Justin Ferber

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Virtual Reality (VR) Market to Touch $120.5 Billion by 2026.

September 8, 2020|Business, Virtual Reality

Virtual Reality (VR) Market to Touch $120.5 Billion by 2026Virtual Reality (VR) Market to Touch $120.5 Billion by 2026


Virtual Reality (VR) Market to Touch $120.5 Billion by 2026; Rapid Advancements in Deep Technology Domain to Brighten Market Outlook: Fortune Business Insights™

Key Companies Covered are Magic Leap, Inc., Dassault Systemes SE, Leap Motion, VUZIX, HTC Corporation, Autodesk Inc., Microsoft Corporation, Lenovo Group Ltd., Sixense Enterprises Inc., SONY CORPORATION, EON Reality Inc., Samsung Electronics, Oculus VR (Facebook), Google LLC., among others.

Email Print Friendly ShareJune 15, 2020 11:43 ET | Source: Fortune Business Insights

Pune, June 15, 2020 (GLOBE NEWSWIRE) -- The global virtual reality market size is projected to reach USD 120.5 billion by 2026, exhibiting a CAGR of 42.2% during the forecast period. Explosion of the COVID-19 pandemic is set to open up several growth avenues for the market, suggests Fortune Business Insights™ in its report, titled “Virtual Reality Market Size, Share & Industry Analysis, By Offering (Hardware, Software), By Technology (Nonimmersive, Semi-Immersive), By Industry Vertical (Gaming & Entertainment Media, Healthcare, Education, Automotive, Aerospace & Defense, Manufacturing), By Application (Training & Simulation, Educational, Attraction, Research & Development) and Regional Forecast, 2019 – 2026”. The coronavirus pandemic has forced people to work from home and follow strict social distancing norms. Virtual reality (VR) is one technology that playing a critical role in supporting businesses to perform their operations as smoothly as possible. For instance, 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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According to the market report, the value of the market was at USD 7.3 billion in 2018. It also offers the following:

  • 360-degree analysis of the market drivers, trends, opportunities, and restraints;
  • Comprehensive study of all segments of the market;
  • Detailed research into the regional dynamics influencing the market; and
  • In-depth profiling of market players and thorough examination of their strategies.


Market Driver

Wide Potential of VR in Healthcare to Accelerate Market Growth

Virtual reality is fast gaining traction in the healthcare sector, especially in training surgeons. A study published in Harvard Business Review stated that surgeons trained through VR experienced a 230% boost in their performance and carried out surgeries with greater precision compared to their conventionally trained counterparts. At Case Western University in Ohio, medical students are already being acquainted with the human body using Microsoft’s mixed reality solution, HoloLens. Furthermore, patients recovering through physical therapy are being increasingly aided by Neuro Rehab VR, a company specializing in developing training programs using machine learning for therapeutic needs of patients. Even more promising application of VR is in the rehabilitation of children suffering from complex disorders. For example, a study published by the National Institutes of Health showed that VR therapy led to better mobility outcomes in children afflicted by cerebral palsy. Thus, widening applications of VR are bolstering the virtual reality market growth.

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Regional Insights

Ascension of Start Ups to Alter Market Dynamics in North America

Strong support to technological innovation in North America has provided start-ups with the necessary platform to flourish and expand. With consumers showing increasing preference for virtual reality products, many new entrants in the market are looking capitalize on the available opportunities. In addition, the region is home to tech giants such as Google and Apple. Together, these factors are expected to aid North America’s dominance of the virtual reality market share during the forecast period. In 2018, the region boasted a market size of USD 3.0 billion.

In Europe, the market will be primarily driven by the active adoption of VR technology in the automotive industry, especially in the UK, France, and Germany. On the other hand, the market in Asia-Pacific is anticipated to grow considerably as East Asian companies such as Samsung and HTC strengthen their hold in the VR hardware domain.

Competitive Landscape

Innovation-focused Investments by Key Players to Intensify Competition

The scope for innovation in this market is broad and deep and most market players are concentrating their investment energies in augmenting their R&D capabilities. As a result, consumers witness frequent product launches and have a wide array of products to explore and choose. All these factors are enabling key players to solidify their position in the market.

Industry Developments:

  • April 2020: US-based Xennial Digital created the Climate Change app, which uses spatial computing technology to provide climate change predictions over the next 100 years. The app is available on the Magic Leap World platform and is aimed at acquainting K-12 students with the issue of climate change.

  • March 2020: US-based EON Reality announced that the Lucerne University of Applied Sciences and Arts in Switzerland will be utilizing its AR and VR solutions for a unique self-directed learning initiative. EON’s AVR platform will enable educators to create large amounts of course materials for students in different languages as well as ensure quality of the content being uploaded and distributed.

