Virtual Reality VR Market is Expected to Reach USD 1012 Billion by 2027
Virtual Reality (VR) Market is Expected to Reach USD 101.2 Billion by 2027
Virtual reality (VR) is an artificially simulated space in which players can explore and interact in the given environment using devices such as gloves or headsets. The need for interactive and immersive experiences by users is the major growth engine commanding the industry. As per the latest report by Market Research Future (MRFR), the global virtual reality market can escalate to a valuation of USD 101.2 billion by 2027, growing at a high CAGR of 37.4% during the forecast period (2017-2027). VR has made significant strides in headsets and displays for playing games as well as improving education.
The wide adoption of VR in sectors of education, healthcare, and gaming is estimated to boost the global market demand in the coming years. Amusement parks are employing the technology for engaging audiences and fulfilling their entertainment quotient. Huge need for simulation tools for promoting interactive learning and expediting the learning rate among students is a novel opportunity for players. On the healthcare side, virtual reality can assist surgeons and doctors in performing complex surgeries and improve patient outcome rates. Integration of 5G and advances in VR can facilitate market growth.
Emergence of industry 4.0 and rapid industrialization are bound to be lucrative opportunities for VR headset manufacturers. The reliance on automation and connectivity of machines with internet-supported systems can bolster the global market demand. Industrial maintenance and training of personnel for ensuring constant productivity can drive the need for simulated training. Virtual training environments can allow trainees to gain familiarity with operations of the plant and connect to new-age workers. But, high production costs of SoC and its development can restrain the global virtual reality (VR) market growth.
The COVID-19 pandemic had halted production of all major industries. However, development and innovation labs were unaffected as remote work allowed teams in collaborating and developing the current software. Virtual reality had provided customers an escape through realistic games and immersive experiences. Some companies are capitalizing on the pandemic for offering virtual tours of places at cost-effective prices. Integration of VR into mixed reality is likely to be lucrative for VR developers in the coming years. Emergence of startups and constant funding for developing feasible applications of VR are likely to continue despite the pandemic.
Virtual reality is likely to revolutionize communication mediums in the coming years. The use of VR platforms for showcasing data in 3D form can be effective in communicating messages and being highly productive during meetings. The Virtual Reality Network Visualizer developed at the University of Cambridge’s Institute for Manufacturing accessing a company’s supply chain network using VR headsets is a prime example of upcoming changes in communication in the coming years.