The global virtual reality market size is expected to reach USD 57.55 billion by 2027, exhibiting a CAGR of 44.3% during the forecast period. The growing adoption of 5G network owing to its higher bandwidth and low latency rate will subsequently promote the growth of the market, states 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 & Defence, Manufacturing, and Others), and Regional Forecast, 2020-2027." The market size stood at USD 3.10 billion in 2019.
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The report on the virtual reality market emphasizes:
-- Coherent insights into the market
-- Pre-obtained data about the business scenario
-- Latest industry development and key drivers
-- In-depth information about key players
High Utilization of Virtual Reality in Military Settings to Intensify Market
The increasing application of virtual reality (VR) solutions in the defense sector will enable speedy expansion of the market in the foreseeable future. The intelligent technology offers the understanding to perform high-risk operations beforehand, which, in turn, will spur the demand of the market. The virtual training sessions can help soldiers to develop skills for challenging situations during combat. For instance, the UK Ministry of Defense announced the investment in a virtual simulator platform to offer a wider training program for the armed forces. Likewise, the US army is constantly focused on providing a synthetic training environment by 2021 to prepare soldiers for real combat scenarios.
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Elevated Demand for Virtual Meets and Conferences to Accelerate Market Amid COVID
The growing acceptance of digital technologies is expected to spur opportunities for the market amid coronavirus. The lockdown in several regions has led to high demand for immersive solutions. The growing popularity of virtual meets, conferences, exhibitions, gatherings will have a tremendous impact on the market during the pandemic. For instance, LAVAL, a Canadian city in southwestern Quebec, north of Montreal conducted an online exhibition with the help of VR glasses and 3D graphics. Besides, the utilization of VR technologies among students for online training will further enhance the potential of the market amid the COVID-19 Pandemic.
Rising Government Support Stimulate Growth in North America
The market in North America is expected to dominate the global market owing to the existence of prominent players in the US. The high support from the government of the US through investments is likely to encourage the market in the region. For instance, the US Department of Agriculture's (USDA's) Food Safety and Inspection Service (FSIS) implemented virtual training sessions on public health veterinary. The market in Asia Pacific is expected to witness a rapid growth rate during the forecast period owing to the developing nations. China is expected to hold the largest share in the global market owing to the growing adoption of the 5G network in the region. Furthermore, the rising government initiatives and fundings are expected to improve the market prospects in India. For instance, campaigns such as Digital India, made in India, and Vocal for Local will uplift the small scales enterprises in India. For instance, AjnaLens raised funds of USD 1.5 Mn from Maharashtra Defence and Aerospace Venture Fund to enhance virtual and augmented reality capabilities.
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The Report Lists the Main Companies in the Virtual Reality Market:
-- Google LLC (California, United States)
-- Oculus Rift (Facebook Inc.) (California, United States)
-- Sony Corporation (Tokyo, Japan)
-- Unity Technologies (California, United States)
-- HTC Corporation (Taoyuan City, Taiwan)
-- Microsoft Corporation (Washington, United States)
-- Autodesk Inc. (California, United States)
-- Sixense Enterprises Inc. (California, United States)
-- Eon Reality Inc. (California, United States)
-- Dassault Systems SE (Velizy-Villacoublay, France)
-- Apple Inc. (California, United States)
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Table of Content:
January 2019: Autodesk Inc signed a partnership agreement with InsiteVR to offer VRmeeting integration platform for engineering and construction meetings. The platform will support in-designing and review projects to assist engineers.
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