DUBLIN--(BUSINESS WIRE)--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 market's 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%.
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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.
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.
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
- Skywell Software
- Creative Solutions
- Gramercy Tech
- Program Ace
- Groove Jones
- Xicom Technologies
- Zco Corporation
- The Intellify
- Quy Technology
- JPLoft Solution
- Credencys Solutions
- HorizonCore Infosoft
- Hedgehog lab
- IndiaNIC Infotech Limited
- Delta Reality
- Chocolate Milk & Donuts
For more information about this report visit https://www.researchandmarkets.com/r/pmr5mx