Thus, for the short-term period, the pandemic has moderately impacted this market. The shutdown of manufacturing plants and the closure of countries' borders have impacted the supply chain and hardware production. Growing In-home Activities to Boost Market Growth Amid COVID-19ĬOVID-19 has highly impacted the work culture across the industries. The updated version offers an improved and new interactive virtual reality environment to the users. announced the new update, EON-XR’s 9.0, which includes some additional features and improvements in earlier products. The key market players are extensively focused on offering advanced hardware and content to improve customer experience. Also, the technological advancement in the 5G infrastructure and technology is driving the market growth. The industries adopt this immersive technology to conduct virtual training, assistance, marketing, engineering and maintenance, designing, and simulation activities with their employees and workers. Virtual reality provides simulated experience to the customers and offers vast applications to industries such as retail, healthcare, automotive, gaming, and entertainment, among others. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The market is projected to grow from USD 6.30 billion in 2021 to USD 84.09 billion in 2028 at a CAGR of 44.8% in the 2021-2028 period. Based on our analysis, the global market exhibited a significant growth of 42.2% in 2020 compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with virtual reality witnessing a negative impact on demand across all regions amid the pandemic.
The devices considered in the scope are Vuzix iWear, Sony PlayStation VR, Dell Visor, Samsung Gear, Vive Cosmos, Google Daydream, among others.
The global virtual reality market size was USD 4.42 billion in 2020.