The global virtual reality market size is expected to reach USD 57.55 billion by 2027, exhibiting a CAGR of 44.3% during the forecast period. The growing adoption of 5G network owing to its higher bandwidth and low latency rate will subsequently promote the growth of the market, states Fortune Business Insights in a report, titled “Virtual Reality (VR) Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defence, Manufacturing, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 3.10 billion in 2019.
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The report on thevirtual reality market emphasizes:
- Coherent insights into the market
- Pre-obtained data about the business scenario
- Latest industry development and key drivers
- In-depth information about key players
Market Driver:
- High Utilization of Virtual Reality in Military Settings to Intensify Market
The increasing application of virtual reality (VR) solutions in the defense sector will enable speedy expansion of the market in the foreseeable future. The intelligent technology offers the understanding to perform high-risk operations beforehand, which, in turn, will spur the demand of the market. The virtual training sessions can help soldiers to develop skills for challenging situations during combat. For instance, the UK Ministry of Defense announced the investment in a virtual simulator platform to offer a wider training program for the armed forces. Likewise, the US army is constantly focused on providing a synthetic training environment by 2021 to prepare soldiers for real combat scenarios.
