Virtual Reality Market by Offering, Technology, Device Type, Application | COVID-19 Impact Analysis | MarketsandMarkets

1. Virtual Reality Market by Offering, Technology, Device Type, Application | COVID-19 Impact Analysis | MarketsandMarkets The virtual reality market is estimated at USD 6.1 billion in 2020 and is expected to reach USD 20.9 billion by 2025; It is anticipated to grow at a CAGR of 27.9% from 2020 to 2025. Easy availability of affordable VR devices is the key factor driving the adoption of VR devices. The launch of VR devices by local companies in countries such as China and India has helped in making such devices more affordable and driving their widespread adoption. COVID-19 Impact on the Global Virtual Reality Market The outbreak of the COVID-19 pandemic has abruptly generated the requirement of a large number of healthcare facilities to treat an exponentially growing number of infected patients worldwide. Most of the economies of the world at present are focusing on expanding their healthcare facilities. For instance, China has built an emergency hospital with over 1,000 beds, in just 10 days, to treat COVID-19 patients in Wuhan. Such projects are expected to sharply increase the demand for better and advanced healthcare devices. The impact of this opportunity depends on the potential plans of hospitals for infrastructure expansions, either in the form of establishing new set-ups or retrofitting the existing ones. Moreover, a number of market players consider that the spread of COVID-19 is expected to increase the demand for their VR HMDs in the healthcare sector. For instance, in May 2020, Vuzix Corporation has received a restoration order for M400 Smart Glasses from a provider of invaluable solutions for service, maintenance, and healthcare professionals—Gemvision. The aim of the replenishment order is to support Gemvision’s efforts to meet remote healthcare needs pertaining to COVID- 19 in the Netherlands. Opportunity: Use of VR in aerospace & defense for training and simulation The use of VR in aerospace & defense would help users, especially for training and simulation purposes. The use of VR would help in experiential training with data-driven applications and in real-time. This helps improve the efficiency of accurate skills transfer and also increases knowledge retention. VR is used to train the ground crew for pre-flight checks and ground crew procedures before the take-off. VR can be used to inspect the airplane before take-off, thereby ensuring more safety. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=458 Challenge: Developing usr-friendly VR systems VR technology suppliers and developers face the challenge of developing user-friendly VR and tracking systems. A user-friendly virtual environment allows a user to easily navigate and interact with objects in the virtual environment. The VR system is a combination of hardware and software components. VR devices track a user’s movements through different sensors and array them on the virtual display. The development of VR software and virtual content is a challenging task for developers as the virtual content displayed must satisfy the user’s needs. This would ensure easy acceptance and increase the penetration of VR devices among the masses. Market in APAC to hold the largest share In terms of value, APAC led the laser technology market in 2019, accounting for the largest share of the overall laser technology market, by region. The major countries contributing to the laser technology market in APAC include China, Taiwan, Japan, South Korea, Malaysia, Indonesia, Australia, Myanmar, Bangladesh, and India. APAC has been ahead in terms of adoption of laser technology products and solutions compared with other regions. The

2. region’s increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the laser technology market. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=795 Key Market Players Coherent (US), IPG Photonics (US), Trumpf (Germany), Lumentum (US), Jenoptik (Germany), Novanta (US), Lumibird (France), Laser Star (US), Epilog Laser (US), Han’s Laser (China), MKS Instruments (US), Gravotech (France), 600 Group (UK), Eurolasers (Germany), Bystronic Lasers (Switzerland), Toptica Photonics (Germany), Photonics Industries (US), Focuslight Technologies (China), Corning Incorporated (US), and Access Lasers (US) are a few major companies dominating the Wireless gas detection market. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model –GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441