LONDON--(BUSINESS WIRE)--The global augmented reality and virtual reality market is expected to grow at a CAGR of over 35% during 2020-2024, according to the latest market research report by Technavio. The report provides a detailed analysis on the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients keep up with new product launches in direct & indirect COVID-19 related markets.
The adoption of AR and VR technology has increased significantly over the years with increasing customer demand for interactive solutions and entertainment. The growing demand has encouraged market vendors to increase R&D efforts and introduce technologically advanced products. Besides, many online retailers are increasingly adopting AR and VR technologies to provide an enhanced experience for their customers. All these factors are contributing to the growth of the global virtual reality market.
Virtual reality Market: COVID-19 Impact Analysis on Related Markets
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Global Automotive Augmented Reality and Virtual Reality Market 2020-2024
Virtual Reality Market: COVID-19 Impact Analysis on Parent Market
The global interactive home entertainment market is the parent market of the virtual reality market. Within its scope, the interactive home entertainment market covers companies offering products, services, and solutions in advertising, broadcasting, cable and satellite, publishing, movies and entertainment, interactive home entertainment, and interactive media and services. The global interactive home entertainment market covers companies engaged in producing interactive gaming products, including mobile gaming applications. It also includes educational software used primarily in the home. Our report on the virtual reality market offers a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis on several large and small vendors active in the market including Apple Inc., Facebook Inc., Google LLC, Hewlett-Packard Development Company L.P, Microsoft Corp., Nintendo Co. Ltd, Samsung Electronics Co. Ltd., and Sony Corp.
Technavio’s research report on the virtual reality market identifies the key drivers, trends, challenges, and the market scenario over the forecast period. The report also analyzes the impact of these factors on the overall interactive home entertainment market.
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Virtual Reality Market: Segmentation Analysis
The global virtual reality market has been analyzed across various segments to identify market dynamics, developments, and key growth areas during the forecast period. The report also offers insights on high growth regions and opportunities for vendors operating in each sub-segment of the virtual reality market. The market is segmented as follows:
- VR Headsets
- Gesture Control Devices
- Projector Based VR System
- Display Walls
- Non-Immersive Reality
- Fully Immersive Reality
- Collaborative Reality
- Web-Based VR
- Immersive Rooms
- Data Gloves
- Head-Mounted Displays (HMDs)
- Handheld VR controller
- North America (NA)
- South America (SA)
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
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Technavio’s industry coverage utilizes various sources and tools to gather information about multiple stakeholders and their offerings toward the virtual reality market. Sources such as company websites, annual reports, whitepapers, subscription & in-house databases, industry journals, publications, and magazines are used in addition to other relevant sources. The vendor landscape provides a framework to estimate the interactive home entertainment market, while also categorizing the vendors into pure-play, category-focused, or diversified based on their offerings. All market reports provide the key and contributing players across the value chain based on in-house influence index, developed using multiple industry and market parameters.
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