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 global virtual reality services market is expected to grow from $0.57 billion in 2019 to $0.93 billion in 2020 at a compound annual growth rate (CAGR) of 63.28%. The increase in growth rate is mainly occurring because 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 expected to reach $3.14 billion in 2023 at CAGR of 49.87%.