Virtual Reality (VR) Market (By Application – Introduction, Gaming and Entertainment, Healthcare, Retail and Corporate, Aerospace & Defense, Fitness, Industrial, Education, Construction, Others. By Components – Hardware, Software, Content Solutions. By Type – Introduction, Non-Immersive, Semi-immersive, Fully immersive By Region - North America, Europe, Asia Pacific, and LAMEA) – Market insights, analysis, trends, and forecast 2021-2031.

The 'global virtual reality market' was valued at $14.9 Billion in 2020 and is expected to reach $85.9 Billion at the CAGR of 15.6% between 2021 and 2031. Virtual reality has shown significant growth in many new areas such as fitness, retails, and corporates. The increasing focus of Mark Zuckerberg to make Facebook, renamed as Meta as a VR based top company, is impacting the market's growth positively. Meta recently announced to scrap out the oculus brand by 2022 and renamed the brand Meta for its VR content solutions and devices. In addition to this brand restructuring, Meta has recently acquired VR companies operating in diversified VR fields such as fitness, gaming, and many more. Amusements Park integration of VR and new amusements park set on VR concepts is also driving the market.

By Region, North America holds a significant market share of more than 33% in 2021

Source: SAI Research

During and after the COVID pandemic, virtual reality showed significant growth through work from home culture. Virtual reality headsets have helped many employees and executives to understand the process in a more effective manner. These contents are mostly non-immersive as everything is framed on the base standard protocols and previous incidents. As per the report published by IDC, there is a spike of more than 52% in the sales of VR headsets, which is more than the average growth of 20% compared to last the three years. The demand is expected to increase with the normalised rate in the coming two to three years.

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North America is expected to dominate the market with a share of more than 33% in 2020 and remain dominant throughout the forecast period. Newer technology adoption and ease of life patterns are expected to drive the sales of VR headsets. Increasing expenditure on advanced technology and better learning is also endorsing the market's growth in North America. Asia-Pacific is expected to grow at the fastest rate of a CAGR of more than 18.4% through the forecast period. The primary reason is the growth in the implementation of VR in the healthcare and gaming sector in this region in the past few years.

Research Methodology:

Sheer Analytics as an organization has developed a model know as square point approach. This approach has four methods of gathering information.

Secondary Research: Information gathered from trustable resources such as industry associations, company press releases and financial reports, whitepapers and credible news agencies press information.

Demand and Supply approach: Interviews from business experts: Paid interviews were conducted with industry players and leaders

Survey Approach: This approach was done to cater demand of automation in different countries

Integration and Validation: All approaches are integrated, and a concise modeling was done to estimate final numbers accordingly

Major Players in Global virtual reality

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.).

Scope of the Report:

Major reasons of buying this report:

• Covered analysis from business as well as customer end
• All data are UpToDate
• Predictive analytics tools are used for estimating data
• More than 50 interviews were conducted from business end

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