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Virtual Reality Market to Grow at 24.6% During 2023-2028

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virtual reality market

Global Virtual Reality Market Size to Reach US$10.4 Billion by 2022, According to IMARC Group’s Latest Report Virtual Reality (VR) Market: Industry Trends, Share, Size, Growth, Opportunities and Forecasts 2023-2028 Did. IMARC Group expects the market to reach USD 41.1 billion by 2028, showing a growth rate (CAGR) of 24.6% between 2023 and 2028. provide viewers with a three-dimensional environment simulated in the real world through of digital technology. This technology uses computer hardware and software, gesture recognition systems, sensors, and embedded electronics to create a fully immersive experience. Input is processed by a processor. You are part of your surroundings. VR experiences range from non-immersive, semi-immersive, to fully immersive experiences. You can use it in your own environment. Virtual reality technology can be used for a wide variety of purposes, including military, consumer, training, education, and retail. VR devices include head-mounted video/display walls, displays, gesture-tracking devices, gloves, headsets, glasses, bodysuits, and projectors.

Competitive environment with major players:

• CyberGlove Systems Inc.
• Eon Reality Inc.
• Google LLC (Alphabet Inc.)
• HTC Corporation
• Microsoft
• Oculus VR LLC (Facebook Inc.)
• Samsung Electronics Co., Ltd.
•Sixense Enterprises Inc.
• Sony Corporation
• StarVR Corp (Acer Inc.)
• Ultra Leap Inc.
• Unity Software Inc.

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Industry demand:

The global market is primarily driven by the growing demand for VR games and consoles in the gaming industry. This could be attributed to the increasing number of individuals starting gaming as a profession. Along with this, the rapid use of VR in the concept stage of automotive design and manufacturing is driving product adoption. In addition to this, new trends such as virtual tours of popular tourist attractions, monuments, and even hotels and restaurants are driving market demand. Additionally, the increasing use of VR applications in the building and planning sector for visualizing proposed urban designs, building plans, and early detection of faults is spurring the market.

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Industry drivers:

Continuous technological advancements, such as CMOS/OLED micro displays in VR displays, are increasing the demand for VR HMDs, driving the market. The market is further driven by the increasing adoption of VR exposure therapy in the healthcare sector for the treatment of mental health disorders. Other factors contributing to the market include increasing demand for virtual reality in pilot training, rapid urbanization and digitization, significant growth in the information technology (IT) industry, rising disposable income levels, and continued product Innovation includes extensive research and development. (R&D) activities carried out by key players.

Key Market Segmentation:

Breakdown by device type:

• Head-mounted display
• Gesture tracking device
• Projectors and display walls

Breakdown by technology:

• Semi-immersive and fully immersive
• Non-immersive

Breakdown by component:

• hardware
• Software

Breakdown by application:

• Aerospace and Defense
• consumer
• Commercial
• Enterprise
• health care
• others

Regional breakdown:

• North America
• Asia Pacific
• Europe
• latin america
• Middle East and Africa

Key highlights of the report:

• Market performance
• Market outlook
• Porter’s Five Forces Analysis
• Market drivers and enablers
• SWOT Analysis
• Value chain
• Comprehensive mapping of competitive landscape

Note: If you require specific information that is not currently included in the report’s scope, it can be provided as part of your customization.

Other reports from the IMARC Group:



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IMARC Group is a leading market research firm providing strategic management and market research worldwide. We partner with clients across all sectors and geographies to identify the highest-value opportunities, address the most critical challenges, and transform their businesses.

IMARC’s information products include key market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-tech organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverages, travel and tourism, nanotechnology, and new processing methods are the pinnacle of the company’s expertise.

This release was published in openPR.

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