“Virtual Reality Market Size, Share – Growth, Trends, And Forecast (2018 – 2023)”: Is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
The global virtual reality market was valued at USD 3.13 billion in 2017 and is expected to reach USD 49.7 billion by 2023, at a CAGR of 58.54% over the forecast period of 2018-2023.
Major Companies Include are: Apple Inc., Atheer, Inc., Blippar, Facebook Inc., Google Inc., Gravity Jack, Hewlett-Packard Development Company L.P, Holition, Improbable, Layar (Blippar Group), Marxent Lab Llc, Meta Inc., Microsoft Corporation, Nintendo Co., Ltd, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd, Sony Corporation, Sphero, Total Immersion, Inc., Virtuix, And Zappar Ltd, Amongst Other.
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Virtual reality blurs the line between digital and physical worlds, thereby generating a sense of being present in the virtual environment for the consumer. Several multinational corporations such as Sony and HTC are venturing into this market space. The launch of commercial virtual reality headsets is expected to accelerate the growth of the market. Technological advancements in VR are expected to generate a plethora of VR solutions with diverse capabilities, which allow consumers to experience utmost immersion. Making the VR experience more real serves as a key driver towards market adoption and penetration.
Increase in Demand for Immersive Virtual Reality is Driving Market Growth
The potential applications of immersive virtual reality systems are numerous. They can be used for information visualization in industrial sectors to create augmented reality museums for educational purposes. In the defense sector, these systems can be used to create simulated environments to train pilots, soldiers, and crisis response teams for situations that are too dangerous to use live equipment. Furthermore, increased usage of smartphones and tablets is expected to drive the growth of immersive VR, especially for mobile HMDs. Many organizations that offer mobile VR headsets use third-party mobile devices as their screen.
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North America holds the Largest Market Share
Technological research & development and commercialization are the major factors driving growth in the VR market of the region. The penetration of smartphones in the region due to the advancement of electronic devices facilitated the region to dominate the global arena. The United States dominates the North American market and this trend will continue over the forecast period. Increasing usage of VR applications in the healthcare sector in this region is fueling the growth.
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Key Developments in the Virtual Reality Market: –
February 2018 – HP announced revamp of workstation and showcased HP windows mixed reality headset Professional Edition that delivers an immersive experience.
June 2017 – Microsoft acquired Cloudyn, a company that helps enterprises and managed service providers optimize their investments in cloud services. This acquisition is expected to accelerate digital transformation for customers and partners with Azure.
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