Virtual reality market size to grow by CAGR of 27.9% from 2020 to 2025, predicts Markets and Markets in its latest published report.
Virtual reality is an immersive technology that plucks the user from his actual reality and immerses them into a virtual reality experience. There are n number of applications like gaming, entertainment, education, medicine, tourism to name a just a few. The market potential is immense, the virtual technology will be one of the most sought after technology in the future.
Markets and Markets, in its latest 196 page report on virtual reality predicts that by year 2025, keeping in consideration the effects of the on going pandemic, the global market size will touch US$ 20.9 Billion. It is anticipated to grow at a CAGR of 27.9% from 2020 to 2025. The current market size in 2020 is estimated to be at US$ 6.1 Billion.
As per the report, some of the factors that will affect the market are –
- Easy availability of affordable virtual reality devices
- Manufacturing of affordable VR devices in India and China will lead to wider adoption
- COVID 19 has created a demand for better and technologically advanced healthcare services. The demand of Virtual reality head mounted displays (VR HMDs) in healthcare is expected to increase.
- The Gaming and entertainment sector is expected to make the most out of virtual reality technology in the coming years. VR provides an immersive experience to the gamers and takes it to the next level. The three dimensional view enabled in virtual reality and being able to interact in that reality has increased the preference and popularity of HMDs amongst the gamers.
- Entertainment industry will also see a transformation with virtual reality. VR concerts and shows are expected to become a new way. Same can be said about the sports industry as well.
- Virtual reality has great applications in military purposes, for example in training and simulation. With VR, actual war fronts and conditions can be simulated providing actual and much more efficient skill transfer.
The above is just a small summarisation of the immense scope and applications of virtual reality in coming years. The entire Markets and Markets report can be accessed here.