: The virtual reality components are bifurcated into hardware and software.
Device Type Segmentation: The virtual reality device types are sectioned into head-mounted displays, gesture tracking devices, projectors & display walls, 3D cameras, and others.
Technology Segmentation: By technology, the virtual reality market is trifurcated into non-immersive, semi-immersive, and fully immersive.
Vertical Segmentation: Based on the vertical, the virtual reality market is classified into various forms such as consumer electronics, aerospace & defense, healthcare, commercial, industrial, and others.
Regional Analysis:
Based on the latest research, the global virtual reality market based on the region is divided into four major regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Out of these regions, North America is holding the largest market share due to the presence of major key players Google, Microsoft, Facebook, Inc, and others. Moreover rising VR applications in consumer electronics and gaming & entertainment industries are expanding the market growth in this region. Europe holds the second-largest market share due to the increasing media & entertainment industry and growing VR applications in the education and healthcare sectors. Moreover, Asia-Pacific holds significant growth in the market due to the growing investments in technology developments and growing adoption of HMD for simulation and training purposes.
The virtual reality market’s prominent key players are Google LLC (US), Microsoft Corporation (US), Facebook Inc (US), Samsung Electronics (South Korea), Sony Corporation (Japan), and others.
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Industry News:
According to the recent report, the virtual reality market forecast states that this technology will grow at a significant rate during the review period due to the growing usage of VR technology in various applications and rising investments to increase R&D to introduce innovations in this technology. In the Kazakh capital, the Astana Ballet Theater introduced their first streaming service that produces performances in 360 degrees using VR technology. Along with this, a special mobile application is also created for viewing the performances in VR format.
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