Worldwide $3.14 Billion Virtual Reality Services Industry to 2030 - Understand How the Market is Being Affected By COVID-19
DUBLIN, June 24, 2020 /PRNewswire/ -- The "Virtual Reality Services Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report from the publisher provides strategists, marketers and senior management with the critical information they need to assess the global virtual reality services market.
This report focuses on virtual reality services market which is experiencing strong growth. The report gives a guide to the virtual reality services market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global virtual reality services market is expected to grow from $0.57 billion in 2019 and to $0.93 billion in 2020 at a compound annual growth rate (CAGR) of 63.28%. The increase in growth rate is mainly as technologies like VR allows people to shop, talk and socialize using these immersive platforms amidst all the containment due to COVID 19 outbreak. The market is then expected to reach $3.14 billion in 2023 at CAGR of 49.87%.
Reasons to Purchase
Where is the largest and fastest growing market for the virtual reality services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Virtual Reality Services market global report from the publisher answers all these questions and many more.
The virtual reality services market consists of sales of virtual reality services and related products such as joysticks, force balls/tracking balls, controller wands, data gloves, trackpads, on-device control buttons, motion trackers, bodysuits, treadmills and motion platforms. These services are used in various sectors such as healthcare, education, real estate and entertainment. The use of computer technology to create a digital world is virtual reality (VR). Instead of seeing on a computer before them, users are immersed in 3D environments and can communicate with them.
Remote shopping with virtual reality is a key trend in the virtual reality services market. Many people are not doing offline shopping due to isolation and quarantine with the global Covid-19 outbreak and that does not mean e-commerce companies must also stop communicating to their customers and clients. Virtual reality alternatives opened great chances where businesses can offer potential customers new buying experiences without preventing their outreach. E-commerce companies could now reframe the experience for the customers and redesign their shopping journeys by using VR services.
The virtual reality services market covered in this report is segmented by application into healthcare; education; real estate; advertising; travel; gaming; entertainment; others.
The high cost associated with virtual reality services hampers the growth of the virtual reality services market. The best VR experience will cost a lot of money. The investment required for the VR experience is really high. For instance, one needs to spend at least a few hundred dollars (on the low end) only for the graphics card itself, excluding other internals of the computer. The high-end virtual reality computer would cost $1,000 easily, and the high-end VR headset such as Vive or Oculus Rift from HTC would cost $599 and $799, respectively. Therefore, the high cost for a VR experience is expected to hinder the growth of the virtual reality services market.
The virtual reality services in telehealth is a key factor driving the growth of the virtual reality services market. To support COVID-19 patients, thousands of doctors and nurses will require advanced skills, which will be supported by VR-powered tools to cope in a simulated world with an anticipated influx of COVID-19 patients.
Training services by virtual reality designed particularly for coronavirus pathology scenarios are highly beneficial and realistic in today's situation and also enables medical students, doctors and nurses to quickly apply studied principles and procedures to the real world. For instance, the XRHealth application allows the hospitals to treat incoming coronavirus victims who are in hospital quarantine and it allows the physicians to monitor them when they return home. Therefore, the increasing necessity of virtual reality services in telehealth is expected to drive the significant growth of the virtual reality services market.
Key Topics Covered:
1. Executive Summary
2. Virtual Reality Services Market Characteristics
3. Virtual Reality Services Market Size And Growth
3.1. Global Virtual Reality Services Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Virtual Reality Services Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Virtual Reality Services Market Segmentation
4.1. Global Virtual Reality Services Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Virtual Reality Services Market Regional And Country Analysis
5.1. Global Virtual Reality Services Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Virtual Reality Services Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
6. Asia-Pacific Virtual Reality Services Market
7. China Virtual Reality Services Market
8. India Virtual Reality Services Market
9. Japan Virtual Reality Services Market
10. Australia Virtual Reality Services Market
11. Indonesia Virtual Reality Services Market
12. South Korea Virtual Reality Services Market
13. Western Europe Virtual Reality Services Market
14. UK Virtual Reality Services Market
15. Germany Virtual Reality Services Market
16. France Virtual Reality Services Market
17. Eastern Europe Virtual Reality Services Market
18. Russia Virtual Reality Services Market
19. North America Virtual Reality Services Market
20. USA Virtual Reality Services Market
21. South America Virtual Reality Services Market
22. Brazil Virtual Reality Services Market
23. Middle East Virtual Reality Services Market
24. Africa Virtual Reality Services Market
25. Virtual Reality Services Market Competitive Landscape And Company Profiles
25.1. Virtual Reality Services Market Competitive Landscape
25.2. Virtual Reality Services Market Company Profiles
25.2.1. VR Vision
22.214.171.124. Products and Services
126.96.36.199. Financial Performance
25.2.2. Skywell Software
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
220.127.116.11. Products and Services
18.104.22.168. Financial Performance
25.2.4. Creative Solutions
22.214.171.124. Products and Services
126.96.36.199. Financial Performance
25.2.5. Gramercy Tech
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
26. Key Mergers And Acquisitions In The Virtual Reality Services Market
27. Virtual Reality Services Market Trends And Strategies
28. Virtual Reality Services Market Future Outlook and Potential Analysis
29.3. Research Inquiries
29.4. About the Publisher
29.5. Copyright And Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/r83jj4
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