The Growing Virtual Reality Market and its Impact on the Gaming Industry
NEW YORK, Nov. 4, 2023 /PRNewswire/ — The virtual reality market is categorized by Technavio as a subsegment of the application software market. The market is expected to experience significant growth, reaching a value of USD 1,81,340.96 million. One notable trend in the virtual reality market is its increasing use in training and simulation for aerospace and defense purposes. This growth can be attributed to advancements in technology and the notable success rate of virtual reality applications in counterterrorism operations. Rising international defense budgets and territorial disputes are also key drivers of demand for virtual reality systems. Consequently, countries such as the US are developing unmanned aerial vehicles (UAVs) that utilize virtual reality to aid their armed forces in combat.
The gaming and entertainment industries are major contributors to the growth of the virtual reality market. The adoption of head-mounted displays (HMDs) in these industries is a significant factor driving market expansion. Additionally, the increasing affordability of virtual reality equipment is expected to further drive demand. It is projected that between 2022 and 2027, the virtual reality market will grow at a compound annual growth rate (CAGR) of 60.65%.
The Scope of the Virtual Reality Market
The virtual reality (VR) market report provides an in-depth analysis of the market, focusing on component segmentation (hardware and software), end-user segmentation (enterprise and consumer), and geographic segmentation (North America, APAC, Europe, Middle East and Africa, and South America). Technological advancements in virtual reality hardware are expected to enhance user acceptance of virtual reality products.
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Understanding the Customer Landscape and Market Vendors
The virtual reality market study explores the adoption lifecycle of the market, from early innovators to late adopters. The study focuses on penetration-based adoption rates across different regions and provides insights into key buying criteria and price sensitivity drivers that can help businesses assess and develop growth strategies.
Several global and regional vendors, including CXR Agency and 360 Labs LLC, contribute to the growth of the virtual reality market. These vendors employ various strategies, such as strategic alliances, collaborations, mergers and acquisitions, geographic expansions, and new product launches, to increase their visibility in the VR industry.
To gain more insights into vendors such as Advanced Micro Devices Inc., Alphabet Inc., Firsthand Technology Inc., Groove Jones LLC, and others, click here to access the sample reports!
Regional Growth and Market Outlook
During the forecast period, it is expected that North America will contribute significantly to the global VR market’s growth, accounting for 35% of the market share. Technavio’s analysts have thoroughly discussed the geographical trends, drivers, and market shaping factors that will influence the market in this region. The US and Canada are the leading contributors to the local market.
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1. Europe-Virtual Cards Market: The European virtual cards market is projected to grow at a CAGR of 20.56% between 2022 and 2027, reaching a value of USD 132.23 million. Factors contributing to market growth include the widespread adoption of contactless payment solutions, increasing internet penetration, and rising demand for secure online transactions.
2. Extended Reality (XR) Market: The extended reality market is expected to grow at a CAGR of 43.09% between 2022 and 2027, reaching a value of USD 421.42 billion. Factors driving market expansion include rapid advances in sensor technology, increased military deployment, and growing popularity of 360-degree films.
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Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Component
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
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