According to the latest report by IMARC Group, titled ” Virtual reality (VR) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026″, the Global Virtual reality (VR) Market reached a value of US$ 19 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 31% during 2021-2026.
Virtual reality (VR) refers to a simulated computer-generated experience, which enables interactions between the real and artificial 3-dimensional (3D) environments. It involves the usage of specific head-mounted goggles along with bodysuits, gloves, display screens, sensors, etc., to generate a realistic experience for the viewer. VR includes combinations of sensory inputs, software, and hardware that work to project images, sounds, and other sensations that simulate the physical presence of the user in the virtual environment. It is utilized across several industries, such as retail, travel, healthcare, aerospace, defense, media, etc.
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Global Virtual reality (VR) Market Trends:
The escalating growth of industry 5.0, which refers to the technological trend of people working alongside smart machines and robots, is among the key factors driving the virtual reality market. Additionally, the inflating product adoption in the entertainment and gaming sectors to provide more realistic effects to the gamers is further propelling the market growth. In line with this, sports-based developers are launching sensory equipment for computer-controlled games for real-life gaming experiences, which is augmenting the global market. Moreover, the usage of virtual reality for providing first-hand experiences to beginner drivers to familiarize them with the vehicle is acting as another significant growth-inducing factor. Besides this, numerous technological advancements, including the launch of goggles with 360-degree viewing capabilities and the development of innovative head-mounted displays (HMDs), are also positively influencing the market growth. Furthermore, the increasing demand for VR technologies in architecture for effective planning is anticipated to fuel the virtual reality market over the forecasted period.
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Global Virtual reality (VR) Market 2021-2026 Analysis and Segmentation:
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