Virtual Reality In Sports And Entertainment Market Expected To Grow At 32.5% CAGR Between Forecast 2021-2031

The global sports and entertainment virtual reality market was valued at $ 2.3 billion in 2020, it is expected to reach $ 56.7 billion by 2031.

MILWAUKEE, WISCONSIN, UNITED STATES, September 12, 2021 /EINPresswire.com/ – According to a global study VR in the sports and entertainment market report, published by Sheer Analytics and Insights, the total market was valued at $ 2.3 billion in 2020 and is expected to grow to $ 56.7 billion at a CAGR of 32.5% during the forecast period. Media and entertainment have always aimed to ensure the best viewing experience, and sport has played an important role in the process. From the moment when sports could be watched at home on TV from a fixed camera angle, we have come to a point where different angles are offered to us throughout the sports broadcast. However, the sports media and the entertainment industry do not stop there. The use of VR technology for the broadcasting of various live sporting events appears to be the next big step forward which will play a decisive role in promoting VR in the global sports and entertainment market.

Virtual reality in sports and entertainment is undergoing rapid changes, especially with the launch of 5G on the horizon. Major technological developments have allowed VR to go beyond the simple creation of an environment around the user. With VR technology creating more immersive experiences in which the viewer can watch sports from any angle, and even be part of the action on the pitch while being able to retrieve player information at will, VR technology is touching. Science fiction . This opens up a plethora of opportunities in which virtual reality can dramatically reshape the sports and entertainment industry, creating an unprecedented demand for virtual reality in sports and entertainment.

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By application, training and development accounts for the largest market value share of nearly 39% by the end of 2020 and is expected to remain the largest during the forecast period. The segment was valued at $ 1.2 billion at the end of 2020. The use of virtual reality to create stories and strategize is growing in popularity. With European clubs heavily invested in sport, the use of VR for athlete training will be a major driver of VR adoption in sport and entertainment. One of the main applications of virtual reality in the sports and entertainment market has been to bring the stadium home. Now, it seems, VR has outdone itself. NBA television broadcast saw the use of virtual reality for an experience that seemed impossible until virtual reality made it possible. Fans could get tickets at a fraction of the price and watch the game right off the pitch. The telecast even included locker room actions. Covid 19 has also increased demand for Live Sports VR. Fans enjoy the stadium experiences in the safety of their own homes, thanks to live sports virtual reality. The number of spectators without the Olympics has been a determining factor for Live Sports VR.

Developments related to virtual reality and augmented reality have come under heavy criticism from many circles, especially in European markets, with concerns related to privacy and data protection. Data protection advocates fear that virtual reality technology may infringe on users’ privacy rights. For these advocates, the concept of smart glasses attached with a camera and automatic facial recognition is seen as a way to create a ubiquitous surveillance system. This sounded the alarm even at the political level. Such concerns are likely to hamper the growth of the market. The instability of data protection under the influence of virtual reality technologies and devices is severely restraining the growth of the market and threatens the future expansion of VR technology in the European region. Unless GDPR policies are changed to set privacy protocols for AR and VR technology, its growth is hindered until then.

Even though the Asia-Pacific market has been slow to catch up with the augmented reality and virtual reality craze, there has been growing interest in virtual reality and augmented reality technology, especially in the retail segment. smartphones. Facebook is one of the pioneers who partnered with the developer of virtual reality and augmented reality technology, Oculus to be precise. However, Facebook is already running its own development program to create VR for its users.

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The inclusion of sports and entertainment in the digital media stream and the growing demand for VR clearly shows that the demand for immersive, enigmatic and interactive VR technology in the sports and entertainment market is sure to be greatly boosted.

According to the study, the major players operating in this market are Oculus VR, Google, HTC Vive, Microsoft, Samsung, Apple (NextVR), Strivr, TrinityVR, GameAnax Studio Pvt. Ltd., Meraki Studio, Kashino Diverse Brain Research Laboratory, Austech Connect, and GreyCroft, among others.

The global market for virtual reality in sport and entertainment has been segmented into:

Global Sports and Entertainment Virtual Reality Market: By Application

Training and development
Decision making
Spectators
Diffusion

Global VR in the Sports and Entertainment Market: By End User

Sports Association
Team management
Sports media
Residential
Theaters

Global Sports and Entertainment Virtual Reality Market: By Components

Equipment
Software
Services

Global Sports and Entertainment Virtual Reality Market: By Region

North America
we
Others

Europe
UK
Russia
France
Italy
Others

Asia Pacific
South Korea
Japan
China
India
Australia
Others

Latin America, Middle East and Africa (LAMEA)

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