The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The global virtual reality market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 31% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Virtual reality (VR) refers to a computer-generated simulation to facilitate interaction between an artificial 3-dimensional (3D) environment. It involves the use of specialized head-mounted goggles with display screens, bodysuits and gloves equipped with sensors to provide a realistic experience to the user. VR combines hardware, software and sensory inputs to achieve a sense of presence through non-, semi- and fully-immersive films and 360-degree videos. Virtual reality technology is widely used for instructive training of engineers, pilots, armed forces, field workers and technicians across industries, such as gaming, entertainment, retail, travel, healthcare and aerospace.
The advent of Industry 5.0 across the globe is one of the key factors driving the growth of the market. Furthermore, the widespread adoption of VR in the gaming and entertainment industries is providing a thrust to the market growth. Sports-based game developers are launching sensor-enabled tennis racquets for playing a computer-controlled game simulation in an enclosed space. In line with this, the utilization of VR technology by driving schools for simulation and training is also contributing to the market growth. VR provides a first-hand experience of road and in-traffic driving scenarios to the learners and familiarizes them with the steering wheel, brake and accelerator of the vehicle. Additionally, various technological advancements, such as the launch of innovative HMDs and goggles with 360-degree viewing capabilities, are acting as other growth-inducing factors. Product manufacturers are also improving audio and visual input and output capabilities, thereby positively impacting the demand for VR. Other factors, including rising expenditure capacities of the consumers, along with extensive research and development (R&D) activities, are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global virtual reality market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, device type, technology, component and application.
Breakup by Device Type:
Breakup by Technology:
Breakup by Component:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being CyberGlove Systems Inc., Eon Reality Inc., Google LLC (Alphabet Inc.), HTC Corporation, Microsoft Corporation, Oculus VR LLC (Facebook Inc.), Samsung Electronics Co. Ltd., Sixense Enterprises Inc., Sony Corporation, StarVR Corp (Acer Inc.), Ultraleap Ltd. and Unity Software Inc.
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )
Drop us an email at