Virtual Reality Market To Exhibit a Remarkable 42.2% CAGR, Moves by Facebook, Google, and Apple to Offer an Advanced User Experience to Boost Growth Fortune Business Insights
PUNE, India, Sept. 12, 2019 /PRNewswire/ -- The advent of virtual reality technology has transformed the way we live, work, and socialize. Both virtual reality and augmented reality possess the potential to transform the world. As people are eager to learn and grow, virtual reality plays a significant role in learning and development. From entertainment to education & training and travel, virtual reality offers a real-time experience to its users at reasonable price. According to a published report by Fortune Business Insights, titled, "Virtual Reality Market: Global Market Analysis, Insights, and Forecast, 2018-2026," the global Virtual Reality Market is anticipated to reach US$ 120.5 Bn by 2026, as against US$ 7.3 Bn in 2018, thereby exhibiting a CAGR of 42.2% during the forecast period. Virtual reality or VR is advancing at a fast pace. Virtual reality is gradually paving its way into the automotive sector. Besides integration of voice assistance, vehicles nowadays come integrated with several advanced featurues to offer improved driver safety. Spurred by these factors, the global virtual reality market share is expected to increase considerably in the near future.
Virtual reality has the ability to stimulate the environment via head-mounted displays, helping a user to interact and explore. Growing technological advancements in virtual reality are likely to generate plenty of VR solutions, allowing real-time experience to customers. This, in turn, is expected to drive the virtual reality market growth in the forthcoming years.
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Other Than Gaming & Media, Virtual Reality to Penetrate into Healthcare, Education, and Other Sectors
The demand for virtual reality applications is increasing in healthcare, gaming & entertainment media, automotive, manufacturing, and other industries. Of these, gaming and entertainment media covers a 40.5% of the global virtual reality market share. The adoption of virtual reality technology is likely to increase in the education and healthcare industry, thus boosting the virtual reality market size. The technology can be used for providing training, monitoring patients, and practicing surgeries. As per research studies, virtual reality is expected to be the future of online learning. For instance, an education technology start-up called 3rdFlix raised around US$ 5 million from Exfinity Vnetures to create a live learning experience. With the rising awareness about virtual reality, the adoption of concept leaning among students is increasing.