Global Virtual Industry
Last updated
Last updated
The investments by the technology vendors are creating advancements in the field of display technology, which is going to change the vision of the traditional methodology. With technology giants like Google investing considerable amounts in tech startups to develop VR devices and other prominent players investing in their R&D over this segment, the market's future will be more competitive.
Consumers are widely using VR applications based on different purposes, such as the automobile, gaming, and media and entertainment industries. The latest technologies across the consumer electronics segment are boosting the growth of virtual reality for multiple applications across the marketplace. For instance, consumers are moving toward virtual reality in gaming with high definition, stunning graphics, and motion with high-end audio.
In 2022, it was estimated that the global market stood at 65.5 billion U.S. dollars. In 2023, this is expected to rise to 82 billion U.S. dollars, before surging to 936.6 billion U.S. dollars by 2030. Regarded as the next iteration of the internet, the metaverse is where the physical and digital worlds come together.
