5G VR market is growing due to increasing investments from market-leading players. Facebook integrates augmented reality ads into its application.
HYDERABAD, TELANGANA, INDIA, Dec. 15, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the 5G virtual reality market is expected to reach $6.1 billion after surging in 2021 with an estimated CAGR of 40.4% in -2026. The market is driven by the increasing popularity of Augmented & Virtual Reality devices due to better user engagement with high recognition. The commerce industry underwent a major shift as the e-commerce concept gained mass acceptance. Prominent companies like Walmart and Blockbuster suffered as people started buying products online, and players like Amazon, eBay and Netflix grabbed most of the market share. The report offers a complete analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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The central theses:
This IndustryARC report on the 5G Virtual Reality Market highlights the following areas:
• One of the most important drivers is the increasing spread of smartphones. Therefore, mixed reality devices that are integrated/enabled in smartphones and offer plug-and-play capabilities would bring about a paradigm shift in the mixed reality device market. For example, Lenovo has developed a new smartphone “Phab 2 Pro” that is enabled with Google Tango and offers mixed reality capabilities to some extent.
• Virtual Reality technically expands the scope of e-commerce and takes interaction to a whole new level.
• According to IndustryARC research, more than 60% of online shoppers prefer to purchase items that offer virtual reality on websites in one way or another. It is an undeniable fact that both AR and VR have increased user interaction for many companies and helped them grow their user base.
• By Device Type – Within the device type segment, video/display walls were the fastest growing subset with an estimated CAGR of 45.2% during the forecast period. Microsoft is now selling development versions of its mixed-reality visor called HoloLens, and Magic Leap, a new Florida-based start-up, has also developed smart glasses technology, transparent glasses that can send the user inside a mixed-reality visor. World.
• By end-use industry – Engineers can use VR headsets to improvise at work because the human mind processes technical information presented in a 3D format faster than having to translate it from a 2D perspective. 5G VR is becoming an integral backbone of numerous training programs for future trauma and emergency physicians, helping physicians better prepare for surgeries using VR systems before they have to start with the actual patients.
• By Geography – As one of the most advanced settlements in terms of cutting-edge technology used in all of its industrial operations, North America is considered dominant in the global virtual reality market. Home to some of the game-changing players like Google Inc., Microsoft Corporation and Facebook, this region accounts for a whopping 34% of global demand as of 2020.
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The Top 5 Players in 5G Virtual Reality Industry are –
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