Virtual Reality market research report is a demonstrated source of data and information that gives a telescopic view of the current market trends, situations, opportunities, and status. The report endows with the CAGR (compound annual growth rate) value fluctuations for the specific forecasted period, which seems to be helpful in deciding costing and investment strategies. The market report is a specific study of the Virtual Reality industry which explains what the market definition, classifications, applications, engagements, and global industry trends are.
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.
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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.)
- A new VR headset that offers customers a more immersive and pleasant VR experience will be released in the market in March 2020 thanks to a partnership between Microsoft, HP, and Valve.
- Microsoft intends to submit a patent application in October 2019 for a vibrating floor mat for virtual reality. According to the patent, the mat will also serve as a partition for the VR game area.
- The hand-tracking function was included to Oculus’s Oculus Quest standalone virtual reality headset in December 2019. The capability will be included in the most recent Quest v12 software update from Facebook.
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Key Market Segmentation
By Component (Hardware and Software), Device Type (Head-Mounted Displays, Projectors & Display Walls and Gesture-Tracking Devices), Technology (Fully Immersive, Non-Immersive and Semi Immersive), Vertical (Entertainment & Media, Healthcare, Industrial, Commercial, Aerospace & Defense, Automotive, Education and Others)
- 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
- 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.
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