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The global virtual reality market size was valued at USD 11.64 billion in 2021. The market is projected to grow from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, exhibiting a CAGR of 45.2% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled “Virtual Reality Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Content), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, Others), and Regional Forecast, 2022-2029.”
Expanded VR Application Across Industries Amid COVID-19 to Spur Market Growth
The production and manufacturing units of components, devices, equipment, and other hardware products have been adversely influenced owing to the coronavirus outbreak across the globe. The momentary shutdown of industries, restricted number of in-house staff, sealed national borders, and more have considerably swayed the supply of components and the delivery of final products. Consequently, previously in 2020, owing to the inadequate stock of virtual reality product and service, the market observed small dip in its year-on-year trend and this has effected the overall global market.
HTC VIVE Breaks Novel Ground with Introduction of Portable VIVE Flow Immersive Glasses
HTC VIVE declared VIVE Flow, a compressed, lightweight immersive glasses device that transports its users at any place they wish or are required to be, anytime, anywhere. Structured with comfort and movability in mind, VIVE Flow allows people to find moments of calm and well-being for themselves throughout the day, involving the following:
Meditation 2.0 with apps such as TRIPP, or taking a scenic, immersive drive down Route 66 with MyndVR’s original series, A Road to Remember. It offers features such as:
Rising Potential in Healthcare Industry to Drive Market Extension
As per the virtual reality statistics and VR industry experts’ analysis, the healthcare industry is anticipated to perceived considerable commotion across the industry with VR applications. The technology has displayed potential in enhancing the healthcare provisions, patient care system, intended operations, medical training, and others.
The technology demands sturdy hardware components and huge computing power for the proper operation of the devices. Nevertheless, the majority of present desktop accessories are not well-matched with applications. Additionally, the connected devices and components need high-speed network bandwidth such as 5G. Consequently, the absence of appropriate speed and power for functioning the system might obstruct the virtual reality market growth.
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Innovative Design Launches by Prime Players to Spur Market Growth
The indispensable players adopt numerous strategies to bolster their position in the market as dominating companies. One such key strategy is procuring companies to bolster the brand value among users. Another effective strategy is occasionally introducing inventive designs with a comprehensive review of the market and its target audience.
Key Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings
North America is expected to dominate the virtual reality market share over the forecast period. The significant presence of key players in the U.S. is driving the market growth in the region. Also, various start-ups are entering the U.S. market and offering industry-specific solutions.
Based on device type, the market is categorized into Head Mounted Display (HMD), VR simulator, VR glasses, treadmills & haptic gloves, and others. HMD is expected to lead the market, as it offers the most immersive environment.
Table of Segmentation
Value (USD billion)
By Component, Device Type, Industry, and Geography
By Device Type