The global virtual reality (VR) market was valued at $14.9 Billion in 2020. Growing at a high CAGR of more than 15.6% between 2021 and 2031.

MILWAUKEE, WISCONSIN, UNITED STATES, November 29, 2021 /EINPresswire.com/ -- According to a new market research report published by sheer analytics and insights, "The global virtual reality (VR) market was valued at $14.9 Billion in 2020. Growing at a high CAGR of more than 15.6% between 2021 and 2031, it is estimated to reach $85.9 Billion by 2031", as per the latest market research report titled global virtual reality Market - Industry analysis, size, share, growth, trends and forecast, 2021 – 2031.

The main growth factor driving the market for innovations going into the field is the growing investments in new sectors focusing on virtual reality. Increasing usage of VR in the training and development of employees, gaming, and illustration of products and future projects in a 3D manner is driving the market. It is expected to be the driving factor for the coming years. The education sector, whether in medical colleges or engineering colleges, had created a tremendous demand for VR headsets for training purposes during the past year. The other significant traction of VR demand is seen in establishing VR based theme parks globally. These theme parks are either standalone parks or parks established in present amusement parks.

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Some of the recent developments are listed below:

In November 2021, Meta, acquired virtual reality company Within.
In November 2021, BuzzAR acquired The Cooking Game VR, a Facebook Oculus Spotlight virtual reality (VR) simulation game.
In November 2021, Resolution Games, acquired Zero Index for accelerating the growth of the resolution gaming library across all major VR and AR platforms.
In November 2021, iCandy acquired Lemon Sky Studios in a deal of $44.5 Mn.
The retail and corporate segment dominated the global virtual reality market with a share of over 35.2% in 2020 and is anticipated to maintain its lead for the next ten years. The growing adoption of VR headsets in retail and corporate, such as car showrooms, retail stores, and corporate offices, provides new heights to VR companies. Many companies are incorporating VR technology for introducing their new products to reach the masses.

VR allows customers to enhance the shopping experience even without going inside any store. It’s an extended form of online shopping, through which one can feel the products. Alibaba has already incorporated the concept, introducing the idea of ‘Singles Day’ shopping. Through this model, shoppers could explore any listed virtual store, pick up and examine items in 3D before deciding to purchase them with just a look. Visualizing products online with a taste of personalization helps dealers and shop owners to invest and engage in their respective businesses.

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According to the study, key players operating in this market are Apple, Inc. (U.S.), CyberGlove Systems (U.S.), Eon Reality (U.S.), Google (U.S.), HTC (Taiwan), Leap Motion (U.S.), Meta (U.S.), Microsoft (U.S.), Nvidia Corporation (U.S.), Samsung Electronics (South Korea), Sixense Enterprises (U.S.), Sony (Japan), Unity Software Inc. (U.S.) and Vuzix (U.S.).

The global Virtual reality Market Has Been Segmented Into:

Global virtual reality market - analysis & forecast, by application

Introduction
Gaming and Entertainment
Healthcare
Retail and Corporate
Aerospace & Defense
Fitness
Industrial
Education
Construction
Others

Global virtual reality market - analysis & forecast, by components

Hardware
Software
Content Solutions

Global virtual reality market - analysis & forecast, by type

Introduction
Non-Immersive
Semi-immersive
Fully immersive

Global virtual reality market - analysis & forecast, by region

North America virtual reality market
North America virtual reality market, By Country
US
Canada
Mexico
North America virtual reality market, By Application
North America virtual reality market, By Components
North America virtual reality market, By Type
Europe virtual reality market

Europe virtual reality market, By Country
Germany
UK
France
Italy
Rest of Europe (ROE)
Europe virtual reality market, By Application
Europe virtual reality market, By Components
Europe virtual reality market, By Type
Asia Pacific virtual reality market

Asia Pacific virtual reality market, By Country
China
Japan
India
Australia
Rest of APAC
Asia-Pacific virtual reality market, By Application
Asia-Pacific virtual reality market, By Components
Asia-Pacific virtual reality market, By Type

LAMEA virtual reality market
LAMEA virtual reality market, By Region/Country
Latin America
Middle East
Africa
LAMEA virtual reality market, By Application
LAMEA virtual reality market, By Components
LAMEA virtual reality market, By Type

Competitive landscape
Introduction
Competitive trends analysis
Top company rankings
recent developments
Expansions, funding & investments
New product launch
Mergers & acquisitions
Collaborations/partnerships/agreements

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