The Virtual Reality (VR) Market Expected To Exceed $180 Billion By 2026, At A CAGR Of 48.7% – PRNewswire

PALM BEACH, Fla., Aug. 2, 2021 /PRNewswire/ --FinancialNewsMedia.com News Commentary - VR Technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes of navigating it toward mainstream adoption. Virtual Reality (VR) is a digitally created experience where a three-dimensional environment is simulated with the real-world. The technology offers an immersive experience to the viewers with the help of VR devices, such as headsetsor glasses, gloves, and bodysuits. The technology has brought a transformation in the gaming and entertainment industries by allowing users to experience immersion in a highly virtual realm. In addition, the increasing usage of this technology in instructive training, such as for training mechanics, engineers, pilots, soldiers in defense, field workers, and technicians, in the oil & gas and manufacturing sectors is driving the market growth. Mordor Intelligence reportedthat the Virtual Reality (VR) market was valued at USD 17.25 billion in 2020 and is expected to reach USD 184.66 billion by 2026, at a CAGR of 48.7% over the forecast period 2021 - 2026. Mordor pointed out that the investments by the technology vendors are creating advancements in the field of display technology, which is going to change the vision of the traditional methodology. With technology giants, like Google, investing considerable amounts in tech startups for the development of VR devices and other prominent players investing in their R & D over this segment, the future of the market will be more competitive. Active Companies in the markets today include Wrap Technologies, Inc. (NASDAQ: WRAP), Amazon.com, Inc. (NASDAQ: AMZN), Palantir Technologies Inc. (NYSE: PLTR), Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOG).

The Mordor Intelligence report continued: "The consumers are widely using VR applications, which is based on different purposes, such as the automobile, gaming, and media and entertainment industries. The latest technologies across the consumer electronics segment are boosting the growth of virtual reality for multiple applications across the marketplace. For instance, consumers are moving toward virtual reality in gaming with high definition, stunning graphics, and motion with high-end audio. North America is one of the prominent regions for the virtual reality market. It has also been a pioneer in adopting innovations, which provides North America with an edge over other regions. Further, the region has the highest number of startups focusing on bringing innovative VR technologies for various industries Other industry verticals, including aerospace, healthcare, military, gaming, and retail, are also investing in this technology to take advantage of the growth potential."

Wrap Technologies, Inc. (NASDAQ: WRAP) BREAKING NEWS: WRAP announces new VR training platform powered by Amazon Web Services - Wrap Reality will utilize AWS GovCloud (US) for Service, Delivery, and Storage - Wrap Technologies, Inc. (WRAP), a global leader in innovative public safety technologies and services, announced a collaboration with Amazon Web Services (AWS) to support Wrap Reality through AWS GovCloud (US). AWS will provide consulting and advisory services to support Wrap Reality's complex technology initiatives, assistance in developing and executing our product roadmap, and streamline access to AWS subject matter experts.

"Following several months of planning and discussion, Wrap Reality worked with AWS to deliver our Virtual Reality (VR) training platform to law enforcement, built on AWS GovCloud (US)," said Tom Smith, Chief Executive Officer and President of WRAP Technologies. "As WRAP continues to map out our vision for enhancing law enforcement training with Wrap Reality, choosing a collaborator with extensive support and government approved cloud services was a key decision. AWS brings a wealth of knowledge to Wrap Reality along with infrastructure and cloud services that are proven in the industry. Wrap Reality enhances its capabilities by working with AWS. AWS has experience managing sensitive state and local government data and systems with AWS GovCloud (US)."

"Events in 2020 have underlined how law enforcement must adapt and innovate fast to unforeseen challenges as well as the importance of trust and transparency. WRAP Reality's fully-immersive experience allows training of real-time scenarios that address the priorities of today's communities. AWS is proud to assist by providing services to WRAP that innovate on training and create a better future of policing," says AWS Justice and Public Safety (JPS) leader Ryan Reynolds.

