Virtual Reality (VR) Market Size is Projected To Reach USD 26860 Million By 2027 At A CAGR of 19.0% - Valuates Reports

Virtual Reality (VR) Market Size is Projected To Reach USD 26860 Million By 2027 At A CAGR of 19.0% - Valuates Reports

PR Newswire

BANGALORE, India, Jan. 6, 2022

BANGALORE, India, Jan. 6, 2022 /PRNewswire/ -- Virtual Reality Market By Type - Mobile Virtual Reality, PC-side Virtual Reality, Integrated Computer Virtual Reality, By Application - Commercial, Household. Global Opportunity Analysis and Industry Forecast, 2021–2030.  It is published in Valuates Reports under the  Global Opportunity Analysis and Industry Forecast, 2021–2030.  It is published in Valuates Reports under the  Software Category.

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The global Virtual Reality (VR) market size is projected to reach USD 26860 million by 2027, from USD 7719.6 million in 2020, at a CAGR of 19.0% during 2021-2027.

Major Factors Driving The Growth Of The Virtual Reality Market Are

The rapid boom in the gaming sector is expected to drive the sales for HMDs and, in turn, drive the growth of the virtual reality market. The easy availability of affordable VR devices is a major element pushing VR device adoption. Local companies' launches of VR gadgets in countries like China and India have aided in making such devices more inexpensive and promoting their widespread adoption.

Furthermore, the virtual reality market growth is being fueled by the increasing usage of virtual reality in a variety of industries for a variety of applications. VR technology is being used in informative training for mechanics, engineers, pilots, soldiers in the military, field workers, and technicians in the oil and gas and manufacturing industries.

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HMDs have been widely used in the gaming and entertainment industries. With the introduction of VR and 3D technology, the gaming industry has undergone a technological transformation. HMDs have aided in achieving a totally immersive experience for consumers, elevating the gaming experience to new heights. The seamless transition made possible by the usage of VR HMDs has provided users with a new and enhanced experience. In the video gaming industry, HMDs have a high penetration rate. HMDs, display digital visuals, allowing for a three-dimensional vision, which improves the user experience. As a result, the booming gaming industry will fuel the growth of the VR market. 

The increasing use of VR in various end-user industries is expected to drive the Virtual reality market growth. For example, in the automotive sector, it lets engineers experiment with a vehicle's design and construction at the concept stage before embarking on costly prototypes. With the use of VR exposure therapy, the technology is also being utilized to treat people with mental health issues. Furthermore, using virtual reality technology, the tourist sector allows potential clients to take a virtual tour of monuments, iconic destinations, restaurants, and hotels.

Due to the need for businesses to continue their activities online during the epidemic, VR technology has seen an increase in demand. For attending meetups to establish various policies and plans for their ongoing operation, companies have resorted to virtual platforms. It's also becoming a highly promising tool for virtual events because it helps with planning. By hosting the event on a virtual platform and presenting it as a VR experience, event organizers provide individual guests with engaging and plentiful event experiences. As a result, the growing popularity of virtual events is boosting the virtual reality market growth.

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Based on region, North America is expected to be the most lucrative. This is due to the increased VR technology acceptance. Furthermore, the region has the most startups devoted to delivering revolutionary VR technologies to diverse industries.

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