LONDON–(BUSINESS WIRE)–The global augmented reality and virtual reality market is expected to grow at a CAGR of over 35% between 2020 and 2024, according to Technavio’s latest market research report. The report provides a detailed analysis of the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients track new product launches in direct and indirect markets related to COVID-19.
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The adoption of AR and VR technology has increased dramatically over the years with growing customer demand for interactive solutions and entertainment. The growing demand has encouraged market vendors to increase their R&D efforts and introduce technologically advanced products. Additionally, many online retailers are increasingly adopting AR and VR technologies to provide an enhanced experience for their customers. All these factors are contributing to the growth of the global virtual reality market.
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Virtual Reality Market: Analysis of the impact of COVID-19 on the parent market
The global interactive home entertainment market is the parent market of the virtual reality market. In its scope, the interactive home entertainment market covers companies offering products, services and solutions in the areas of advertising, broadcasting, cable and satellite, publishing, movies and entertainment, interactive home entertainment and interactive media and services. The global interactive home entertainment market covers companies engaged in the production of interactive gaming products, including mobile gaming applications. It also includes educational software used primarily at home. Our Virtual Reality Market report offers holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis of several major and minor vendors active in the market, including Apple Inc., Facebook Inc., Google LLC. , Hewlett-Packard Development Company LP, Microsoft Corp., Nintendo Co. Ltd, Samsung Electronics Co. Ltd. and Sony Corp.
Technavio’s Virtual Reality Market research report identifies the key drivers, trends, challenges and market scenario during the forecast period. The report also analyzes the impact of these factors on the overall interactive home entertainment market.
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Virtual reality market: segmentation analysis
the global virtual reality market has been analyzed across various segments to identify market dynamics, developments, and key growth areas over the forecast period. The report also offers information on high growth regions and opportunities for vendors operating in each sub-segment of the Virtual Reality market. The market is segmented as follows:
Gesture control devices
Projector-based VR system
Fully immersive reality
Head Mounted Displays (HMD)
Handheld VR Controller
North America (North America)
South America (SA)
Middle East and Africa (MEA)
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Technavio’s industry coverage uses various sources and tools to gather information on multiple stakeholders and their offerings in the virtual reality market. Sources such as company websites, annual reports, white papers, internal and subscription databases, industry journals, publications and magazines are used in addition to other relevant sources. The vendor landscape provides a framework for estimating the interactive home entertainment market, while categorizing vendors into pure-play, category-focused, or diverse based on their offerings. All market reports provide the key players and contributors in the value chain based on an internal influence index, developed using several industry and market parameters.
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