The global virtual reality services market size is expected grow from $5.81 billion in 2021 to $6.54 billion in 2022 at a compound annual growth rate (CAGR) of 12.5%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The VR services market size is expected to reach $10.22 billion in 2026 at a CAGR of 11.8%.
What is the Global Virtual Reality Services Market?
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.
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What drives the Global 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 enable 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. Therefore, the increasing necessity of virtual reality services in telehealth is expected to drive the significant growth of the virtual reality services market.
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Global Virtual Reality Services Market Segments
The global VR services market is segmented:
By Type: Hardware, Software
By Basis of Service: Consulting, Training, Implementation, Integration, Operation, Maintenance
By Application: Healthcare, Education, Real Estate, Advertising, Travel, Gaming, Entertainment, Others
By Geography: The regions covered in the virtual reality services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Virtual Reality Services Global Market Report 2022provides market size and growth forecasts for the global VR services market, global virtual reality services market share, virtual reality services market segments and geographies, VR services market competitive landscape including leading competitors’ revenues, profiles and market shares. The VR services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Virtual Reality Services Industry Playersinclude Skywell Software, LittlStar, Creative Solutions, Gramercy Tech, HQSoftware, Program Ace, Groove Jones, Xicom Technologies, Zco Corporation, The Intellify, Quy Technology, Fluper, JPLoft Solution, Credencys Solutions, HorizonCore Infosoft, Quytech, Hedgehog lab, IndiaNIC Infotech Limited, Chetu, Vakoms, Delta Reality, Dyfuzja, Cortex, Chocolate Milk & Donuts, NARSUN and Setapp. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
