Virtual Reality Services Market:
WiseGuyReports.com adds “Global Virtual Reality Services Market Research Report 2020 Analysis and Forecast 2030” reports to its database.
The global virtual reality services market is expected to grow from $0.57 billion in 2019 and to $0.93 billion in 2020 at a compound annual growth rate (CAGR) of 63.28%. The increase in growth rate is mainly as 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 then expected to reach $3.14 billion in 2023 at CAGR of 49.87%.
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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Remote shopping with virtual reality is a key trend in the virtual reality services market. Many people are not doing offline shopping due to isolation and quarantine with the global Covid-19 outbreak and that does not mean e-commerce companies must also stop communicating to their customers and clients. Virtual reality alternatives opened great chances where businesses can offer potential customers new buying experiences without preventing their outreach. E-commerce companies could now reframe the experience for the customers and redesign their shopping journeys by using VR services. For instance, US-based brand GAP developed a virtual Dressing Room app which allows the user to digitally try out clothes before making a purchasing decision. It will help customers to choose the right outfit and also contributes to the reduction of product returns and to the reduction of expensive financial burdens for retailers.
The virtual reality services market covered in this report is segmented by application into healthcare; education; real estate; advertising; travel; gaming; entertainment; others.
The high cost associated with virtual reality services hampers the growth of the virtual reality services market. The best VR experience will cost a lot of money. The investment required for the VR experience is really high. For instance, one needs to spend at least a few hundred dollars (on the low end) only for the graphics card itself, excluding other internals of the computer. The high-end virtual reality computer would cost $1,000 easily, and the high-end VR headset such as Vive or Oculus Rift from HTC would cost $599 and $799, respectively. Therefore, the high cost for a VR experience is expected to hinder the growth of the 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 enables 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.
Major players in the virtual reality services market are Skywell Software, LittlStar, Creative Solutions, Gramercy Tech, HQSoftware, Program Ace, Groove Jones, Xicom Technologies, Zco Corporation, and The Intellify.
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