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Globally, the virtual reality market is expected to expand at a significant CAGR over the next few years due to its growing scope and applications.. Key factors such as technological developments in head-mounted displays, rapid adoption of advanced technologies such as machine-to-machine communication (M2M) and Internet of Things (IoT), and increasing VR product launches are expected to drive global market growth during the forecast period.
Virtual Reality (VR) is the use of computer technology used for creating a 3D stimulated environment, manipulated using head-mounted displays, stereo headphones, 3D head-mounted television goggles, and data gloves. Virtual reality equipment allows an individual to look around the artificial world, move around in it and interact with virtual features. VR is rapidly gaining popularity across various sectors such as entertainment, healthcare, real estate, education, automotive, aerospace, and defense. For instance, VR is used in hospitals, educational institutes, and showrooms to offer training to new doctors, students, employees, or staff. In addition, one of the most trending applications of virtual reality is the entertainment and gaming sector.
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However, high costs of VR devices and robust initial investment to deploy VR technology, dearth of skilled professionals, and low awareness about importance of latest technology, especially in developing countries due to lack of exposure and poor internet services are expected to hamper overall market growth during the forecast period.
Semi-immersive and Fully Immersive Technologies Segment To Register Rapid Revenue CAGR:
The semi-immersive and fully immersive technologies segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to rapid advancements in VR technology, high usage of semi-immersive and fully immersive technologies to replicate the architecture of real-world surroundings in a digital platform, and increasing adoption of these technologies in construction, aviation, entertainment, and automotive sectors.
Commercial Segment to Account for a Significantly Larger Revenue Share:
The commercial segment is expected to account for a significantly larger revenue share between 2021 and 2028 owing to rapid adoption of advanced technologies in commercial sector, high usage of VR headsets, glass, and simulators in real estate, retail stores, and vehicle showrooms, rising investments in developing advanced platforms for commercial sector.
Asia Pacific to Register Robust Revenue Growth:
Asia Pacific market is expected to register robust revenue growth during the forecast period owing to rapid adoption of advanced technology, rising demand for virtual reality technology across various industrial sectors, and increasing popularity of VR in the gaming sector and automobiles. In addition, rising demand for immersive technologies in China, India, South Korea, and Japan, rapid installation of 5G infrastructure across the region, and high focus on developing innovative products are other factors expected to drive Asia Pacific market growth going ahead.
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Virtual Reality Market By Company:
Virtual Reality Industry Recent Developments:
In August 2022, Meta announced the launch of novel, innovative virtual reality headset, Meta Quest with new features, powered by eye tracking and facial tracking. In addition, the headset is expected to power users’ digital avatars to mimic the expressions via sensors.
In November 2022, Wrap Technologies, Inc. announced its partnership and acquisition with Lumeto, Inc. to expand its cloud-based virtual reality training platform.
The global Virtual Reality market has been segmented based on type, application, and region:
Virtual Reality Market Segment by Type:
Semi-immersive and Fully Immersive Technologies
Virtual Reality Market Segment by Application:
Aerospace and Defense
Virtual Reality Market Segment by Region:
North America (USA, Canada, Mexico)
Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Columbia, Rest of South America)
Middle East & Africa (Saudi Arabia, U.A.E, Turkey, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
Estimates 2023 to 2028 Virtual Reality market current market trends and development trends
Market dynamics along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the Virtual Reality market
Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
Brief about impact of COVID-19 on the global Virtual Reality market
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?
Which key players are leading in the global Virtual Reality market?
What is the expected market size of the global Virtual Reality market between 2023 and 2028?
What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
What are some of the key challenges that the global market is expected to face during the forecast period?
Which region is expected to account for largest revenue share over the forecast period?
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