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

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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.

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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TRENDS INFLUENCING THE GROWTH OF THE VR MARKET

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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VIRTUAL REALITY (VR) MARKET SHARE ANALYSIS

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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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Virtual Reality Market By Company

• Netflix
• Samsung Electronics
• Google
• Koncept VR
• Jaunt
• DODOcase
• I AM CARDBOARD
• KNOXLABS
• OnePlus
• PowisVR
• Unofficial Cardboard
• ZEISS VR ONE
• HOMIDO
• Mattel
• Samsonite IP Holdings
• HTC
• Facebook (Oculus VR)

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SIMILAR REPORTS

• The global Virtual Reality Software market size is projected to reach USD 2464.4 million by 2027, from USD 1572.5 million in 2020, at a CAGR of 6.2% during 2021-2027.
• The globalE-Learning Virtual Reality market size is projected to reach USD 300.3 million by 2027, from USD 65 million in 2020, at a CAGR of 23.8% during 2021-2027.
• The global Immersive Virtual Reality market size is projected to reach USD 281.9 million by 2027, from USD 79 million in 2020, at a CAGR of 19.6% during 2021-2027.
• The global Virtual Reality Technologies market size is projected to reach USD 47430 million by 2027, from USD 5837.3 million in 2020, at a CAGR of 34.3% during 2021-2027.
• In 2021, the global Virtual Reality Panoramic Video Shooting market size will be USD million and it is expected to reach USD million by the end of 2027, with a CAGR of % during 2021-2027.
• In 2020, the global Augmented and Virtual Reality Contact Lens market size was USD 13 million and it is expected to reach USD 39 million by the end of 2027, with a CAGR of 17.2% during 2021-2027.
• The augmented and virtual reality market size was valued at USD 14.84 billion in 2020 and is projected to reach USD 454.73 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 40.7%.
• The global Augmented Reality Market size is projected to reach USD 3664.5 Million by 2026, from USD 849 Million in 2019, at a CAGR of 27.6% during 2020-2026.
• The global Virtual Reality Headsets market size is projected to reach USD19.8 Billion by 2026, from USD 6.8 Billion in 2020, at a CAGR of 19.5% during 2020-2026.
• The global Volumetric Display market size is projected to reach USD 650.3 million by 2026, from USD 192.4 million in 2019, at a CAGR of 18.9% during 2021-2026.
• The global Head-Up Display market size is projected to reach USD 3291.9 Million by 2027, from USD 1286.4 Million in 2020 at a Compound Annual Growth Rate (CAGR) of 17.0% during 2021-2027.
• The global Volumetric Video market size is projected to reach USD 1852.3 Million by 2026, from USD 592.5 Million in 2020, at a CAGR of 20.9% during 2021-2026.
• The global Mixed Reality market size is projected to reach USD 4454.1 Million by 2026, from USD 196 Million in 2019, at a CAGR of 68.3% during 2020-2026.
• Global Virtual Reality Rendering Processing Market Size, Status and Forecast 2021-2027
• Global Virtual Reality Treadmill Market Research Report 2021
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• Global Virtual Reality Games Market Size, Status and Forecast 2021-2027
• Global Virtual Reality (VR) Medical Training Market Size, Status and Forecast 2021-2027
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