Virtual Reality Market is Booming across the Globe Explored in Latest Research
The global virtual reality market size was valued at USD 15.81 billion in 2020 and is expected to
grow at a compound annual growth rate (CAGR) of 18.0% from 2021 to 2028. Virtual Reality (VR)
is a digitally created experience where a three-dimensional environment is simulated with the real-
world. The technology offers an immersive experience to the viewers with the help of VR devices,
such as headsets or glasses, gloves, and bodysuits.
Besides providing training and fulfilling educational purposes, the technology is widely accepted
across industries for various other purposes. For instance, in the automotive industry, it allows
engineers to experiment with the design and structure of a vehicle at the concept stage before
initiating expensive prototypes of the vehicle. The technology is also being used to provide
treatments to patients with mental health challenges with the help of VR exposure therapy.
Moreover, the tourism industry allows potential customers to go on a virtual tour of landmarks,
famous locations, restaurants, and hotels with the use of VR technology. Thus, the rising adoption of
VR across several industries for various applications is fueling the growth of the market.
Key Player Mentioned:
CyberGlove Systems, Inc.
Facebook Technologies, LLC
Samsung Electronics Co., Ltd.
Sixense Enterprises, Inc.
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Application Segment Analysis:
Aerospace & Defense
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and
VR technology has witnessed substantial opportunities in the entertainment and sports industry.
Gaming, location-based enterta