LONDON, UK, November 24, 2022 /EINPresswire.com/ -- The global virtual reality (VR) market size reached USD 6.9 billion in 2021, according to a new report by GlobalData Plc. Increasing adoption of VR technology across verticals coupled with the domination of the gaming & entertainment segments are the key drivers which are expected to boost the growth of the market, forecasts GlobalData, a leading analytics company.
VR Market Outlook Report is available with GlobalData Now at: https://www.globaldata.com/store/report/vr-market-analysis/
An increasing number of start-ups in the VR market have started focusing on tailored solutions targeted toward a specific set of clients with similar requirements. The increase in VR smartphone applications, the rising demand for remote collaboration, and technological advancements in medical applications are a few factors driving augmented reality and mixed reality market growth.
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VR Market Report Highlights
• The global VR market is projected to witness a CAGR of 25.1% from 2021 to 2030, reaching a value of $51.5 billion. The increasing popularity of VR games amongst the young population coupled with the increasing adoption of VR technology across verticals is driving the growth of the market.
• In 2021, North American enterprise VR market accounted for 32.6% market share of the global market. It is expected to contribute five billion dollars to the market growth during the forecast period, 2021-2030.
• COVID-19 over the last two years, had a massive impact on VR demand. As consumers spent more time at home, their leisure activities changed driving the demand in the VR market.
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• Asia Pacific consumer VR market is expected to register the fastest growth during 2021-2030 at a CAGR of 23.9% while contributing $6.8 billion to the overall market.
• The key VR market players analyzed as part of this report include Meta Platforms, GoerTek, Samsung Electronics, and Microsoft Corp., among others.
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GlobalData Plc has segmented the VR market report by End User Type, Product Type and and region:
VR End User Type Outlook (Revenue, USD Million, 2020-2030)
VR Product Type Outlook (Revenue, USD Million, 2020-2030)
VR Regional Outlook (Revenue, USD Million, 2019-2026)
• North America
• Rest of Europe
• Asia Pacific
• Rest of Asia Pacific
• South & Central America
• Rest of South & Central America
• Middle East & Africa
• United Arab Emirates (UAE)
• Kingdom of Saudi Arabia (KSA)
• Rest of Middle East & Africa
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GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData's mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.