The global virtual reality (VR) market size is expected to reach USD 57.55 billion by 2027, exhibiting a CAGR of 44.3% during the forecast period, according to a recent report by Fortune Business Insights.
The report said the COVID-19 pandemic has opened several growth avenues for the market, as VR is one technology that is playing a critical role in supporting businesses to perform their operations as smoothly as possible.
The report cited how in March 2020, HTC, the Taiwanese VR headset maker, organized its ‘VIVE Ecosystem Conference’ fully powered by virtual reality technology. The event saw participation from interested parties across 55 countries.
Apple, to take another example, acquired VR content producer NextVR in May 2020 to capitalize on the current situation created by the COVID-19 crisis and bring its streaming shows closer to consumers.
The growth of this market, therefore, is set to be augmented as the coronavirus continues its global rampage.
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