Virtual Reality Devices Market: Rapid Growth Fueled by Innovative Training Solutions
The Business Research Company’s Virtual Reality Devices Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 30, 2023 /EINPresswire.com/ — The virtual reality devices market has witnessed robust growth, surging from $13 billion in 2023 to an anticipated $15.22 billion in 2024, boasting a remarkable Compound Annual Growth Rate (CAGR) of 17.1%. This growth trend is expected to persist, propelling the virtual reality devices market to reach $25.57 billion by 2028, with a CAGR of 13.8%.
Market Driver: Transformative Impact on Safety Training
A pivotal driver shaping the virtual reality devices market is the escalating demand for VR devices to revolutionize safety training methodologies in various industries. Virtual Reality offers a dynamic and secure training environment, surpassing the limitations of traditional training methods. Unlike conventional approaches, VR simulations recreate real-time crisis scenarios, enabling personnel to respond effectively in high-pressure situations. This immersive training has demonstrated a reduction in errors and enhanced information retention compared to traditional methods. Major corporations like Ford leverage VR to simulate lifelike situations, providing hands-on and impactful training experiences.
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Market Segmentation
1) By Type: Hand Held Devices, Head Mounted Devices, Gesture Controlled Devices, Other Types
2) By Technology: Semi & Fully Immersive, Non-immersive
3) By Application: Medical & Healthcare, Commercial, Education, Advertising & Marketing, Commerce, Energy & Utilities, Entertainment & Gaming, Designing & Engineering, Logistics, Other Applications
Emerging Trend: 5K Stereoscopic Video Integration
A noteworthy trend reshaping the virtual reality landscape is the integration of 5K stereoscopic video in VR devices. This technology surpasses the previous standard of 360-degree video, offering higher resolution and a more detailed immersive experience. Oculus VR, a leading American technology company, exemplifies this trend with its development of Guided Meditation VR. This virtual reality relaxation app utilizes 5K stereoscopic video content on the Oculus Go, delivering a heightened level of visual fidelity and immersion for users.
Regional Dynamics: Asia-Pacific Leads, Western Europe Follows
In 2023, Asia-Pacific emerged as the dominant force in the virtual reality devices market, driven by a burgeoning demand for innovative technologies. Western Europe secured its position as the second-largest region, contributing significantly to the market’s overall growth.
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Virtual Reality Devices Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Virtual Reality Devices Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on virtual reality devices market size, virtual reality devices market drivers and trends, virtual reality devices market major players, virtual reality devices market competitors’ revenues, virtual reality devices market positioning, and virtual reality devices market growth across geographies. The virtual reality devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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