Virtual Reality (VR) Market to Exhibit a CAGR of 44.8% by 2028 – GlobeNewswire

Pune, India, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The global virtual reality market size is expected to reach USD 84.09 billion by 2028, exhibiting a CAGR of 44.8% during the forecast period. The technological innovations in 5G technology and adoption of immersive technologies can have a tremendous impact on the market growth in the forthcoming years, states Fortune Business Insights, Virtual Reality (VR) Market, 2021-2028. The market size stood at USD 4.42 billion in 2020.

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Key Companies Operating in the Virtual Reality Market:

Report Scope & Segmentation

COVID-19 Impact:

Businesses such as automotive, manufacturing, aerospace and defense, education, and others are using technology to meet business needs during the global pandemic. The virtual simulators assist in the design and planning of the product from a distance. VR is gaining popularity in the education sector as a result of the epidemic. Virtual technology is being used by people all over the world to better their health and well-being, entertainment, live events, virtual conferences, and meetings, especially during the pandemic. For example, in April 2020, rapper Travis Scott joined the virtual reality platform and received over 12 million views on his Fortnite video game.

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Market Segments:

Based on components, the market is classified into hardware, software, and content. The hardware segment is expected to dominate the global market share during the forecast period. Based on device type, the market is divided into Head-Mounted Display (HMD), VR simulator, VR glasses, treadmills & haptic gloves, and others.

Based on industries, the market is segmented into gaming, entertainment, automotive, retail, healthcare, education, aerospace & defense, manufacturing, and others.

Geographically, the market is classified into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

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What does the Report Include?The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain the market stronghold between 2021 and 2028.

Driving Factor:

Rising Application of VR in Automotive Industry to Boost Market

Virtual training solutions are being heavily invested in by industries such as automotive, education, healthcare, aerospace & military, and others. For example, the virtual training module in the automobile sector provides workstation training for new joiners to minimize accidents. According to a 2015 Ford analysis, virtual training sessions decreased employee injuries and accidents by 70 percent. Moreover, virtual training solutions are being used across the healthcare business. Healthcare practitioners might benefit from training to improve their operation precision and eliminate errors. These factors together will create lucrative business opportunities for the market.

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Regional Insights:

Rising Investments Mixed Reality Training Sessions to Propel Market in North America

The VR market share is likely to be dominated by North America. The region's market expansion is being fueled by the presence of major players in the country. Various start-ups are also making inroads into the US market, offering industry-specific solutions. For example, Sixense Enterprises Inc., a California-based small business, unveiled a virtual reality-based physical rehabilitation system in October 2020. The United States government is also investing in virtual technology, which is expected to enhance the sector. The US government and army, for example, have committed $11 billion in virtual, augmented, and mixed reality training sessions for government workers. Europe is expected to experience a rapid growth rate during the forecast period. The growth is attributed to the rising adoption of virtual solutions in the automotive industry.

Competitive Landscape:

Key Players Focus on Advanced Virtual Solutions to Consolidate PositionHTC Corporation, Oculus VR, Sony Corporation, and Lenovo Group are all heavily investing in developing innovative head-mounted devices. To grow their consumer base, the players are making smart acquisitions and collaborations. In addition, prominent firms are providing industry-specific materials and tools to broaden their commercial horizons. For instance, in March 2021, a Taiwanese consumer electronics company headquartered in Xindian District, New Taipei City, Taiwan, announced the release of VIVE Facial Tracker and VIVE Tracker (3.0) to improve their virtual reality ecosystem with advanced innovation.

Key Development:

May 2020: Apple Inc. acquired NextVR, a VR startup. The NestVR has extended its expertise in recording live events through virtual reality headsets.

Major Table of Contents:

TOC Continued!

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Virtual Reality (VR) Market to Exhibit a CAGR of 44.8% by 2028 - GlobeNewswire