The global Virtual Reality (VR) market is growing at a considerable CAGR of around 18.0% during the forecast period. VR technology is used for consumer applications such as gaming and entertainment the games sector is projected to be the fastest-growing segment after the advertisement in the media and entertainment industry across the globe. The factors that drive the growth of the market include increasing demand for VR technology in interactive video games, and movies, and television series. VR is used in various gaming types such as internet games, PC gaming, gaming consoles, and smartphones, and tablets would impel the VR market for the consumer application.
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Additionally, the use of VR in training, and education, defense, and healthcare industries will drive the growth of the market. Moreover, the investments by the key players are creating developments in the field of display technology, which is also going to transform the vision of the traditional methodology. For instance, in May 2020 Apple Inc. acquired NextVR, a startup company that offers sports and other content for virtual-reality headsets. The acquirement may aid Apple’s development of VR and AR headsets with associated software and content. NextVR supplies content to several existing VR headsets, including Facebook Inc.’s Oculus and devices from Sony Corp., HTC Corp., and Lenovo.
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Virtual Reality Market Segmentation
By Components
· Hardware
· Projector
· Sensor
· Software
By Systems
· Non-immersive VR
· Semi-immersive VR
· Fully immersive VR
By Application
· Entertainment
· Gaming
· Tourism
· Automotive
· Training and Education
· Defense
· Healthcare
By Device
· Head-Mounted Display (HMD)
· Gesture-Tracking Device (GTD)
· Projectors & Display Wall (PDW)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
