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The increasing use of VR applications in the architecture and planning sector is another factor likely to foster market growth. As a result, the growing popularity of virtual events is encouraging market growth. Event planners provide visitors with engaging and diverse experiences by hosting the event on a virtual platform and presenting it as a virtual reality experience. Additionally, VR technology is evolving as a promising tool for virtual events. Companies have shifted to virtual platforms to continue their ongoing business activities, such as attending meetings and formulating policies and strategies. However, the increasing need for businesses to continue their activities online resulted in an increased demand for VR.
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Furthermore, tourism companies use VR technology to enable potential clients or customers to take a virtual tour of monuments, iconic destinations, restaurants, and hotels.ĭuring the COVID-19 outbreak, several industries were shut down temporarily and lockdowns were imposed to arrest the spread of the virus, in turn impacting business operations across regions. With VR exposure therapy, the technology is also used for treating people with mental health issues. For instance, the technology allows engineers to experiment with a vehicle's design and construction at the concept stage before beginning on costly prototypes in the automobile industry. Furthermore, the growing use of this technology in instructional training, such as for teaching engineers, mechanics, pilots, field workers, defense warriors, and technicians in the manufacturing and oil and gas sectors, is propelling the market growth.Īpart from educational and training purposes, virtual reality is widely adopted for various other applications. Virtual Reality has revolutionized the gaming and entertainment sectors by allowing users to immerse themselves in a highly simulated environment. The technology provides viewers with an immersive experience using VR gadgets such as gloves, headsets or glasses, and bodysuits. Virtual Reality (VR) is a digitally produced experience that simulates a three-dimensional environment in the real world. The global virtual reality market size was valued at USD 21.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030.