Virtual Reality Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - ICT
Report Code - OMR-ICT-200
Format: PDF, PPT, and Excel
Virtual Reality Market to Soar to a CAGR Growth of 26.5% During Forecast, Integration of VR Headsets Within Various Sectors to Push Growth
The term " Virtual Reality" refers to a simulation created by computers that immerse the user in a synthetic environment that feels very real. The environment is generated using computer software and hardware, but users may need special apparatus, such as helmets and goggles, to interact completely. Virtual reality (VR) systems allow users to interact physically with a three-dimensional atmosphere.
The global coronavirus outbreak has severely damaged manufacturing and manufacturing facilities for hardware components, devices, and equipment. The brief halt of industries has considerably impacted the production of components and delivery of final products, as well as the number of in-house employees, the closure of national borders, and additional issues. The insufficiency of available MR items and offerings may account for the early deceleration of the market's annual growth rate in 2020.
Key Takeaways of the Virtual Reality Market
By Component
With the ubiquitous adoption and use of tablets, smartphones, and other cutting-edge electronic portable devices, the expansion of the hardware market could be fueled by the incorporation of virtual reality-based capabilities into more devices by software engineers.
By Device
HMD is positioned to dominate the industry as the most engaging virtual reality experience provider. The need for smartphone-connected 360-degree headwear is increasing due to technological developments and low-cost investments, such as Google's inexpensive drafting board-based eyewear.
By End User
In 2022, the non-immersive group contributed revenue. Non-immersive virtual reality platforms provide users with a generated by computers or simulated environment, in contrast, to completely immersive systems.
By Region
Due to a mixture of established businesses and new ventures, the industry in North America has considerable growth potential. North America is ahead of the rest of the globe due to its early adoption of technological advances. Additionally, the potential to enable the protection, army, and judicial sectors to utilize immersive virtual reality (VR) technology is expanding.
Healthcare Sector to Gain Immense Value Pushing Market Dominance
Real-world applications for virtual reality technology are expanding. HMDs are predominantly utilized to provide medical education and training in the healthcare industry. As this technology rapidly obtains acceptance among medical professionals, it is anticipated that physicians and plastic surgeons will soon find it useful. The majority of the medical community recognizes HMDs.
Using virtual reality devices, surgeons can execute their duties. In addition, surgical training is provided to assist students in developing marketable skills. In February of 2022, for instance, Memic Innovative Surgery and VirtaMed collaborated to develop the Hominis surgical VR system to facilitate surgeon training. Consequently, the increasing popularity of VR applications will drive the industry forward.
Businesses to Adapt VR Technology to Integrate Specialized Environment to Boost Productivity
This technology is becoming increasingly popular for viewing performances of music or sports in real time because it gives viewers a genuine and immersive experience. Globally, the concept of live online enjoyment is expanding significantly. Due to technological advancements, people today prefer to view live concerts and other performances from the convenience of their homes.
Businesses have begun utilizing Internet resources for routine duties, such as conducting meetings and developing new strategies. By holding the party digitally and offering it just like a VR experience, the organizers enrich, diversify, and intensify the experience for the attendees. Consequently, the prevalence of virtual events is driving the growth of the VR industry.
Global Virtual Reality Market Prominent Players
• Oculus (U.S.)
• Samsung Electronics Co., Ltd. (South Korea)
• Google LLC (U.S.)
• HTC Corporation (Taiwan)
• Microsoft Corporation (U.S.)
• Sony Interactive Entertainment LLC (Japan)
• Unity Software (U.S.)
• Qualcomm Incorporated (U.S.)
• Nvidia Corporation (U.S.)
• HaptX Inc. (U.S.)
• Sensics, Inc. (Taiwan)
• Ultraleap Limited (U.K.)
Report Scope for Virtual Reality Market
Component
• Hardware
o Sensors
o Displays & Projectors
o Position Trackers
o Cameras
o Others
• Software
o Software Development Kits
o Cloud-based Services
o VR Content
Device
• Head Mounted Device (HMD)
• Gesture Tracking Device (GTD)
• Projectors and Display Walls (PDW)
Technology
• Semi & Fully -Immersive
• Non-Immersive
Application
• Consumer
o Gaming
o Video-based Content
• Commercial
o Retail & E-commerce
o Education & Travel
o Travel & Tourism
o Others
• Enterprise
• Healthcare
o Surgery
o Patient Care Management
o Pharmacy Management
o Medical Training and Education
o Others
• Others
Virtual Reality Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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