According to a new market research report published by sheer analytics and insights, "The global virtual reality (VR) market was valued at $14.9 Billion in 2020. Growing at a high CAGR of more than 15.6% between 2021 and 2031, it is estimated to reach $85.9 Billion by 2031", as per the latest market research report titled global virtual reality Market - Industry analysis, size, share, growth, trends and forecast, 2021 – 2031.
The main growth factor driving the market for innovations going into the field is the growing investments in new sectors focusing on virtual reality. Increasing usage of VR in the training and development of employees, gaming, and illustration of products and future projects in a 3D manner is driving the market. It is expected to be the driving factor for the coming years. The education sector, whether in medical colleges or engineering colleges, had created a tremendous demand for VR headsets for training purposes during the past year. The other significant traction of VR demand is seen in establishing VR based theme parks globally. These theme parks are either standalone parks or parks established in present amusement parks.
Some of the recent developments are listed below:
The retail and corporate segment dominated the global virtual reality market with a share of over 35.2% in 2020 and is anticipated to maintain its lead for the next ten years. The growing adoption of VR headsets in retail and corporate, such as car showrooms, retail stores, and corporate offices, provides new heights to VR companies. Many companies are incorporating VR technology for introducing their new products to reach the masses.
VR allows customers to enhance the shopping experience even without going inside any store. It’s an extended form of online shopping, through which one can feel the products. Alibaba has already incorporated the concept, introducing the idea of ‘Singles Day’ shopping. Through this model, shoppers could explore any listed virtual store, pick up and examine items in 3D before deciding to purchase them with just a look. Visualizing products online with a taste of personalization helps dealers and shop owners to invest and engage in their respective businesses.
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According to the study, key players operating in this market are Apple, Inc. (U.S.), CyberGlove Systems (U.S.), Eon Reality (U.S.), Google (U.S.), HTC (Taiwan), Leap Motion (U.S.), Meta (U.S.), Microsoft (U.S.), Nvidia Corporation (U.S.), Samsung Electronics (South Korea), Sixense Enterprises (U.S.), Sony (Japan), Unity Software Inc. (U.S.) and Vuzix (U.S.).
The global Virtual reality Market Has Been Segmented Into:
Global virtual reality market - analysis & forecast, by application
Global virtual reality market - analysis & forecast, by components
Global virtual reality market - analysis & forecast, by type
Global virtual reality market - analysis & forecast, by region
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