Increases the popularity of virtual reality games, classrooms digitized during the COVID-19 pandemic offers prodigious sales opportunities in the virtual and augmented reality market, Notes TMR

– It is likely that the virtual and augmented reality market will reach the valuation of US $ 1.69 in 2031, the growing use of virtual reality technologies in shopping increases opportunities and enhances the e-commerce experience for shoppers

– High awareness of virtual and augmented reality techniques among the regional population makes North America a prominent market

ALBANY, New York, July 28, 2021 / PRNewswire / – Virtual and augmented reality market: an overview

The concept of augmented reality can be called the sophisticated version of the real physical world. Although the technology is commonly used in smartphone and tablet applications, the main function of augmented reality is the delivery of digital information in audiovisual media. Virtual reality that allows you to generate a simulated environment, which offers users experiences through various computer technologies, including an integrated screen with sensors and special glasses.

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The virtual and augmented reality market is expected to increase at a CAGR of 38.9% over the forecast period from 2021 to 2031, according to Transparency Market Research.

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Virtual and augmented reality market: key conclusions

The recent COVID-19 pandemic has led to major setbacks in several global companies. However, this has driven people to lean towards the virtual purchase of various products such as furniture. The technology allows buyers to examine different virtual catalogs as well as customer reviews in video format. In addition, the significant population uses virtual shopping platforms to select their pieces. These platforms are gaining momentum as they offer consumers security and comfort during the pandemic situation. At the same time, companies also get the benefits of virtual shopping platforms, as these platforms can help companies expand the reach of their customers and get instant feedback from online product buyers.

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The most prominent players aim to offer a better user experience

Several market players are looking to offer a superior user experience to more and more customers. In addition, players are gaining promising business paths in a variety of sectors, including entertainment, gaming and education.

In order to maintain relevance in the highly competitive landscape of the virtual and augmented reality market, companies are focusing on solving problems related to the development of RA applications. They are introducing robust business models as well as standards for the design and development of RA applications to maintain their position in the virtual and augmented reality market.

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Virtual and augmented reality market: growth drivers

  • Education is one of the key sectors that has undergone a tremendous transformation due to the introduction of virtual and augmented reality. RV is used efficiently in the education sector to conduct classes, conduct experiments without the need to use laboratory equipment, and so on. Therefore, the concept of digitized classrooms can offer lucrative opportunities in the virtual and augmented reality market in the near future.

  • Virtual reality game sets are gaining immense traction as virtual reality headsets offer a real experience to the users. In addition, the product is in great demand due to its ability to offer a high level of comfort, balance and adjustability according to the needs of users. The demand graph for VR games shows an upward trend during the ongoing COVID-19 pandemic. Therefore, companies in the augmented and virtual reality market are increasing their focus on maintaining their stocks and making the product available to customers.

Virtual and augmented reality market: well-established participants

The report outlines the key players working in the virtual and augmented reality market. This list includes the following names:

  • boat NV

  • Atheer, Inc.

  • Curiscopi

  • Blippar.com Ltd.

  • EON Reality, Inc.

  • Dell Technologies Inc.

  • Honeywell International, Inc.

  • Google, LLC

  • HTC Corporation

  • HP Development Company, LP

  • HAND MACHINES BV

  • Magic Leap, Inc.

  • Nokia Corporation

  • Microsoft Corporation

  • Qualcomm Incorporated

  • VR eye press

  • Semcon

  • Samsung Electronics Co., Ltd.

  • Vuzix Corporation

  • Sony Interactive Entertainment LLC


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