Pune, 05, Dec 2022: According to Maximize Market Research, the Virtual Reality Market is expected to be worth USD 70.06 billion by 2029, with a 15.5% CAGR. The growing use of virtual reality technology in instructional training, for teaching engineers, mechanics, pilots, field workers, defense, and technicians in the manufacturing and oil and gas industries, is driving market growth across the world.
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Virtual Reality Market Research Methodology
To estimate market size, a bottom-up approach is used. After secondary research, primary research is carried out to verify the data gathered from secondary research. To determine segment features, qualitative and quantitative data, and the factors promoting and inhibiting market growth, secondary research is conducted. Press releases, quarterly, monthly, and annual reports from the key participants in the virtual reality sector, as well as government websites and market research papers, served as secondary sources for the inquiry. Utilized are interviews, surveys, important viewpoints from stakeholders, knowledgeable professionals, and other primary research methods.
Virtual Reality Market Overview
With the use of computer equipment and software, virtual reality (VR) technology gives the user access to a virtual environment. It offers a wholly immersive setting where users can interact with things that are like those in the real world. Sensors, embedded electronic components, and gesture recognition systems are some of the components that VR technology uses. The processor aids in putting the input into action and provides an output that allows the user to see the object as a component of the surrounding environment. There are many applications for virtual reality technology, particularly in the consumer, training, education, and retail industries.
Virtual Reality Market Dynamics
The increasing use of VR applications in the architecture and planning industry is primarily boosting the virtual reality market growth across the world. Virtual reality (VR) technology is used in architecture to help with decision-making and to see how proposed urban ideas and architectural plans would turn out. Additionally, it makes it possible to find issues early on and fix them, saving both time and money. In order to increase the chance of a sale, numerous real estate firms have started adopting virtual reality to conduct virtual tours of homes. For instance, in February 2021, the online real estate marketplace company Zillow unveiled the Zillow 3D Home tour, an interactive tool that allows real estate buyers to virtually tour homes. The company uses artificial intelligence (AI) to enable removing barriers between listing media, such as virtual tours and images, and listing data, like room dimensions and square footage.
The development of an intuitive VR and monitoring system is the main difficulty facing developers and technology companies working on VR. The user can easily explore and engage with virtual elements in a user-friendly virtual environment. There are both hardware and software components in the VR system. VR systems use a variety of sensors to record a user’s motions and display them on a virtual display.
Virtual Reality Market Regional Analysis
In terms of revenue, the Asia-Pacific region dominated the market for virtual reality in 2021 and is expected to continue doing so during the forecast period. The region’s growth is attributed to the increasing advancements in Virtual Reality (VR) technology. The Asia-Pacific virtual reality market is expected to be influenced by the increased demand for head-mounted displays (HMD) in the gaming and entertainment sectors. Lack of sufficient user experience design is expected to be limiting the market. The application of VR technology in the architectural and planning, as well as aerospace and military, industries may also represent a sizable opportunity that fosters market growth.
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Virtual Reality Market Segmentation
By Device
- Head-mounted Display (HMD)
- Gesture-tracking Device (GTD)
- Projectors & Display Wall (PDW)
By Technology
- Semi & Fully Immersive
- Non-immersive
By Component
- Hardware
- Software
By Application
- Aerospace & Defense
- Consumer
- Commercial
- Enterprise
- Healthcare
- Others
Virtual Reality Market Key Competitors:
- Microsoft Corporation
- Sensics, Inc.
- HTC Corporation
- Eon Reality, Inc.
- Vuzix Corporation
- Cisco Systems, Inc.
- Google, Inc.
- Sony Corporation
- Oculus VR, Inc.
- Leap Motion, Inc.
- Facebook Technologies, LLC.
- SAMSUNG ELECTRONICS CO., LTD.
- CyberGlove Systems Inc.
- Ultraleap Ltd.
- Psious
- Firsthand Technology Inc.
- WorldViz, Inc.
- SURVIOS, INC.
- Merge Labs, Inc.
- SpaceVR, Inc.
Key questions answered in the Virtual Reality Market are:
- What is a Virtual Reality Sealant?
- What is the growth rate of the Virtual Reality Market for the forecast period?
- What is the nature of competition in the Virtual Reality industry in developed economies and developing economies?
- Who are the key players in the Virtual Reality Market?
- Who are the market leaders in Virtual Reality in Europe?
- Who are the market leaders in Virtual Reality in USA and Canada?
- Who are the market leaders in Virtual Reality in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Virtual Reality Market?
- Who held the largest market share in the Virtual Reality Market?
Maximize Market Research is leading research firm, has also published the following reports:
E-Learning Virtual Reality Market– The E-Learning Virtual Reality Market size is expected to reach USD 2494 million by 2029 at a CAGR of 56.25 percent during the forecast period. The increasing collaboration of hardware retailers and educational content providers, technological advancement, rising demand for remote education, and government initiatives are all contributing to the growth of the e-learning virtual reality market.
Virtual Reality in Gaming Market – The Virtual Reality in Gaming Market size is expected to reach USD 99.68 billion by 2029 at a CAGR of 40.08 percent during the forecast period. Technological advancement and growing investment in R&D is expected to drive the growth of Virtual Reality in Gaming Market.
Virtual Reality Headset Market – The Minimally Invasive Surgical Instruments Market size is expected to reach USD 73.03 billion by 2029 at a CAGR of 28.2 percent during the forecast period. The widespread use of virtual reality (VR) technology in the military and automotive industries is primarily driving the Virtual Reality Headset Market growth across the world.
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