Virtual reality refers to a computer-based technology that joins together with various physical spaces to produce realistic images, sounds, and other features that inspires the presence of the user in an imaginary world. Virtual reality in retail refers to a form of application that is responsible for using a 3D artificial environment and also interacts with a 3D artificial environment while doing shopping or other retailing activities. The adoption of digital devices and globalization are the main factors that are responsible for driving the market of virtual reality.
The global virtual reality in retail market is growing rapidly and hence is expected to reach USD 20.9 billion by the end of the forecasted period (2023). The market will record its growth at a CAGR of 27.9% in the year 2023.
The sudden outbreak of the COVID-19 pandemic has led to an increase in the demand for a huge number of healthcare facilities for treating the patients who are infected with the coronavirus. The number of patients is constantly increasing at a rapid pace and so most countries are currently focusing on expanding the healthcare facilities. Governments are planning to implement more innovative techniques in order to improve the healthcare facilities provided to the patients. New setups might be implemented to stop the spread of the virus. The spread of COVID-19 may lead to an increase in the demand for more VR HMDs in the healthcare industry. Therefore, the outbreak of the pandemic has not let the market of virtual reality fall, instead helped in the growth of virtual reality in retail business.
Frequently Asked Questions (FAQ) :
The major factors boosting the data center life cycle services market are directed towards the reduction of costs by excluding manual checks of servers and other data center assets.
North America, Europe, Asia, and the Rest of the World (ROW) are the critical regions involved in the regional study of the market.
HP (U.S.), IBM Corporation (U.S.), Schneider Electric (France), Nlyte Software (U.S.) and Vertiv (U.S.) are the companies investing in the market share in a more substantial way.
North America is accounted for having the largest share of the market.
The essential factor for North America’s growth in the data center life cycle services market is attributed to the emergence of e-commerce and advanced 3D technology.