Report Overview

The global was estimated at USD 59.96 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.5% from 2023 to 2030. Virtual reality enables users to experience a three-dimensional environment in the real world. This immersive experience for consumers is created by VR technology through gadgets, glasses or gloves, and bodysuits. VR technology has also transformed the gaming and entertainment sectors by enabling users to engage themselves in a highly simulated environment. Furthermore, the increasing use of virtual reality (VR) in instructional training, such as for field workers, engineers, mechanics, pilots, defense personnel, and technicians in various industrial sectors, is propelling the market’s growth.

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In addition, VR is widely used in various industries, such as automotive and healthcare, due to its operational benefits. For instance, virtual reality allows engineers to test a vehicle's design and construction at an early stage before beginning costly production in the automobile industry. For instance, BMW uses mixed reality (augmented & virtual reality) in development and vehicle engineering processes. Moreover, the advent of VR exposure therapy is expected to increase the trend for using advanced technologies for treating people with mental health issues. Furthermore, travel companies use VR technology to enable potential tourists to take a virtual tour of monuments, iconic destinations, parks, and more.

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The full study can be read linked below

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Reference

Virtual Reality (VR) Market Size, Share & Trends Analysis Report By Technology (Semi & Fully Immersive, Non-immersive), By Device (HMD, GTD), By Component (Hardware, Software), By Application, By Region, And Segment Forecasts, 2023 - 2030. Grand View Research (2022). https://www.grandviewresearch.com/industry-analysis/virtual-reality-vr-market