The global Virtual Reality (VR) Market was valued at 28.4 billion in 2022 and it is anticipated to grow up to USD 114.3 billion by 2032, at a CAGR of 14.9% during the forecast period.
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Virtual Reality (VR) is a digitally produced experience that simulates a three-dimensional environment in the real world. The technology provides viewers with an immersive experience using VR gadgets such as gloves, headsets or glasses, and bodysuits. Virtual Reality has revolutionized the gaming and entertainment sectors by allowing users to immerse themselves in a highly simulated environment.
Market Trends and Drivers
The growing use of this technology in instructional training, such as for teaching engineers, mechanics, pilots, field workers, defense warriors, and technicians in the manufacturing and oil and gas sectors, is propelling the market growth. Apart from educational and training purposes, virtual reality is widely adopted for various other applications.
For instance, the technology allows engineers to experiment with a vehicle’s design and construction at the concept stage before beginning on costly prototypes in the automobile industry.
With VR exposure therapy, the technology is also used for treating people with mental health issues. Furthermore, tourism companies use VR technology to enable potential clients or customers to take a virtual tour of monuments, iconic destinations, restaurants, and hotels.
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Global Virtual Reality (VR) Market Segmentation
By Component
Hardware
Software
By Technology
Semi & Fully Immersive
Non-immersive
By Devices
Head-mounted Display (HMD)
Gesture-tracking Device (GTD)
Projectors & Display Wall (PDW)
By Application
Aerospace & Defense
Consumer
Commercial
Enterprise
Healthcare
Others
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Major Players in the Global Virtual Reality (VR) Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Virtual Reality (VR) market include Meta, Microsoft, Sensics, Leap Motion, Sixense Enterprises, Eon Reality, Oculus, Alphabet, Unity Technologies Inc., Lenovo Group Ltd. among others.
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