List of Companies Profiled in the Virtual Reality Market Report:

  • Magic Leap, Inc.
  • Dassault Systemes SE
  • Leap Motion
  • HTC Corporation
  • Autodesk Inc.
  • Microsoft Corporation
  • Lenovo Group Ltd.
  • Sixense Enterprises Inc.
  • EON Reality Inc.
  • Samsung Electronics
  • Oculus VR (Facebook)
  • Google LLC


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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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ITB ASIAITB Asia Virtual kicks off with the launch of ITB Community

ITB Community to host this year’s ITB Asia Virtual and is a brand-new platform that supports travel professionals internationally to connect and be engaged

ITB COMMUNITYSingapore, 13 August 2020 – Messe Berlin (Singapore) today announced the launch of ITB Community, in Asia (ITB Community). ITB Community will offer a comprehensive user experience, virtual events (including the upcoming ITB Asia Virtual, which takes place from 21-23 October 2020) with business networking opportunities, and knowledge exchange with expansive interactive content for community members to leverage on.
Being the unique platform of its kind for the travel trade industry in Asia, ITB Community will also see through a year-long engagement programme for all travel and tourism stakeholders, free of charge for its inception year. ITB Community will leverage on ITB Asia’s global database of travel suppliers and buyers to virtually continue their conversations and to contribute best practices and content for the travel trade to navigate the recovery of tourism.

“As the leading travel and trade show in Asia, we remain committed to building a stronger community to support recovery and restore confidence in travel. We made the bold decision to ensure that the show still goes on and provide meaningful conversations that have always been associated with our physical events, while fully leveraging the benefits of a digital platform. We are proud to announce the launch of ITB Community for sellers to remain connected with buyers. They will also be able to expect high-level discussions from the robust conference programme we have become synonymous with. In addition, ITB Community will welcome all in the ecosystem and attendees can continue to look forward to establishing the same high-quality customer contacts and conducting business with each other,” shared Ms Katrina Leung, Managing Director, Messe Berlin (Singapore), organiser of ITB Community.

ITB Community to virtually host and recreate the ITB Asia experience

As part of moving the stage virtual, ITB Asia Virtual will be hosted on ITB Community. This platform will create an avenue for engagement between buyers, suppliers, and industry players. Attendees can look forward to networking possibilities and hearing from a line-up of expert speakers from across the travel industry.

ITB Community also makes available content and resources for a seamless transition to an online stage. For the coming ITB Asia virtual event in October, the platform will include features such as:
  • Community Activity Feed – An interactive social networking page to share latest insights, articles and participate in group discussions.
  • Business Matching – Live platform to exchange business contacts and schedule virtual appointments. Delegates can benefit from business appointment via social video and messaging functions.
  • Conference – A robust line-up of key industry speakers with thought-providing insights or showcases of innovative technology and solutions.
  • Supplier Directory – A comprehensive view of all suppliers, such as company profiles, product resources and downloadable articles.
  • Knowledge Library – Resource library of trade articles, white papers on travel destinations, research reports and content by industry bellwethers and trade partners.
  • On-demand Videos – Access to exclusive videos from virtual events or industry contributors.

ITB Community unveils Travel Meet Asia series of events

In addition to this year’s virtual shows happening on the ITB Community platform, for the first time, attendees can anticipate a year-long engagement through a line-up of exclusive virtual events under the Travel Meet Asia series. Each event will be dedicated to specific topics and markets relevant to the travel industry.

Similar to the Business Matching functions of ITB Asia Virtual, the Travel Meet Asia events will also allow businesses and buyers to connect virtually through the platform’s integrated business matching and communication tools, such as a messaging board and video call functions.

ITB Community will host a year-long set of virtual events with the following schedule:
ITB Asia and ITB India
21-23 Oct 2020ITB Asia Virtual Event
7-9 April 2021ITB India Live & Virtual Event (Hybrid)
Travel Meet Asia Series
Dec 2020Travel Meet Asia South Asia
Feb 2021Travel Meet Asia South East Asia
Jun 2021Travel Meet Asia MICE & Corporate
Aug 2021Travel Meet Asia North Asia
The ITB Community platform will be made available and free for access from 12 Aug 2020 and will serve as a value-add to all confirmed exhibitors of ITB Asia 2021[1]. Exhibitors, buyers and visitors who are interested in registering or sponsoring can reach out to for more details.

ITB Community is now live and open for subscribers on
Details of the virtual platform can be found in a brochure available for download on

For more information on ITB Asia Virtual 2020, visit
For more information on ITB Community 2020, visit [1] Exhibitors who have confirmed their participation for 2021 edition on or before 15 September 2020

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