The global virtual reality market size is expected to reach USD 57.55 billion by 2027, exhibiting a CAGR of 44.3% during the forecast period. The growing adoption of 5G network owing to its higher bandwidth and low latency rate will subsequently promote the growth of the market, states Fortune Business Insights in a report, titled “Virtual Reality Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Content), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, and Others), And Regional Forecast, 2020-2027.” The market size stood at USD 3.10 billion in 2019.
A List of Renowned Virtual
Reality Providers Operating in the Market:
- Google LLC (California, United States)
- Oculus Rift (Facebook Inc.) (California, United States)
- Sony Corporation (Tokyo, Japan)
- Unity Technologies (California, United States)
- HTC Corporation (Taoyuan City, Taiwan)
- Microsoft Corporation (Washington, United States)
- Autodesk Inc. (California, United States)
- Sixense Enterprises Inc. (California, United States)
- Eon Reality Inc. (California, United States)
- Dassault Systems SE (Vélizy-Villacoublay, France)
- Apple Inc. (California, United States)
 |
| Get Sample PDF Brochure |
- Coherent insights into the market
- Pre-obtained data about the business scenario
- Latest industry development and key drivers
- In-depth information about key players
DRIVING FACTORS:
High Utilization of Virtual Reality in Military
Settings to Intensify Market
The
increasing application of virtual reality (VR) solutions in the defense sector
will enable speedy expansion of the market in the foreseeable future. The
intelligent technology offers the understanding to perform high-risk operations
beforehand, which, in turn, will spur the demand of the market. The virtual
training sessions can help soldiers to develop skills for challenging
situations during combat. For instance, the UK Ministry of Defense announced
the investment in a virtual simulator platform to offer a wider training
program for the armed forces. Likewise, the US army is constantly focused on
providing a synthetic training environment by 2021 to prepare soldiers for real
combat scenarios.
Read Full Summary of This Report:
COVID-19 IMPACT
Elevated Demand for Virtual Meets and
Conferences to Accelerate Market amid COVID
The growing
acceptance of digital technologies is expected to spur opportunities for the
market amid coronavirus. The lockdown in several regions has led to high demand
for immersive solutions. The growing popularity of virtual meets, conferences,
exhibitions, gatherings will have a tremendous impact on the market during the
pandemic. For instance, LAVAL, a Canadian city in southwestern Quebec, north of
Montreal conducted an online exhibition with the help of VR glasses and 3D graphics.
Besides, the utilization of VR technologies among students for online training
will further enhance the potential of the market amid the COVID-19 pandemic.
REGIONAL INSIGHTS-
Rising Government Support Help North America
Dominate in Near Future
The market
in North America is expected to dominate the global market owing to the
existence of prominent players in the U.S. The high support from the government
of the US through investments is likely to encourage the market in the region.
For instance, the US Department of Agriculture’s (USDA’s) Food Safety and
Inspection Service (FSIS) implemented virtual training sessions on public
health veterinary.
The market
in Asia Pacific is expected to witness a rapid growth rate during the forecast
period owing to the developing nations. China is expected to hold the largest
share in the global market owing to the growing adoption of the 5G network in
the region. Furthermore, the rising government initiatives and fundings are
expected to improve the market prospects in India. For instance, campaigns such
as Digital India, Make in India, and Vocal for Local will uplift the small
scales enterprises in India. For instance, AjnaLens raised funds of USD 1.5
million from Maharashtra Defense and Aerospace Venture Fund to enhance virtual
and augmented reality capabilities.
A KEY INDUSTRY DEVELOPMENT:
- January 2019: Autodesk Inc signed a partnership agreement
with InsiteVR to offer VRmeeting integration platform for engineering and
construction meetings. The platform will support in-designing and review
projects to assist engineers.
Read Press Release:
No comments:
Post a Comment