Virtual reality Market Increasing at A Phenomenal Pace to Reach more than USD 52.03 Billion by 2028

Major companies in virtual reality market are Sony, HTC Corporation, and Samsung Electronics amongst others. These players are set to bolster the development of global virtual reality market.

According to analysts at Zion Market Research, the global virtual reality market accounted for more than USD 10.85 Billion in 2020 and is expected to reach more than USD 52.03 Billion by 2028, growing at a CAGR of 21.9% from 2021 to 2028.

This review is based on a report by Zion Market Research, titled “Virtual Reality Market By Component (Hardware and Software), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”

Massive VR Applications Across Myriad Industries to Spur Growth

“The increasing application of head-mounted displays in the entertainment, retail, healthcare, e-commerce and automotive, gaming sector, will garner the growth for virtual reality (VR) market in the years ahead,” says the author of this study. Apart from this, use of virtual reality for training activities along with its extensive use in mobile phones, tablets, and smartphones to enhance business operations will boost virtual reality (VR) market trends in the future.

 Limited user interface (UI) with virtual reality applications, however, is anticipated to inhibit the virtual reality (VR) market growth over the forthcoming years. Nevertheless, high investment by global players in the virtual reality applications is expected to impel the virtual reality (VR) market size in the couple of years, normalizing the impact of hindrances on the virtual reality (VR) market, reports the study.

Global-Virtual-Reality-Market

With the presence of a large pool of participants, the global virtual reality (VR) market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR).  Sony, HTC Corporation, and Samsung Electronics are some of the key vendors of virtual reality across the world. These players across virtual reality (VR) market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the virtual reality (VR) market study.

Citing an instance, in August 30th 2018, BigBasket, an Indian based supermarket grocery supplies private limited, decided to introduce virtual reality (VR) store on its app.

Presence of Big Players In The Region Support North American Dominance

Regionally, North America has been leading the worldwide virtual reality (VR) market and is anticipated to continue on the dominant position in the years to come, states the virtual reality (VR) market study. The presence of big players in the countries such as the US is one of the key factors behind the dominance of the North America virtual reality (VR) market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional virtual reality (VR) market.

Browse the full “Virtual Reality Market By Component (Hardware And Software), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, And Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/virtual-reality-market

The global virtual reality market is segmented as follows:

By Component

• Hardware
• Software

By Device Type

• HMDs
• VR Simulators
• VR glasses
• Haptic gloves
• Treadmills
• Others

By Industry Type

• Gaming
• Entertainment
• Automotive
• Education
• Manufacturing
• Retail
• Healthcare
• Aerospace & Defense
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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