The Latin America, Middle East and Africa Virtual Reality Market would witness market growth of 23.7% CAGR during the forecast period (2020-2026). Virtual reality can be considered as technologies that envision virtual surroundings either by utilizing a device over a platform/surface. Virtual Reality, with the help of software, can create an artificial environment and be given to the consumer in a manner that the consumer perceives it as a real environment. Also, it is a computer-generated three-dimensional (3D) environment, which completely absorbs consumers in an artificial environment without actually seeing the real-world. Virtual reality is primarily experienced through two senses i.e., sounds and sights. The most simple and practical example of VR is 3D-movies utilizing 3D glasses.
The demand for the virtual reality market is boosted by rising trends of smart manufacturing and increasing penetration of head mounted displays in healthcare, architecture, and gaming application. Moreover, increasing use of virtual reality in defense & aerospace for the purpose of training and simulation and incorporation of Artificial Intelligence (AI) & Machine Learning (ML) is anticipated to accelerate the development during the forecast years. However, less storage of virtual reality devices, limited user interface, processing power, and health concern because of low resolution and security concerns are hampering the growth of the market.
Entertainment studios and their associated amusement parks are utilizing the technology of VR to appeal consumers. Leading organizations such as Google LLC, Facebook, and Microsoft Corporation are putting immensely in R&D to manufacture comfortable devices. One of the significant factors that can impact the future of the VR market is user experience. Future applications in sectors like healthcare and education can create growth opportunities for the market over the forecast years.
Based on Component, the market is segmented into Hardware and Software. Based on Device, the market is segmented into Head-mounted Display (HMD), Gesture-tracking Device (GTD) and Projectors & Display Wall (PDW). Based on Technology, the market is segmented into Semi & Fully Immersive and Non-immersive. Based on End User, the market is segmented into Consumer, Commercial, Healthcare, Enterprise, Aerospace & Defense and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Virtual Reality Market in LAMEA is expected to register a CAGR of 23.7% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google, Inc., Microsoft Corporation, Facebook, Inc., Sony Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Autodesk, Inc., Dassault Systemes SE, Vuzix Corporation, Ultraleap Limited (Leap Motion, Inc.) and Eon Reality, Inc.
By Component
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Companies Profiled
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