A New Study Title “Virtual Reality Market Size, Status And Forecast 2027” Has Been Featured On Market Research Future.
Market Research Future (MRFR) projects the global virtual reality market to reach USD 101.2 billion, registering a 37.4% CAGR from 2017–2027 (forecast period).
Wide Adoption of VR Technology Drives the Market Growth
The growing demand for virtual technology, driven by the increasing use of head-mounted (HMD) displays in the gaming and entertainment industries, is propelling the virtual reality market forward. The use of animation techniques to implement virtual reality is gaining traction in theme parks that provide VR coaster rides. Furthermore, the integration of 5G with VR, as well as developments in completely immersive technology, boost virtual reality market share.
Virtual reality applications in healthcare are growing in popularity, offering numerous advantages such as surgery simulation, robotic surgery, and skill training. The main advantage of technology is that it allows for training and the acquisition of new abilities in operating procedures to be conducted in a safe environment. In the field of diagnostics, virtual reality assists medical practitioners in obtaining greater insights than MRI scans and other approaches, hence minimizing the need for invasive treatments or surgeries.
The Global Market to Grow Amid COVID-19 Pandemic
Virtual reality (VR) is a major multidisciplinary technology trend that combines computers, multiple sensors, graphic pictures, artificial intelligence, communication, measurement and control multimedia, and other technologies. The coronavirus pandemic has increased the market share of virtual reality. When the pandemic struck and travel came to a halt, world travelers felt disappointed.
However, numerous VR service providers, such as Amazon Explore and a new Airbnb virtual reality service, have entered the market with low-cost and fun offerings. Evolving communication systems and two-way video were the key social channels in 2020. The COVID 19 has accelerated innovation in several VR and virtual travel companies that have already been providing 360 technology and immersive experiences on a far wider scale.
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The worldwide virtual reality market has been segmented into components, device type, technology, and vertical.
By component, the global virtual reality market has been segmented into Hardware and Software.
By device type, the global virtual reality market has been segmented into Head-Mounted Displays, Gesture Tracking Devices, Projectors and Display Walls, and 3D Cameras.
By technology, the global virtual reality market has been segmented into (Non-Immersive, Semi-Immersive, and Fully Immersive.
By vertical, the global virtual reality market has been segmented into Consumer Electronics, Aerospace and Defense, Healthcare, Commercial, Industrial and others.
The North American Market Will Continue to Win
North America has always been the market leader and may continue to be so during the assessment period. The existence of numerous important players, such as Google, Microsoft, Facebook Inc., and others, as well as the expanding industrial sector, supports virtual reality market growth.
Furthermore, growing VR applications in the consumer electronics and gaming & entertainment industries drive the size of the North American VR industry. During the assessment period, the United States is predicted to be the region's leading VR market, rising at a 38.05% CAGR, followed by Canada and Mexico, which are expected to rise at 36.01% and 34.47% CAGRs, respectively.
Sony Corporation (Japan), Qualcomm Technologies Inc. (US), Microsoft Corporation (US), Google LLC (US), Facebook Inc (US), Samsung Electronics (South Korea), Sixense Entertainment Inc. (US), Sensics Inc. (US), Vuzix Corporation (US), Eon Reality Inc. (US), Avegant Corporation (US).
December 29, 2020 - In the Kazakh capital, the Astana Ballet Theater debuted its first streaming service to deliver 360-degree performances using VR technologies. The company also produced a special mobile application for viewing shows in VR format, allowing spectators to physically visit the stage of the performance among the performers by utilizing a mobile phone or VR glasses. This application can provide 360-degree videos that capture a view in all directions at the same time using a special camera.
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