Chicago, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Research report published by Markets N Research “Virtual Reality Market, By Type (Head-Mounted Displays, Gesture-Tracking Devices, Projectors and Display Walls and Others) By Application (Commercial, Consumer, Enterprise, Healthcare, Aerospace & Defense and Others) Market - Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”, states that the global virtual reality market is projected to reach USD 20.9 billion by 2028; it is expected to grow at a CAGR of 29.5% during the forecast period from 2022 to 2028.
Rising demand of virtual reality among various industries due to the changing technological systems, introduction of 5G network is increasingly elevating the growth of virtual reality as the network provides ultra-low latency and a high bandwidth such that training, entertainment, etc., can be carried out at ease. Also, the 5G network is increasing the opportunities for companies and is connecting various verticals of different industries. Virtual reality is rapidly growing in the healthcare industry too for surgical training purposes, clinical assessments, examining the patient, therapies such as physical therapy can be provided to patients, rehabilitation, etc., and hence there is a high demand for virtual reality. . Similarly, one of the most prominent industry that uses virtual reality is automotive industry as the manufactures use virtual reality for finalizing the designs of a car instead of having to produce and manufacture its prototype; virtual training module industry provides new joiners training related to workstation so that accidents can be prevented and various other advantages are provided through virtual reality.
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Virtual Reality Market Overview:
The gaming industry is increasingly providing virtual reality technology for gamers to enhance their gaming experience for having a wide angle of the game. Hence, rising growth in the healthcare, automotive, defense and aerospace, gaming, etc., is elevating the growth of virtual reality market due to its importance and significance. Virtual reality is a versatile market and is increasingly used for various purposes, for instance, most of the companies are offering virtual reality to advertise and improvise the shopping experience of customers. Rising usage of virtual reality in the education sector to inculcate knowledge into the children is a big factor for lucrative growth of the market. Overall virtual reality is expected to grow rapidly and is set to reach new limits with each passing year due to new technological developments and advancements. Thereby, these factors are expected to increase the growth and disposable income as well as will provide future opportunities for the virtual reality market globally.
Virtual Reality Market Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR | 27.9% |
| 2028 Value Projection | USD 20.9 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 441.8 million |
| Historical Data for | 2018 to 2021 |
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Well established companies are focusing on investments in research and development sector to develop new techniques and collaborations for promoting the use of virtual reality. Thereby, the overall virtual reality market is anticipated to grow significantly in the following years due to the availability of a wide variety of product offerings by various companies due to the changing technology and user preferences.
Top Virtual Reality Market Key Players:
- CyberGlove Systems Inc.
- Barco NV
- Oculus (Facebook Technologies LLC)
- VIVE (HTC Corporation)
- Microsoft
- Samsung Electronics Co. Ltd.
- Sensics Inc.
- Sixense Enterprises Inc.
- Ultraleap Ltd. and EON Reality Inc.
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Virtual Reality Market Report Segmentation:
Global Virtual Reality Market, By Type
Based on type, the Virtual Reality Market is segmented into the following:
- Head-Mounted Displays
- Gesture-Tracking Devices
- Projectors and Display Walls
- Others
Global Virtual Reality Market, By Application
Based on Application, virtual reality market is segmented into following:
- Commercial
- Consumer
- Enterprise
- Healthcare
- Aerospace & Defense
- Others
Recent Developments:
- In the year 2021 Facebook Technologies, LLC has acquired BigBox VR which is a virtual reality game developer. And this acquisition was done to enhance the VR game experience and enhance the number of players and gaming speed.
- Facebook Technologies, LLC has introduced a new virtual-reality wristband that can be used to control the augmented-reality glasses. The wrist band provides interpretation of a user’s hand moments that are stimulated by the brain and also the behavior of an individual can be predicted such as likes, interests, dislikes and other factors in real time through the device predictions.
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- This research provides the most recent product news, trends, and updates from Virtual Reality Industry leaders who have leveraged their market position.
- It also provides strategic plans and standards for arriving at informed business decisions made by the key players, thereby promoting your go-to-market strategies.
- Usage of exclusive tailor-made tools along with primary research, secondary research and our in-house data model helps us in extracting the exact market numbers
- The market research report includes all of the market's valuable elements, such as sales growth, product pricing & analysis, growth opportunities, and recommendations for addressing market challenges
- The report covers all the primary mergers & acquisitions, alliances, and collaborations that have generated additional opportunities for market players or in some cases, challenges
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Table Of Content:
CHAPTER NO. 1 : Preface
1.1. Report Scope and Description
1.1.1. Study Purpose
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Key Benefits for Stakeholders
1.3. Report Scope
CHAPTER NO. 2 : Report Summary
2.1. Key Findings
2.1.1. Top Investment Pockets
2.1.1.1. Virtual Reality Market Attractiveness Analysis, By Type
2.1.1.2. Virtual Reality Market Attractiveness Analysis, By Application
2.1.1.3. Virtual Reality Market Attractiveness Analysis, By Region
2.2. Market Snapshot: Global Virtual Reality Market
2.3. Global Virtual Reality Market, 2022 – 2028 (US$ Mn)
CHAPTER NO. 3 : COVID 19 IMPACT ANALYSIS
3.1. Impact Assessment of COVID-19 Pandemic, By Region
3.1.1. North America: Impact of COVID-19 Pandemic
3.1.2. Europe: Impact of COVID-19 Pandemic
3.1.3. Asia Pacific: Impact of COVID-19 Pandemic
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