Global VR in the sports and entertainment market was valued at $ 2.3 billion in 2020, and is estimated to reach $ 56.7 billion in 2031.
MILWAUKEE, WISCONSIN, UNITED STATES, SEPTEMBER 12, 2021 /EINPresswire.com/ – According to a global report on the VR market in sports and entertainment, published by Sheer Analytics and Insights, the total market was valued at 2.3 million dollars in 2020 and is expected to reach $ 56.7 million in the CAGR of 32.5% over the forecast period. The media and entertainment have always tried to ensure the best viewer experience and sports have played an important role in the process. From the moment we could watch sports at home on TV from a fixed angle of the camera, we have come to a time when we are offered various angles through sports streaming. However, the sports media and the entertainment industry don’t stop there. The use of VR technology for broadcasts of various live sporting events seems to be the next big leap that will be key to driving virtual reality into the global sports and entertainment market.
Virtual reality in sports and entertainment is experiencing rapid changes, especially with the launch of 5G on the horizon. Major technological developments have made it possible for RV to go beyond the realm of creating an environment around the user. With VR technology that creates more immersive experiences in which the viewer can see the sports from any angle they want, and even be part of the action on the field while retrieving the player’s information at will, the VR technology touches science fiction. This opens up a lot of opportunities where RV can greatly reshape the sports and entertainment industry, creating an unmatched demand for RV in sports and entertainment.
See the full report “VR in the sports and entertainment market” at https://www.sheeranalyticsandinsights.com/market-report-research/global-virtual-reality-vr-sports-entertainment-market-report -21
By application, training and development they account for the largest market value share of almost 39% by the end of 2020 and are expected to be higher during the forecast period. The segment was valued at $ 1.2 trillion by the end of 2020. The use of RV to create narratives and build strategies is gaining popularity. European clubs that invest heavily in sports, the use of VR for the training of athletes will be one of the main drivers of the adoption of VR in sports and entertainment. One of the main applications of virtual reality in the sports and entertainment market has been to bring the stadium home. Now it seems that virtual reality has outdone itself. The NBA television broadcast saw the use of virtual reality for an experience that seemed impossible until virtual reality made it possible. Fans could get tickets at a fraction of the fare and watch the match right next to the court. The transmission included even locker room actions. Covid 19 has also increased the demand for Live Sports VR. Fans enjoy the stadium’s experiences in the safety of their home, through live RV sports. The driving factor of Live Sports VR was the influence of the less spectator Olympics.
Developments related to virtual reality and augmented reality have been the subject of strong criticism from many sectors, especially in European markets, with concerns related to privacy and data protection. Proponents of data protection fear that virtual reality technology will intrude on users’ privacy rights. For these proponents, the concept of smart glasses fixed with a camera and automatic facial recognition is seen as a way to create a ubiquitous surveillance system. This has caused alarms even at the political level. These concerns are likely to hinder market growth. Instability in terms of data protection under the influence of virtual reality technologies and devices severely limits market growth and jeopardizes the future expansion of VR technology in the European region. Unless GDPR policies are modified to define privacy protocols for AR and VR technology, its growth will be hampered until then.
Although the Asia Pacific market has come a little late to catch up with the fashion of AR and VR, there has been an immensely growing interest in VR and AR technology, especially in the segment of smartphones. Facebook is one of the pioneers that have teamed up with the developer of virtual reality and augmented reality technology, Oculus to be precise. However, Facebook is already running its own development program to create VR for its users.
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The inclusion of sports and entertainment in the flow of digital media, and the growing demand for VR, makes it clear that the demand for immersive, enigmatic and interactive VR technology in the sports and entertainment market will certainly receive a strong boost. .
According to the study, the main players operating in this market are Oculus VR, Google, HTC Vive, Microsoft, Samsung, Apple (NextVR), Strivr, TrinityVR, GameAnax Studio Pvt. Ltd., Meraki Studio, Kashino Miscellaneous Brain Research Laboratory, Austech Connect and GreyCroft, among others.
The global sports and virtual reality entertainment market has been segmented into:
Global VR in the sports and entertainment market: by application
Training and development
Global VR in the sports and entertainment market: by end user
Global VR in the sports and entertainment market: by components
Global VR in the sports and entertainment market: by region
Latin America, Middle East and Africa (LAMEA)
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