The global virtual reality market size is expected to reach U$62.1 billion by 2027, according to a new report by Grand View Research, Inc. 

The market is anticipated to expand at a compound annual growth rate of 21.6% from 2020 to 2027. In recent years, technological advancements have paved the way for experiencing real-world life in a digital environment through Virtual Reality (VR) and Augmented Reality (AR), according to Grand View Research.

Driven by artificial intelligence and automation, virtual reality is redefining the strategies taken by organizations in their course of operations, adds the research group. It’s delimited as the application of computer technology to build a simulated environment that brings a digital world to the users. Smartphone, coupled with headsets, has been the most prevalent use of delivering digitally immersed experiences for years now. 

However, Grand View Research says that VR has shown some compelling industrial use cases, such as real-estate and tourism applications. Other highlights from the report:

  • The semi and fully immersive technology segment accounted for the largest market share in 2019. Immersive devices enable users to achieve maximum isolation into the virtual world from a real-world dimension
  • Developers and hardware development companies are focusing on building VR instilled headsets to enhance the virtual experience, such as increased field-of-view and eyeball-tracking
  • Super-fast mobile networks and proliferation in 5G connectivity are anticipated to boost the adoption of VR in the entertainment industry
  • Asia Pacific dominated the global market with a share of 41.4% in 2019.