Let’s start with some data from the market:
Virtual Reality Market Overview
The virtual reality (VR) market size was valued at US$ 6.9 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 25.1% during 2021-2030. The increasing adoption of VR technology across verticals including, gaming & entertainment, healthcare, automotive, architecture, and education is fueling the growth of the market. The gaming and entertainment sector is expected to lead the VR market growth over the forecast period.
The future of virtual reality gaming will highly rely upon the innovation in both VR hardware and software products that will overcome the restraints associated with VR technology, including the low resolution of VR-enabled devices that causes virtual sickness. Investors and virtual reality companies are increasingly investing in the market for developing new content, software, and hardware for gaming. Also, virtual reality trends, including the rising demand for instructional training in risky work conditions, theme parks, gaming arcades, and virtual simulators are further aiding the virtual reality market growth.
The emergence of the COVID-19 pandemic resulted in the temporary closure of businesses and lockdowns that impacted revenues. However, the increasing need for businesses to continue their activities online resulted in an increased demand for VR. Enterprises have shifted to virtual platforms to continue their ongoing business activities, such as attending meetings and formulating policies and strategies.
Virtual Reality Market Outlook, 2021-2030 ($ billion)
The data comes from:https://www.globaldata.com/data/
The VR market is projected to grow from $6.9 billion in 2021 to $51.5 billion in 2030, a compound annual growth rate of 25.1%, according to GlobalData. Among them, VR entertainment industry, which is the first to take up a large part of the space, VR technology is developing into a promising virtual event tool. To provide visitors with an engaging and diverse experience. As a result, the growing popularity of virtual activities is driving market growth. In China business circle, the brand from FuninVR is even more prosperous, and the global business development through 2022 also confirms the huge demand in various countries.
In such a potential market, the giants of various industries have also begun to take the lead: facebook, oculus, sony, HTC, Samsung, Baidu, Tencent, Alibaba and other Fortune 500 companies and Internet giants have laid out their positions in the field of VR. The VR era has broken out and a strong wind has been formed!
Virtual Reality Market – Competitive Landscape
The virtual reality industry is highly fragmented. Competition is gradually intensifying as start-ups grow and new businesses are launched.
As a participant in the virtual reality technology entertainment industry:
Guangzhou Zhuoyuan Company(sub-brand FuninVR) provides one-stop service for VR theme parks,
Integrated esports content resources + platform technology resources + esports VR equipment to create a global “meta-universe esports platform” officially launched! Based on the platform, Zhuoyuan has spent 2 years in cooperation with various parties to overcome technical difficulties and developed 2 core VR devices of esports: Suspension Cavalry and Dark Walker!
At the 132nd Canton Fair, the platform and its core VR devices for esports were reported by thousands of media! A hundred languages are exposed first! China Trade News, Xinhua Online, Yahoo Finance, PR Newswire, Yonhap and other well-known media, millions of likes, comments, forwarding, achievement VR esports movement new trend!
The platform through the huge base of VR offline experience store to enter the VR esports sports era mode, facing the field of esports and sports, VR esports sports field has brought more possibilities!
In order to build a more complete content ecosystem, Zhuoyuan continues to enrich content distribution platform resources, and also cooperate with Aofei Entertainment and Red Raion s.r.l. And other well-known companies to reach deep content strategic cooperation, online a number of tens of millions of traffic Super Fly IP, Disney classic IP and other popular store new tour!
At present, Zhuoyuan content distribution platform has more than 600,000 members, more than 2 million on-demand viewers per month, and more than 5 million users! Super traffic, help offline stores detonate offline customer flow, continue to obtain content revenue! With the development of 5G era, VR has become a major entry point into the metaverse world and the foundation for the development of digital culture industry. Zhuoyuan has greatly accelerated the deployment speed of the meta-universe. In 2022, Zhuoyuan has participated in several global exhibitions, showing VR high-tech achievements in various fields to the world!