Soaring adoption of automation in the consumer sector in developing countries will fuel the growth of the virtual reality market to a large extent in the future
VANCOUVER, BC, CANADA, April 12, 2022 /EINPresswire.com/ — The global virtual reality (VR) market size is expected to reach USD 43.01 billion at a steady CAGR of 27.5% in 2028, according to the latest analysis from Emergen Research. Demand for virtual reality technologies and solutions is increasing due to the increase in the use of head-mounted displays in gaming and entertainment, as well as in the retail sector, which is expected to continue driving revenue growth of the market. Virtual reality offers various benefits such as it allows users to immerse themselves in video games as one of the characters, learn how to perform cardiac surgery virtually and also improves the quality of sports training for maximize performance.
Factors influencing the growth of virtual reality market and the impact on the growth of the industry are studied in detail in the report. The report considers the COVID-19 pandemic as one of the major factors influencing the virtual reality market. The report examines in detail the positive and negative impact of the pandemic on the virtual reality industry. Supply chain disruptions and economic volatility have changed the dynamics of the virtual reality industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimate of market growth in a post-COVID-19 scenario.
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Some highlights of the report
• In March 2021, Square Yards, which is a brokerage firm, acquired PropVR, which is an AI-based platform specializing in the development of digital real estate experiences using 3D technologies, augmented reality and virtual reality. PropVR converts the physical space or floor plan into an interactive 3D virtual tour. Square Yards covers the entire real estate journey from research and discovery, mortgages, transactions, rentals, interiors, property management and after-sales services.
• Gesture trackers provide real-time data to computers to execute user commands. Gesture recognition also provides better usability for consumer devices. Motion sensors can track and interpret gestures and use them as the main source of data input. Moreover, the increase in the use of biometric systems in various areas of people’s lives, from home and cars to stores, is also driving the demand for these devices.
• Virtual reality has proven to be a game changer in the gaming industry as it improves the user experience. Virtual reality provides players with engaging virtual objects and allows them to invite players into the game in real time. The broadcasters also broadcast live games in virtual reality and plan to sell virtual tickets for live games in the future so that anyone from any part of the world can watch the event. This will allow fans who cannot afford to attend the event to be included remotely.
The Virtual Reality research report also includes an in-depth study of key industry players along with their business overview, strategic planning, and business expansion plans adopted by them. It helps readers and business owners formulate strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, agreements with companies and governments, etc. The report also talks about the expansions that these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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Leading companies studied in the Virtual Reality report are:
Microsoft, Samsung Electronics, Google, Eon Reality, Sony, Mindmaze, Panasonic Corporation, HTC, Firsthand Technology and Cyberglove Systems.
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Based on regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia-Pacific, Middle East & Africa. The market is expected to be dominated by North American countries, closely followed by European countries. Asia-Pacific is expected to show significant growth due to recent progress and increased investment in the R&D sector.
Emergen Research has segmented the global virtual reality market based on supply, technology, device type, application, and region:
• Supply Outlook (Revenue, USD Billion; 2018-2028)
1. Screens and projectors
4. Position Trackers
5. Semiconductor components
6. Others (computer/video generator and combiner)
1. Cloud-based services
2. Software Development Kits
3. VR Content Creation
• Technology Outlook (Revenue, USD Billion; 2018-2028)
o Not immersive
o Semi and fully immersive
• Device Type Outlook (Revenue, USD Billion; 2018-2028)
o Head-mounted displays
o Projectors and display walls
o Gesture tracking devices
• Application Outlook (Revenue, USD Billion; 2018-2028)
1. Games and entertainment
1. Education and training
2. Retail and e-commerce
4. Travel and Tourism
1. Patient Care Management
3. Pharmacy management
4. Fitness Management
5. Medical training and education
o Aerospace & Defense
2. Geospatial exploitation
3. Real estate (architecture and building design)
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The report addresses the following key points:
• The report provides a forecast of market drivers, restraints, and future opportunities for the Virtual Reality market
• The report further analyzes changing market dynamics
• Regional analysis and market segmentation with analysis of regions and segments expected to dominate market growth
• Comprehensive competitive landscape mapping with key competitor profiles
• In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by key companies
• Revenue forecast, country scope, application information and product information
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