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Virtual Reality Market Segments Analysis and Growth Forecast Report, 2030

The global virtual reality market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.

The Covid-19 pandemic impacted the way we live, enjoy, study, sport, socialize and has significantly stimulated the adoption of virtual reality (VR) and augmented reality (AR) technologies. The emerging demand for virtual training across industries such as education, aerospace and defense, automotive, tourism, and healthcare is driving the market. For instance, in October 2021, Accenture ordered 60,000 Oculus headsets to simplify its onboarding process and train new employees. The company considers VR to be an engaging and productive technology that provides a time-efficient solution for training.

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With the deployment of VR technology, the e-commerce industry has enabled shoppers to virtually try new clothes and accessories. This supports buyers in making the right purchase choices. Furthermore, the temporary closure of educational institutions to combat the spread of coronavirus has forced them to conduct their academic sessions on VR-based online platforms to facilitate better collaboration.

The VR technology has also enabled medical personnel to deliver instructions and aid therapies through the audio-visual tool. The increasing use of automation and Artificial Intelligence (AI) across many industries is one of the primary growth drivers of the market. North America is anticipated to maintain its lead during the forecast period owing to the dominance of technology companies in the region. Additionally, the emergence of various start-ups related to advanced technology is expected to impact the growth of the market.

Competitive Analysis By Major Companies

The continued trend of technology giants bringing commercial products into the market has prompted start-ups to collaborate in order to integrate and absorb VR technologies. Key companies are pursuing mergers and acquisitions as well as collaborations with technology start-ups to gain a competitive advantage in the market. Moreover, key players are making significant investments in R&D to include cutting-edge technologies with a variety of features in their products. 

For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/industry-analysis/virtual-reality-vr-market/request/rs5

Grand View Research has segmented the global virtual reality market on the basis of device, technology, component, application, and region

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