The VR Market is anticipated to reach USD 35.75 billion by 2030, growing at a CAGR of 31.53% over the study period (2020–2030). VR technology has advanced significantly and changed significantly in recent years. The market for virtual reality (VR) is propelled by the expansion of head-mounted displays (HMD) in the gaming and entertainment sectors as well as the use of VR in marketing plans.
Additionally, there are enormous opportunities for market growth due to the growing use of virtual reality technology across industries like consumer electronics, aerospace & defence, healthcare, commercial, and industrial. Virtual reality technology is being used in the healthcare industry to treat everything from pain to phobias. The virtual reality industry is anticipated to grow as VR technology is increasingly used in medical applications.
A number of VR service providers have entered the market with affordable and entertaining services, including Amazon Explore and a new virtual reality service from Airbnb. Two-way video and evolving communication technologies will dominate social media in 2020. The COVID 19 has sped up innovation in numerous VR and virtual travel businesses that have already been offering 360 technology and immersive experiences to consider how to do it on a much larger scale.
For the M400 Smart Glasses from Vuzix Corporation, Gemvision, a supplier of priceless solutions for service, maintenance, and healthcare professionals, has placed a restoration order. The replenishment order is meant to help Gemvision meet COVID-19-related remote healthcare demands in the Netherlands.
The use of VR technology has become increasingly popular and well-known in recent years. The development of VR technology has been contributing to the competitiveness and efficacy of industrial operations. Users of VR games are given access to a 3D environment, which gives them a sense of being physically present in the game.
The players can view, move, and interact with the game's objects in virtual reality rooms that are equipped with wearable computers and various other sensual elements.
As a result, over the coming few years, the global virtual reality market is anticipated to experience exponential growth.
Since it has always dominated the market, North America may keep winning throughout the evaluation period. The expansion of the virtual reality market is fueled by the presence of numerous important players like Google, Microsoft, Facebook Inc., and others as well as the expanding industrial sector.
The North American VR market is also being driven by the expansion of VR applications in the consumer electronics and gaming & entertainment sectors. The US is anticipated to be the region's largest VR market during the assessment period, expanding at a CAGR of 38.05%, followed by Canada and Mexico at 36.01% and 34.47%, respectively.
In terms of market share, Europe is second in the world for virtual reality. The expansion of the regional market is aided by elements like the expanding media and entertainment market and the rise of VR applications in the healthcare and education fields. The top three countries in the region in terms of revenue contributions are the UK, Germany, and France. The size of the virtual reality market in the region is increased by rising demand from the manufacturing and healthcare sectors as well as significant healthcare spending.
The region's virtual technology market is driven by rising investments in technological advancements and an increase in the use of HMD for training and simulation.
Additionally, increased demand from the expanding construction industry and the growth prospects offered by end-use industries place APAC among the top competitors globally. The biggest markets for VR in the area are in China, India, and Japan.
With a sizable market share, China commands the APAC virtual reality market. On the other hand, the Indian VR market is anticipated to expand at a CAGR of 42.09% over the study period. With the increasing number of mobile-based VR application developers in the region, the Asia Pacific VR market is anticipated to grow at a rate of 40.56% CAGR over the course of the forecast period.
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