Worldwide $3.14 Billion Virtual Reality Services Industry to 2030 - Understand How the Market is Being Affected By COVID-19

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Jun 24, 2020, 15:00 ET

DUBLIN, June 24, 2020 /PRNewswire/ -- The "Virtual Reality Services Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

This report from the publisher provides strategists, marketers and senior management with the critical information they need to assess the global virtual reality services market.

This report focuses on virtual reality services market which is experiencing strong growth. The report gives a guide to the virtual reality services market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

The global virtual reality services market is expected to grow from $0.57 billion in 2019 and to $0.93 billion in 2020 at a compound annual growth rate (CAGR) of 63.28%. The increase in growth rate is mainly as technologies like VR allows people to shop, talk and socialize using these immersive platforms amidst all the containment due to COVID 19 outbreak. The market is then expected to reach $3.14 billion in 2023 at CAGR of 49.87%.

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Where is the largest and fastest growing market for the virtual reality services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Virtual Reality Services market global report from the publisher answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider virtual reality services market, and compares it with other markets.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The virtual reality services market section of the report gives context. It compares the virtual reality services market with other segments of the virtual reality services market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, virtual reality services indicators comparison.

Major players in the virtual reality services market are Skywell Software, LittlStar, Creative Solutions, Gramercy Tech, HQSoftware, Program Ace, Groove Jones, Xicom Technologies, Zco Corporation, and The Intellify.

The virtual reality services market consists of sales of virtual reality services and related products such as joysticks, force balls/tracking balls, controller wands, data gloves, trackpads, on-device control buttons, motion trackers, bodysuits, treadmills and motion platforms. These services are used in various sectors such as healthcare, education, real estate and entertainment. The use of computer technology to create a digital world is virtual reality (VR). Instead of seeing on a computer before them, users are immersed in 3D environments and can communicate with them.

Remote shopping with virtual reality is a key trend in the virtual reality services market. Many people are not doing offline shopping due to isolation and quarantine with the global Covid-19 outbreak and that does not mean e-commerce companies must also stop communicating to their customers and clients. Virtual reality alternatives opened great chances where businesses can offer potential customers new buying experiences without preventing their outreach. E-commerce companies could now reframe the experience for the customers and redesign their shopping journeys by using VR services.

The virtual reality services market covered in this report is segmented by application into healthcare; education; real estate; advertising; travel; gaming; entertainment; others.

The high cost associated with virtual reality services hampers the growth of the virtual reality services market. The best VR experience will cost a lot of money. The investment required for the VR experience is really high. For instance, one needs to spend at least a few hundred dollars (on the low end) only for the graphics card itself, excluding other internals of the computer. The high-end virtual reality computer would cost $1,000 easily, and the high-end VR headset such as Vive or Oculus Rift from HTC would cost $599 and $799, respectively. Therefore, the high cost for a VR experience is expected to hinder the growth of the virtual reality services market.

The virtual reality services in telehealth is a key factor driving the growth of the virtual reality services market. To support COVID-19 patients, thousands of doctors and nurses will require advanced skills, which will be supported by VR-powered tools to cope in a simulated world with an anticipated influx of COVID-19 patients.

Training services by virtual reality designed particularly for coronavirus pathology scenarios are highly beneficial and realistic in today's situation and also enables medical students, doctors and nurses to quickly apply studied principles and procedures to the real world. For instance, the XRHealth application allows the hospitals to treat incoming coronavirus victims who are in hospital quarantine and it allows the physicians to monitor them when they return home. Therefore, the increasing necessity of virtual reality services in telehealth is expected to drive the significant growth of the virtual reality services market.

Key Topics Covered:

1. Executive Summary

2. Virtual Reality Services Market Characteristics

3. Virtual Reality Services Market Size And Growth
3.1. Global Virtual Reality Services Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Virtual Reality Services Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Virtual Reality Services Market Segmentation
4.1. Global Virtual Reality Services Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

5. Virtual Reality Services Market Regional And Country Analysis
5.1. Global Virtual Reality Services Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Virtual Reality Services Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

6. Asia-Pacific Virtual Reality Services Market

7. China Virtual Reality Services Market

8. India Virtual Reality Services Market

9. Japan Virtual Reality Services Market

10. Australia Virtual Reality Services Market

11. Indonesia Virtual Reality Services Market

12. South Korea Virtual Reality Services Market

13. Western Europe Virtual Reality Services Market

14. UK Virtual Reality Services Market

15. Germany Virtual Reality Services Market

16. France Virtual Reality Services Market

17. Eastern Europe Virtual Reality Services Market

18. Russia Virtual Reality Services Market

19. North America Virtual Reality Services Market

20. USA Virtual Reality Services Market

21. South America Virtual Reality Services Market

22. Brazil Virtual Reality Services Market

23. Middle East Virtual Reality Services Market

24. Africa Virtual Reality Services Market

25. Virtual Reality Services Market Competitive Landscape And Company Profiles
25.1. Virtual Reality Services Market Competitive Landscape
25.2. Virtual Reality Services Market Company Profiles
25.2.1. VR Vision
25.2.1.1. Overview
25.2.1.2. Products and Services
25.2.1.3. Strategy
25.2.1.4. Financial Performance
25.2.2. Skywell Software
25.2.2.1. Overview
25.2.2.2. Products and Services
25.2.2.3. Strategy
25.2.2.4. Financial Performance
25.2.3. LittlStar
25.2.3.1. Overview
25.2.3.2. Products and Services
25.2.3.3. Strategy
25.2.3.4. Financial Performance
25.2.4. Creative Solutions
25.2.4.1. Overview
25.2.4.2. Products and Services
25.2.4.3. Strategy
25.2.4.4. Financial Performance
25.2.5. Gramercy Tech
25.2.5.1. Overview
25.2.5.2. Products and Services
25.2.5.3. Strategy
25.2.5.4. Financial Performance

26. Key Mergers And Acquisitions In The Virtual Reality Services Market

27. Virtual Reality Services Market Trends And Strategies

28. Virtual Reality Services Market Future Outlook and Potential Analysis

29. Appendix
29.1. Abbreviations
29.2. Currencies
29.3. Research Inquiries
29.4. About the Publisher
29.5. Copyright And Disclaimer

For more information about this report visit https://www.researchandmarkets.com/r/r83jj4

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