NEW YORK, Nov. 4, 2023 /PRNewswire/ — The virtual reality market is categorized by Technavio as a subsegment of the application software market. According to projections, the market will grow by USD 1,81,340.96 million. An important trend in the market for virtual reality is the use of virtual reality in training and simulation for aerospace and defense. The use of virtual reality in counterterrorism operations has grown as a result of ongoing technological advancements and a high rate of service success. Two key factors driving demand for such virtual reality systems are rising defense budgets worldwide and territorial disputes. As a result, nations like the US have started to develop a variety of unmanned aerial vehicles (UAVs) that use virtual reality and support the armed forces in combat.
Head-mounted display (HMD) adoption in the gaming and entertainment industries is one of the factors driving the market for virtual reality market. Other factors such as increase in raising the affordability of virtual reality equipment are expected to increase demand. Between 2022 and 2027, the market for virtual reality is anticipated to expand at a CAGR of 60.65%.
The virtual reality (VR) report goes into great detail about market segmentation by component (hardware and software), end-user (enterprise and consumer), and geography (North America, APAC, Europe, Middle East and Africa, and South America). Technological advancements in the virtual reality hardware market are projected to improve user acceptance of virtual reality goods.
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Key virtual reality market customer landscape & market vendors
The market study covers the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on penetration-based adoption rates in various regions. Furthermore, the research offers important buying criteria and price sensitivity drivers to assist businesses in evaluating and developing their growth strategy.
Major market vendors
The market is driven by the presence of several global and regional vendors, such as CXR Agency and 360 Labs LLC. To increase their visibility in the VR industry, vendors are employing a variety of techniques, including strategic alliances, collaborations, mergers and acquisitions, geographic growth, and the launch of new products and services.
Learn more about vendors such as Advanced Micro Devices Inc., Alphabet Inc., Firsthand Technology Inc., Groove Jones LLC., and other vendors in the market. Click here to get sample reports for more insights!
Regional insights
During the forecast period, North America is forecasted to contribute 35% to the growth of the worldwide VR market. The geographical trends and drivers that will shape the market over the course of the forecast have been thoroughly discussed by Technavio’s analysts. The two countries that contribute the most to the local market are the US and Canada.
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Related Report:
Europe-Virtual Cards Market : Between 2022 and 2027, the European virtual cards market is expected to develop at a CAGR of 20.56%. The market is expected to grow by USD 132.23 million. The market’s growth is dependent on numerous factors, including the widespread adoption of contactless payment solutions, rising Internet penetration, and rising Internet penetration.
Extended Reality (XR) Market: Between 2022 and 2027, the extended reality market is expected to develop at a CAGR of 43.09%. The market is expected to grow by USD 421.42 billion. The market’s expansion is dependent on numerous factors, including rapid advances in sensor technology, increased military deployment, and the growing popularity of 360-degree films.
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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by end-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
