Virtual Reality Market to witness humongous revenue growth of USD 181340.96 mn through 2023-2027
The market penetration of head-mounted displays in the gaming and entertainment sector, and the increased affordability of VR gear have transformed the Virtual Reality (VR) Market as a whole. It is forecasted to exhibit growth at a CAGR of 60.65% between 2022 and 2027 with a revenue growth of USD 1,81,340.96 million.
Navigating through the business drivers of the Virtual Reality Market: The rising product launches by the companies in the VR Market sphere are driving the market advancement, this product ranges from smart glasses to headsets, to software platforms. When it comes to trends introduction of 360-degree videos is an emerging trend that has been greatly accelerated by the development of 360-degree cameras in the Virtual Reality Market Landscape. Track down all the details in our sample report.
Technavio has been monitoring the growth trajectory of the Virtual Reality Market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
As per data, In July 2021, a virtual reality stadium called Virtex Stadium was made available, allowing fans to watch games with their friends from the center of the field and the launch coincides with the rise in e-sports' popularity.VentureBeat estimates that the worldwide eSports audience was 474 million in 2021 and will increase to 577.2 million by 2024.
Key Companies: Companies are more into concentrating on creating high-tech AR and VR products, like smart glasses, headsets, and software platforms. followed by diversifying their product lines in order to boost sales. 360 Labs LLC, Advanced Micro Devices Inc., Alphabet Inc., Firsthand Technology Inc., Groove Jones LLC, HTC Corp., Innowise Group, KONCEPT VR LLC, Manus Technologies Group B.V., Marxent Labs LLC, etc are some of the prominent market leaders when it comes to Virtual Reality.
Organizations like CXR Agency offer digital experiences for mobile, the web, augmented reality (AR), virtual reality (VR), and the Internet of Things. The key offerings of the company include virtual reality such as VR headsets and glasses. Download our report for qualitative and quantitative analyses of companies with a wider understanding of the business ecosystem.
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