Virtual Reality Market Trends in 2021

 Virtual Reality (VR) may have started in 1980 with goggles and gloves, or it could have begun when the first simulations were created way back in the 50s.

However, what is not debated is the fact that it has come a long way since gaming. Today, virtual reality and visual product configuration is an asset everywhere, from medical to entertainment arenas and everything in between.



The Gaming Market Share

To absolutely no one’s surprise, a huge percentage of the total global VR market share belongs to the gaming sector. As of 2019, it stood at USD 5. 12 billion and had a projected Compound Annual Growth Rate (CAGR) of 31.8% up until 2027.

The Healthcare Market Share

The use of VR headgear and consoles may come as a surprise to many. However, their use has surprisingly enough proved helpful in treating physical and mental health defects.



The market amounted to USD 1.56 billion in 2018 and estimated a whopping 42.4% CAGR over the next eight years.

Due to COVID-19, many isolated patients suffered from depression. VR has helped to keep them sane. Consequently, the VR sales rate has also gone up, meaning the previous CAGR hardly counts.

The Education Market Share

In 2018, educational interest stood at USD 656.6 million, and the CAGR over the next eight years was estimated to be 42.9%.

The above growth rate took many factors, including inflation, under consideration, but there is no way it could have predicted COVID-19.

On the other hand, if we look at the eLearning market, it was estimated to be worth USD 72.81 Million in 2019, and its CAGR stood at 43.13%, meaning it also didn’t factor a global pandemic in its measures coming.

The Future of VR/AR Content Development

In 2020, it was estimated that, after gaming, the sectors that would use VR and AR technology, such as 3D product configurators and Augmented Reality application development, would be healthcare at 38%, education at 28%, employee training and development at 24%, manufacturing at 21%, vehicle industry at 19%, digital marketing, delivery and transport at 16% each, retail at 15%, and lastly, military and commercial real estate at 13% each.

VR is the future of android application development, which in turn, is the future of every sector in the world. You may consider Elementals Studio to be a 3D product configurator and AR app developer.

However, it is also an entity that makes running a business—any business—in the age of COVID-19 that much easier. From home to game design and 3D car configuration for businesses, the studio continues to pave the way for many.

Get back on track by getting in touch today.

 

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