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The global virtual reality market size is expected to reach USD 84.09 billion by 2028. The increasing application of virtual reality in the gaming and automotive industry will foster healthy growth of the market globally. This information is published by Fortune Business Insights, in a report titled “Virtual Reality (VR) Market Size, Share & COVID-19 Impact 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, 2021-2028.” The market size stood at USD 4.42 billion in 2020 and is expected to exhibit a CAGR of 44.8% between 2021 and 2028.
Introduction of Lenovo Mirage VR S3 Standalone Headset to Intensify Business
LenovoTM, introduced the Lenovo Mirage VR S3 headset with ThinkReality, which was available from June 1, 2020, at the VR/AR Global Summit Online Conference. Nathan Pettyjohn, Commercial AR/VR Lead, Lenovo's Intelligent Devices Group, announced the new business VR solution. The Lenovo Mirage VR S3 is the first headset created in collaboration with Pico Interactive, a worldwide technology firm specializing in virtual reality and corporate solutions. It is specifically built for business, featuring a 4K display for sharper images, hands-free control for use with or without the accompanying controller, and an easy-to-clean, sanitary faceplate, ideal for mass utilization. The new headset is durable, low weight, and ready to scale inside the enterprise, with integrated audio and up to three hours of battery life. The introduction of Lenovo's ThinkReality software platform will boost the virtual reality market growth owing to its AR/VR systems that allow clients to manage apps and content comprehensively.
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Advent of 5G Technology to Intensify Market Growth
Prominent companies in the market are perpetually innovating their technologies to improve the virtual environment through 5G technology, which, in turn, will enable speedy expansion of the market. For instance, in February 2021, the Original Content Company (TOCC) and Vodafone are partnering with Xpllore, Gamoola, and The Grid Factory to create an Anatomical Learning platform on its 5G technology. Moreover, Virtual training solutions are being utilized across the healthcare business. Healthcare practitioners can benefit exponentially from training to improve their operation precision and eliminate errors. Besides, in games and entertainment, the NFL and other American Football clubs are employing technologies to train, which can significantly reduce injuries.
Development of Ultra-modern Virtual Solutions by Companies to Reinforce Market
The market's major players are attempting to develop innovative virtual solutions to improve the consumer experience. The majority of players are focused on improving the hardware in order to improve the virtual impact on users. For instance, Oculus Quest 2, a virtual reality headset, was introduced by Facebook LLC and is now available on oculus.com and in retailers. The new wireless device has a higher resolution. The company is also concentrating on providing advanced virtual tools.
Report Lists the Key Companies in the Market:
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This Market is Segmented into:
Value (USD Billion)
Component; Device Type; Industry; and Region
By Device Type