Virtual Reality Services
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Virtual Reality Services Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market for virtual reality services has seen a significant increase. Its growth trajectory predicts an escalation from $13.32 billion in 2024 to $15.1 billion in 2025, signifying a compound annual growth rate (CAGR) of 13.4%. The phenomenal growth witnessed in the past is due to factors such as heightened demand in sectors like gaming and entertainment, corporate use and training, decreased expenses and improved accessibility, content development and industry investment, and cinematic and media experiences.
How Will the Virtual Reality Services Market Size Evolve and Grow by 2029?
The market size of virtual reality services is predicted to rapidly expand in the forthcoming years, surging to $25.97 billion by 2029 with a compound annual growth rate (CAGR) of 14.5%. The proliferation during the forecasted period can be associated with the integration of 5G technology, applications in enterprises and industries, usage in healthcare and therapy, captivating social interactions, and the synergy with augmented reality. The forecast period will also see significant trends such as the implementation of VR in e-commerce and retail sectors, location-specific entertainment, experiences in travel and tourism, collaboration across various industries, and virtualized social spaces.
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What Drivers Are Propelling the Growth of Virtual Reality Services Market Forward?
The expansion of the virtual reality services market is primarily driven by their essential role in telehealth. In response to the COVID-19 pandemic, medical professionals need to gain sophisticated skills to handle the rising number of infections. They can acquire these skills through VR-aided tools that simulate real-world scenarios, especially designed for managing COVID-19 cases. This practical and highly effective training method allows medical trainees, doctors, and nurses to swiftly implement the acquired knowledge to actual situations. For example, the XRHealth application aids hospitals in providing care for coronavirus patients in quarantine, and also makes remote monitoring possible for doctors. Consequently, the growing importance of virtual reality services in telehealth is predicted to significantly fuel the growth of the virtual reality services market.
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Which Emerging Trends Are Transforming the Virtual Reality Services Market in 2025?
The rise of online shopping through virtual reality is a significant trend in the VR service industry. The global COVID-19 pandemic has induced many to avoid physical stores due to quarantine and isolation, but it doesn’t necessitate e-commerce businesses to cease connections with their customers. Virtual reality offers vast opportunities for businesses to provide innovative purchasing experiences without hindering their reach. E-commerce companies are now able to reconfigure customer experiences and reshape their shopping trajectories using VR services. An example of this is GAP, a US-based brand, which has created a virtual Dressing Room app, enabling customers to try clothes digitally prior to buying. This not only assists customers in selecting the appropriate attire but also minimizes product returns, reducing significant monetary losses for retailers.
What Are the Key Segments in the Virtual Reality Services Market?
The virtual reality services market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Basis Of Service: Consulting, Training, Implementation, Integration, Operation, Maintenance
3) By Application: Healthcare, Education, Real Estate, Advertising, Travel, Gaming, Entertainment, Other Applications
Subsegments:
1) By Hardware: VR Headsets, VR Controllers, VR Tracking Devices, VR Gloves, Haptic Feedback Devices, Motion Platforms, VR Cameras
2) By Software: VR Content Creation Software, VR Gaming Software, VR Simulation Software, VR Training And Education Software, VR Design And Architecture Software, VR Entertainment And Media Applications, Augmented Reality (AR) Integration Software
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Who Are the Key Players Shaping the Virtual Reality Services Market’s Competitive Landscape?
Major companies operating in the virtual reality services market include Skywell Software LLC, LittlStar’s, Creative Solutions, Gramercy Tech LLC, HQSoftware LLC, Program-Ace LLC, Groove Jones LLC, Xicom Technologies Ltd., Zco Corporation, The Intellify, Quy Technology Pvt. Ltd., Fluper Ltd., JPLoft Solution, Credencys Solutions Inc., HorizonCore Infosoft Pvt. Ltd., Quytech Company, Hedgehog lab Ltd., IndiaNIC Infotech Limited, Chetu Inc., Vakoms LLC, Delta Reality, Dyfuzja Software Development Co., Cortex Inc., Chocolate Milk & Donuts LLC, NARSUN Studios, Setapp Inc., Oodles Technologies Pvt. Ltd., Infotrum LLC, Sumeru Inc., NewGenApps, HTC Corporation, Sony Group Corporation, Oculus VR LLC, Google LLC, Samsung Electronics Co. Ltd., Lenovo Group Ltd., Meta Platforms Inc., NVIDIA Corporation, Apple Inc., Amazon Inc., Unity Technologies Inc., Unreal Engine 3D, Autodesk Inc., Eon Reality Inc., 3D Systems Corporation, Dassault SysteÌ€mes SE, Pico Interactive Inc., StarVR Corporation, FOVE Inc.
What Geographic Markets Are Powering Growth in the Virtual Reality Services Market?
Asia-Pacific was the largest region in the virtual reality services market in 2023. North America was the second largest region in the virtual reality services market. The regions covered in the virtual reality services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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