The global virtual reality market size is predicted to reach US$84.09 billion by 2028, exhibiting a CAGR of 44.8% during the forecast period. The technological innovations in 5G technology and the adoption of immersive technologies have a tremendous impact on the market growth of VR.
Virtual reality is a digitally developed experience where a three-dimensional environment is simulated with the real world. The increasing usage of this technology in instructive training, such as for training mechanics, engineers, pilots, soldiers in defense, field workers, and technicians, in the oil and gas and manufacturing sectors, is driving the market growth.
The technology offers an immersive experience to the viewers with the help of VR devices, such as headsets or glasses, gloves, and bodysuits. The technology has brought a transformation in the gaming and entertainment industries by allowing users to experience immersion in a highly virtual realm. One major use of VR is gaming devices, as such devices allow gamers to have a full-immersive experience in the gaming world, be it a fantasy land or the driver’s seat of a racing car. In 2019, of the overall VR gaming device shipments, 2.8 million units of standalone VR gaming headsets were shipped worldwide. VR headsets are becoming increasingly popular among gamers, and are considered by 37 percent of surveyed global game developers to be an important platform for future growth.
Businesses such as automotive, manufacturing, aerospace and defense, education, and others are using technology to meet business needs during the global pandemic. The virtual simulators assist in the design and planning of the product from a distance. VR is gaining popularity in the education sector as a result of the epidemic. Virtual technology is being used by people all over the world to better their health and well-being, entertainment, live events, virtual conferences, and meetings, especially during the pandemic.
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