“Virtual Reality Market”
The size of the Virtual Reality Market was estimated at 22.12 billion US dollars. in 2021 and the total revenue of Virtual Reality is expected to grow by 15.5% from 2022 to 2029, reaching nearly 70.06 billion US dollars.
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 educational 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 globe.
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Virtual Reality Market Research Methodology
To estimate market size, a top-down approach is used. After secondary research, primary research is conducted to verify the data collected from secondary research. To determine segment characteristics, qualitative and quantitative data, and the factors promoting and inhibiting market growth, secondary research is conducted. Press releases, quarterly, monthly and annual reports of the main participants in the virtual reality sector, as well as government websites and market research, served as secondary sources for the survey. Interviews, surveys, key stakeholder viewpoints, experienced professionals and other primary research methods are used.
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 completely immersive setting where users can interact with things that are similar to those in the real world. Sensors, embedded electronic components and gesture recognition systems are some of the components that VR technology uses. The processor helps 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 growing use of VR applications in the architecture and planning industry is primarily boosting the virtual reality market growth across the globe. 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. In addition, it makes it possible to find problems early and fix them, saving both time and money. To increase the chance of a sale, many real estate companies have begun to adopt virtual reality to conduct virtual tours of homes. For example, in February 2021, the online business 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 make it possible to remove barriers between listing media, such as virtual tours and images, and listing data, such as rooms 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 various sensors to record a user’s movements and display them on a virtual screen.
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 to do so during the forecast period. The growth of the region is attributed to the growing advances 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 restrict the market. The application of VR technology in the architectural and planning, as well as aerospace and military, industries can also represent a considerable opportunity that fuels market growth.
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Virtual Reality Market Segmentation
- Head-mounted Display (HMD)
- Gesture tracking device (GTD)
- Projectors and display wall (PDW)
- Semi & Fully Immersed
- Aerospace & Defense
- health care
Key Competitors of Virtual Reality Market:
- 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.
- 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 Sealer?
- 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 the US and Canada?
- Who are the market leaders in Virtual Reality in India, China, Japan and South Korea?
- What are the factors influencing growth in the Virtual Reality Market?
- Who had the largest market share in the Virtual Reality Market?
Maximize Market Research is a 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 growing collaboration of hardware retailers and educational content providers, technological advancement, increasing demand for distance education and government initiatives are all contributing to the growth of the virtual reality learning 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 increasing investment in R&D are expected to drive the growth of Virtual Reality in Gaming Market.
Virtual Reality Capability Market – The Minimally Invasive Surgical Instruments Market size will 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 industry is primarily driving the growth of the Virtual Reality Headset Market across the globe.
About Maximizing Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from multiple industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communications, automobiles and automobiles, chemical products and substances, general merchandise, beverages, personal care and automated systems. To name a few, we provide market-controlled industry assessments, technical trend analysis, decision-making market research, strategic advice, competitive analysis, production and demand analysis and customer impact.
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