Westford USA, July 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global virtual reality market will attain a value of USD 91.54 billion by 2031, with a CAGR of 21.6% during the forecast period (2024-2031). Virtual Reality or VR is one of the fastest growing and most innovative areas in the global market with technology advancements and consumer adoption being the chief drivers. The user base is also growing in line with the expansion of VR applications not only in gaming to other areas including healthcare, education, automotive, and advertising. The trend of the companies adopting VR technologies is constantly rising, with more than 50% already testing or applying them, indicating the ability of the technology to improve the business operations and the experience of the customers.
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Browse in-depth TOC on "Virtual Reality Market"
- Pages – 270
- Tables - 118
- Figures – 83
Virtual Reality Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 19.15 Billion |
| Estimated Value by 2031 | USD 91.54 Billion |
| Growth Rate | Poised to grow at a CAGR of 21.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Device, Technology and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Immersive Educational Experiences |
| Key Market Drivers | Implementing New and Emerging Virtual Reality Technology and Applications for the Healthcare Profession |
Consumer Segment to Dominate the Market Due to their Widespread Adoption Across Various Sectors
Consumers segments dominate the virtual reality market. Gaming is the leading one with the most developed VR ecosystem that has many devices and games, which makes the segment the biggest and most mainstream of all. Along with that VR technologies are widely used in the entertainment sector which has expanded the appeal related to VR to a wider audience. VR platforms are also widely used in social and educational sector.
Healthcare is the Fastest Growing Sector Due to Transformative Applications and Innovation Investments
The healthcare segment is gradually becoming the fastest growing sector adopting VR owing to its transformative impact on different healthcare application. By providing immersive simulations for surgical procedures and complex medical conditions, VR has revolutionized the medical training as well as helped in enhancing the skills and confidence of healthcare procedure. The advancements in VR technology along with the increasing investment in healthcare innovation are also pushing in the VR adoption rate.
Growing Population Makes Asia-Pacific the Leading Consumer in this Market
Asia-Pacific region is an area of the most dynamically growing segment in the virtual reality market. The region consists of a large and growing population with increasing disposable incomes which drives the consumer demand for advanced technology. Huge investments in tech-infrastructure in countries like China, Japan and South Korea, have created a suitable environment for the market growth. The ongoing rapid urbanization and digitalization across Asia-Pacific further contribute to the adoption of new technologies makes this region a dominating force globally.
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Virtual Reality Market Insights:
Drivers
- Implementing New and Emerging Virtual Reality Technology and Applications for the Healthcare Profession
- The VR Gaming Systems Provide Users with an Artificially Realistic and Comfortable Experience
- Growing Investments by Major Tech Companies
Restraints
- High Cost of Equipment and Content
- Technological Limitations and Challenges
- Privacy and Security Risks Regarding Personal Data
Prominent Players in Virtual Reality Market
The following are the Top Virtual Reality Companies
- Apple
- Microsoft
- Samsung Electronics
- Unity
- General Motors
- Qualcomm
- Matterport
- Transfr
- Vicarious Surgical
- Sandbox VR
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Key Questions Answered in Virtual Reality Market Report
- Which are the primary factors propelling the growth of the Virtual Reality Market?
- What factors are supporting the growth of the Virtual Reality Market?
- What role does research institute plays in North America's dominance in the global market for Virtual Reality?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Virtual Reality market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the virtual reality market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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