Global Virtual Reality Market to Grow at a CAGR of 33% During 2024-2032, Aided by the Rising Adoption of 5G Connectivity

The virtual reality industry is anticipating a rapid growth with the introduction and expansion of 5G connectivity. The new 5G technology supports a high bandwidth range and the network latency is very low. The higher speed will facilitate more users to experience and get accustomed to the virtual reality scenario. This will quickly proliferate the industry demand for virtual reality. The military sector is investing in virtual reality as it can provide the benefit of real-world simulation for better training and preparation. The rising demand from arcade games, holographic simulations in theme parks, and other entertainment interface will propel gaming and entertainment segments to dominate the end-use virtual reality segments. The hardware segment will lead the components segment because of the increasing popularity of electronic devices such as smartphones. The head mounted display is expected to have the largest share in device segments. This is because of the better immersion of head mounted displays. Virtual reality games also use these devices which leads to burgeoning demand. The semi and fully immersive segmented will also thrive because of the head mounted displays.

The major players in the industry are investing heavily for better virtual reality experience. HTC Corporation (OTCMKTS: HTCXF) is one of the key players working in virtual reality industry. In March 2020, HTC Corporation released its new virtual reality headset Vive Cosmos Elite. It claimed to have a better immersive experience and better virtual reality tracking in terms of speed, accuracy, and coverage. The new virtual reality devices that are being launched will propel the robust growth of virtual reality industry.

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Market Analysis by Components, Technology, Devices, End Use and Regions:

• The components of virtual reality are hardware, software, and content. The hardware is subdivided into sensors and semiconductor components, among others.

• The technology for virtual reality is classified into non-immersive and semi and fully immersive.

• The types of device in virtual reality are gesture-tracking device (GTD), projectors and display wall (PDW), and head mounted display (HMD), among others.

• The virtual reality finds its end use in education, gaming, media and entertainment, heathcare, military and defence, and real estate, among others.

• The regional markets for virtual reality include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The promotion of 5G connectivity services will provide impetus to growth of virtual reality industry.

• The Covid-19 pandemic is leading to increasing use of virtual reality services and lead to rapid industry growth.

• The governments have been investing and adopting the virtual reality which will cause market demand to thrive.

• The end use industries such as gaming and education are rising swiftly that can significantly increase the market demand.

• The increasing population and economic development in developing nations will propel the virtual reality market.

Key Offerings of the report:

• The EMR report gives an overview of the global virtual reality industry for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the components, technology, devices, end use, and major regions of virtual reality industry. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global virtual reality market are Google LLC, Sony Corporation, HTC Corporation, Samsung Electronics Co., Ltd, Facebook Technologies, LLC, Microsoft Corporation, Vuzix Corporation, and EON Reality, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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