The global Virtual Reality Market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.
The emerging demand for virtual training across
industries such as education, aerospace and defense, automotive, and healthcare
is driving the market. For instance, in October 2021, Accenture ordered 60,000
Oculus headsets to simplify its onboarding process and train new employees. The
company considers VR to be an engaging and productive technology that provides
a time-efficient solution for training.
With the deployment of VR technology, the e-commerce industry
has enabled shoppers to virtually try new clothes and accessories. This
supports buyers in making the right purchase choices. Furthermore, the
temporary closure of educational institutions to combat the spread of
coronavirus has forced them to conduct their academic sessions on VR-based
online platforms to facilitate better collaboration.
The VR technology has also enabled medical personnel
to deliver instructions and aid therapies through the audio-visual tool. The
increasing use of automation and Artificial Intelligence (AI) across
many industries is one of the primary growth drivers of the market. North
America is anticipated to maintain its lead during the forecast period owing to
the dominance of technology companies in the region. Additionally, the
emergence of various start-ups related to advanced technology is expected to
impact the growth of the market.
Related Press Release@ Virtual Reality Market Report
Virtual Reality Market Report
Highlights
- The market is expected to be driven by advances in smartphone
hardware and cutting-edge virtual reality-compatible headsets during the
forecast period
- The HMD device segment accounted for the largest revenue share of
over 60.0% in 2021
- The semi and fully immersive technology segment accounted for the
largest revenue share in 2021, which is expected to further increase
throughout the forecast period. This can be attributed to the ability of
the technology to bring a real-like dimension to a simulated domain
- Asia Pacific accounted for the largest revenue share of over 40.0%
in 2021 and is anticipated to dominate the market during the forecast
period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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