Virtual Reality Market Opportunities, Top Manufactures, Industry Growth, Share, Size, Regional Analysis and Global Forecast to 2028
The global virtual reality (VR) market size is expected to reach USD 43.01 Billion at a steady CAGR of 27.5% in 2028, according to latest analysis by Emergen Research. Virtual reality technology and solutions demand is increasing due to surge in usage of head-mounted displays in gaming and entertainment, as well as in the retail sector, which is expected to continue to drive market revenue growth going ahead. Virtual reality provides various benefits such as it allows users to immerse themselves in video games as one of the characters, learn to perform heart surgery virtually, and also enhances the quality of sports training to maximize performance.
Increasing deployment of 5G networks is also propelling growth of the virtual reality market. 5G services provide ultra-low and high-bandwidth latency. This will help support the adoption of virtual reality in various applications such as training, entertainment, and simulation, among others. The upsurge in demand for head-mounted displays in the gaming industry is also driving growth of the market. The gaming and entertainment industry has been witnessing a rapid technological revolution with the emergence of 3D and VR technology. Video game users prefer head-mounted displays to enrich user experience and entertainment, and this is expected to continue over the forecast period.
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Key companies operating in the virtual reality (VR) market include:
Microsoft, Samsung Electronics, Google, Eon Reality, Sony, Mindmaze, Panasonic Corporation, HTC, Firsthand Technology, and Cyberglove Systems.
Virtual reality has gained popularity in recent years and is becoming increasingly more accessible. The environment created by the technology can help users relax into a variety of experiences, as users enjoy the ability to transport visually to different environments that help to relax and enjoy the experience. Virtual reality provides a realistic simulation of various environments with continuous advancements in displays, and this is a trend that is expected to continue.
Major players in the market are investing into research & development of this technology and introducing more advanced products in the market, which is boosting growth of the market to a significant extent. In February 2021 for instance, virtual reality experience and event platform, Touchcast Inc. – led by Accenture and other companies – announced raising of USD 55 Million in early funding to scale up the company’s virtual event platform.
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Some Key Highlights from the Report
- In March 2021, Square Yards, which is a brokerage firm, acquired PropVR, which is an AI-based platform specializing in developing digital property experiences using 3D technologies, augmented reality, and virtual reality. PropVR converts physical space or floor plan into an interactive 3D walkthrough. Square Yards covers the entire real-estate journey from search & discovery, mortgages, transactions, rentals, interiors, property management, and post-sales services.
- Virtual reality proved to be a game changer in the gaming sector as it boosts user experience. VR provides gamers with attractive virtual objects, and provides them ability to invite players into the game in the real-time. Broadcasters are also streaming live games in virtual reality and planning to sell virtual tickets to live games in the future so that anybody from any part of the world can watch the event. It will enable those fans who cannot afford to travel to the event, to be included remotely.
- Semi and fully immersive simulations offer users a realistic experience, complete with sound and sight. This type of virtual reality is common in gaming and other entertainment in virtual reality arcades, or even in the user’s home. Rise in demand for complete immersion in virtual reality will continue to drive revenue growth of the semi and fully immersive segment.
- North America virtual reality market accounted for the largest revenue share among other regional markets in 2020 due to rising adoption of the technology in the education system across countries in the region to help students with learning disabilities and autism. Rise in demand for virtual reality technology in the U.S. military for training purposes will also propel market growth going ahead.
- Gesture tracking devices provide real-time data to computers to fulfil the user’s commands. Gesture recognition also offers better ergonomics for consumer devices. Motion sensors can track and interpret gestures, and use them as a primary source of data input. Moreover, rise in use of biometric systems in various fields of people’s lives, from home and cars, to shops, is also driving demand for these devices.
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Emergen Research has segmented the global virtual reality market on the basis of offering, technology, device type, application, and region:
Offering Outlook (Revenue, USD Billion; 2018–2028)
- Displays and Projectors
- Position Trackers
- Semiconductor Components
- Others (Computer/video generator and combiner)
- Cloud-Based Services
- Software Development Kits
- VR Content Creation
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Semi and Fully Immersive
Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Head-Mounted Displays
- Projectors and Display Walls
- Gesture-Tracking Devices
Application Outlook (Revenue, USD Billion; 2018–2028)
- Gaming and Entertainment
- Education and Training
- Retail and Ecommerce
- Travel and Tourism
- Patient Care Management
- Pharmacy Management
- Fitness Management
- Medical Training and Education
- Aerospace & Defense
- Geospatial Mining
- Real Estate (Architecture and Building Design)
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
Key Questions Addressed in the Report:
- Who are the leading players in the Virtual Reality industry?
- Which region is expected to dominate the market in the coming years?
- What are the key applications of Virtual Reality?
- Which segment is expected to garner traction during the coming years?
- What are the key strategies adopted by leading players in the market?
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