Virtual Reality Services Market: Explosive Growth Fueled by Telehealth Adoption

The Business Research Company's Virtual Reality Service Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, November 30, 2023 /EINPresswire.com/ -- The virtual reality services market has experienced rapid expansion, soaring from $10.02 billion in 2023 to a projected $11.22 billion in 2024, boasting an impressive Compound Annual Growth Rate (CAGR) of 12.0%. This growth trajectory is expected to continue, propelling the virtual reality services market to reach $18.54 billion by 2028, with a CAGR of 13.4%.

Market Driver: Telehealth Revolutionizing Healthcare

A pivotal driver propelling the virtual reality services market is the integration of virtual reality services in telehealth, particularly in the context of addressing the challenges posed by the COVID-19 pandemic. The surge in demand for advanced medical skills to manage COVID-19 patients has prompted the adoption of virtual reality-powered tools. These tools enable medical professionals to immerse themselves in realistic simulations of COVID-19 scenarios, enhancing their ability to respond effectively to the influx of patients. Notable applications, such as XRHealth, facilitate remote monitoring of quarantined patients and provide a platform for physicians to assess and treat individuals returning home after hospitalization.

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Market Segmentation
1) By Type: Hardware, Software
2) By Basis of Service: Consulting, Training, Implementation, Integration, Operation, Maintenance
3) By Application: Healthcare, Education, Real Estate, Advertising, Travel, Gaming, Entertainment, Other Applications

Emerging Trend: Virtual Reality Transforms Shopping Experience

A key trend shaping the virtual reality services landscape is the adoption of remote shopping experiences. With the global COVID-19 pandemic restricting offline shopping, virtual reality offers a viable alternative for businesses to engage with customers and provide immersive buying experiences. E-commerce companies are leveraging virtual reality services to redefine customer interactions and redesign the shopping journey. Notable examples include the USA-based brand GAP, which developed a virtual Dressing Room app, allowing users to digitally try out clothes before making a purchase decision. This innovative approach not only assists customers in selecting the right outfit but also contributes to reducing product returns, alleviating financial burdens for retailers.

Regional Dynamics: Asia-Pacific Leads, North America Follows

In 2023, Asia-Pacific emerged as the dominant region in the virtual reality services market, fueled by the region's technological advancements and growing adoption of innovative solutions. North America secured its position as the second-largest region, actively contributing to the market's overall growth.

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Virtual Reality Services Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Virtual Reality Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on virtual reality services market size, virtual reality services market drivers and trends, virtual reality services market major players, virtual reality services market competitors' revenues, virtual reality services market positioning, and virtual reality services market growth across geographies. The virtual reality services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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