9/14/2023 0 Comments To hold your next meeting vr![]() ![]() ![]() → Click Here to Launch Your Online Business with Shopifyīetween 20, the compound annual growth rate of the market is expected to come in at 18 percent (Grand View Research, 2021). Going forward, all signs point to a surge in the virtual reality market. Many tech companies such as Microsoft, Intel, and Sony have invested large amounts of money into developing and advancing VR.Īs we’ll see in the next statistic, this growing popularity of VR is likely to continue at least for another few years. The growing market size only goes to show just how popular the technology is expected to become over the next few years.Įven though AR and VR devices still aren’t quite as in-demand as other electronics like smartphones or smartwatches, the growing market size is a clear indication of their potential. This is set to more than double to $124.4 billion in 2023, before skyrocketing in 2024. This is nearly ten times the $30.7 billion market size registered as recently as 2021.Īs it is, the figure for 2022 was already a whopping 91.2 percent year-over-year increase. The latest virtual reality statistics show that the global market size of AR and VR is forecast to hit $296.9 billion in 2024 (Statista, 2021). → Click Here to Launch Your Online Business with Shopify To kick things off, let’s take a look at the sector’s market size. Augmented Reality (AR) and Virtual Reality (VR) Market Size Now let’s jump into how popular VR has become and some of the driving factors behind its growth. This is done with the use of special devices such as headsets, goggles, gloves, and more, which allows users to explore and interact with these virtual worlds and their elements. It places users in a simulation and allows them to immerse themselves in a different world. It is a digitally created, three-dimensional environment generated using advanced computer technology. Virtual reality is pretty much as its name suggests. Key Players in the Virtual Reality Marketīefore we jump into the statistics, let’s very quickly cover what virtual reality is. Virtual Reality Growth in the Gaming Marketġ0. Virtual Reality: Future Predictions on Economy and Employmentħ. Virtual Reality Facts: Popularity IncreaseĦ. Increasing Demand For AR and VR DevicesĤ. Augmented Reality (AR) and Virtual Reality (VR) Market Sizeģ. 3,700 crores) in the second quarter of 2021.→ Click Here to Launch Your Online Business with Shopifyġ. Facebook reported non-advertising revenue, which comes from the AR and VR part of the business as well as e-commerce, of $497 million (roughly Rs. The recall notice said it affected about 4 million units in the United States, providing an estimate of Quest 2 headset sales which have not yet been officially announced by the company. It also said users must follow its VR community standards and that rule-breaking behavior can be reported to Oculus.įacebook recently halted sales of its Oculus Quest 2 headsets and recalled the foam face-liners due to reports of skin irritation in cooperation with the US Consumer Product Safety Commission. The company said it would not use people's work conversations and materials in Workrooms to target advertisements on Facebook. Bosworth said Facebook was now using Workrooms regularly for internal meetings. 22,320), allows up to 16 people together in VR and up to 50 total including video conference participants. The app, free through the Quest 2 headsets which cost about $300 (roughly Rs. In its first full VR news briefing, the company showed how Workrooms users can design avatar versions of themselves to meet in virtual reality conference rooms and collaborate on shared whiteboards or documents, still interacting with their own physical desk and computer keyboard. In July, Facebook said it was creating a product team to work on the metaverse, which would be part of its AR and VR group Facebook Reality Labs. It has been referenced in several recent earnings calls by tech CEOs including Zuckerberg, Microsoft's Satya Nadella, gaming company Roblox's David Baszucki, and Match Group's Shar Dubey, who have talked about how their companies could shape aspects of this futuristic realm. Zuckerberg has described it as an "embodied internet." ![]() The term "metaverse," coined in the 1992 dystopian novel "Snow Crash," is used to describe immersive, shared spaces accessed across different platforms where the physical and digital converge. "This is kind of one of those foundational steps in that direction," Bosworth told reporters during a VR news conference. Facebook Is Rolling Out Messenger to Oculus Quest VR Headsets This Week. ![]()
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