The relationship with AWS provides the framework for development, training, and collaboration to support next-generation applications that have the scalability, resiliency, and security AWS offers. It will assist WRAP in accelerating innovation and the development of strategic initiatives. These initiatives will bring the most advanced cloud-native services to WRAP clients, improving the flow of information and providing a better experience for law enforcement agencies.CONTINUED Read this full release for Wrap Technologies at: https://www.financialnewsmedia.com/news-wrap/

Other recent developments in the markets include:

Amazon.com, Inc. (NASDAQ: AMZN) recently announced financial results for its second quarter ended June 30, 2021.Operating cash flowincreased 16% to $59.3 billion for the trailing twelve months, compared with $51.2 billion for the trailing twelve months ended June 30, 2020.

Free cash flowdecreased to $12.1 billion for the trailing twelve months, compared with $31.9 billion for the trailing twelve months ended June 30, 2020; Free cash flow less principal repayments of finance leases and financing obligationsdecreased to $0.6 billion for the trailing twelve months, compared with $21.3 billion for the trailing twelve months ended June 30, 2020; Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligationsdecreased to $4.2 billion for the trailing twelve months, compared with $19.4 billion for the trailing twelve months ended June 30, 2020. Common shares outstanding plus shares underlying stock-based awards totaled 522 million on June 30, 2021, compared with 517 million one year ago.

Net salesincreased 27% to $113.1 billion in the second quarter, compared with $88.9 billion in second quarter 2020. Excluding the $2.5 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 24% compared with second quarter 2020.

Operating incomeincreased to $7.7 billion in the second quarter, compared with $5.8 billion in second quarter 2020.

Palantir Technologies Inc. (NYSE: PLTR) recently announced it has been contracted by the Federal Aviation Administration (FAA) to provide a data analytics tool that will help advance the agency's modernization objectives for aviation safety.

Palantir Foundry will support the FAA's aircraft certification and continued operational safety activities, including the ongoing monitoring of the 737 MAX fleet's return to service. The one-year contract with two additional option years is valued at a maximum of $18.4 million.

On 26 March 2021, the United States Army awarded Microsoft Corporation (NASDAQ: MSFT) a fixed price production agreement to manufacture the Integrated Visual Augmentation System (IVAS).

This award transitions IVAS to production and rapid fielding to deliver next-generation night vision and situational awareness capabilities to the Close Combat Force (CCF) at the speed of relevance. The unique and innovative partnership between the Army and Microsoft accelerated prototype system development through the Soldier Centered Design approach to deliver an unprecedented system to our CCF.

The IVAS aggregates multiple technologies into an architecture that allows the Soldier to Fight, Rehearse, and Train using a single platform. The suite of capabilities leverages existing high-resolution night, thermal, and Soldier-borne sensors integrated into a unified Heads Up Display to provide the improved situational awareness, target engagement, and informed decision-making necessary to achieve overmatch against current and future adversaries. The system also leverages augmented reality and machine learning to enable a life-like mixed reality training environment so the CCF can rehearse before engaging any adversaries.

The AES Corporation (AES) announced recentlythat it has signed an agreement to supply the electricity to power Google's (NASDAQ: GOOGL)Virginia-based data centers with 24/7 carbon-free energy under a 10-year supply contract. With this first clean energy procurement deal in the world of its kind, AES will help ensure that the energy powering those data centers will be 90% carbon-free when measured on an hourly basis. AES will become the sole supplier of the data centers' carbon-free energy needs on an annual basis, sourcing energy from a portfolio of wind, solar, hydro and battery storage resources to be developed or contracted by AES. The agreement will start supply later in 2021 and is an important step in meeting Google's previously announced goal to run its business on 100% carbon-free energy on an hourly basis by 2030.

"Last year, Google set an ambitious sustainability goal of committing to 100% 24/7 carbon-free energy by 2030. Today, we are proud that through our collaboration with Google, we are making 24/7 carbon-free energy a reality for their data centers inVirginia," said Andrs Gluski, AES President and CEO. "This first-of-its-kind solution, which we co-created with Google, will set a new sustainability standard for companies and organizations seeking to eliminate carbon from their energy supply."

DISCLAIMER:FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty six hundred dollars for news coverage of the current press releases issued by Wrap Technologies, Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:

Media Contact email:[emailprotected]-+1(561)325-8757

SOURCE FinancialNewsMedia.com

Follow this link:

The Virtual Reality (VR) Market Expected To Exceed $180 Billion By 2026, At A CAGR Of 48.7% - PRNewswire