The Virtual Reality (VR) Market Expected To Exceed $180 Billion By 2026, At A CAGR Of 48.7%

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Aug 02, 2021, 12:45 ET

PALM BEACH, Fla., Aug. 2, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - VR Technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes of navigating it toward mainstream adoption. Virtual Reality (VR) is a digitally created experience where a three-dimensional environment is simulated with the real-world. The technology offers an immersive experience to the viewers with the help of VR devices, such as headsets or glasses, gloves, and bodysuits. The technology has brought a transformation in the gaming and entertainment industries by allowing users to experience immersion in a highly virtual realm. In addition, the increasing usage of this technology in instructive training, such as for training mechanics, engineers, pilots, soldiers in defense, field workers, and technicians, in the oil & gas and manufacturing sectors is driving the market growth. Mordor Intelligence reported that the Virtual Reality (VR) market was valued at USD 17.25 billion in 2020 and is expected to reach USD 184.66 billion by 2026, at a CAGR of 48.7% over the forecast period 2021 - 2026. Mordor pointed out that the investments by the technology vendors are creating advancements in the field of display technology, which is going to change the vision of the traditional methodology. With technology giants, like Google, investing considerable amounts in tech startups for the development of VR devices and other prominent players investing in their R & D over this segment, the future of the market will be more competitive. Active Companies in the markets today include Wrap Technologies, Inc. (NASDAQ: WRAP), Amazon.com, Inc. (NASDAQ: AMZN), Palantir Technologies Inc. (NYSE: PLTR), Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOG).

The Mordor Intelligence report continued: "The consumers are widely using VR applications, which is based on different purposes, such as the automobile, gaming, and media and entertainment industries. The latest technologies across the consumer electronics segment are boosting the growth of virtual reality for multiple applications across the marketplace. For instance, consumers are moving toward virtual reality in gaming with high definition, stunning graphics, and motion with high-end audio. North America is one of the prominent regions for the virtual reality market. It has also been a pioneer in adopting innovations, which provides North America with an edge over other regions. Further, the region has the highest number of startups focusing on bringing innovative VR technologies for various industries… Other industry verticals, including aerospace, healthcare, military, gaming, and retail, are also investing in this technology to take advantage of the growth potential."

Wrap Technologies, Inc. (NASDAQ: WRAP) BREAKING NEWS: WRAP announces new VR training platform powered by Amazon Web Services - Wrap Reality will utilize AWS GovCloud (US) for Service, Delivery, and Storage - Wrap Technologies, Inc. (WRAP), a global leader in innovative public safety technologies and services, announced a collaboration with Amazon Web Services (AWS) to support Wrap Reality through AWS GovCloud (US). AWS will provide consulting and advisory services to support Wrap Reality's complex technology initiatives, assistance in developing and executing our product roadmap, and streamline access to AWS subject matter experts.

"Following several months of planning and discussion, Wrap Reality worked with AWS to deliver our Virtual Reality (VR) training platform to law enforcement, built on AWS GovCloud (US)," said Tom Smith, Chief Executive Officer and President of WRAP Technologies. "As WRAP continues to map out our vision for enhancing law enforcement training with Wrap Reality, choosing a collaborator with extensive support and government approved cloud services was a key decision. AWS brings a wealth of knowledge to Wrap Reality along with infrastructure and cloud services that are proven in the industry. Wrap Reality enhances its capabilities by working with AWS. AWS has experience managing sensitive state and local government data and systems with AWS GovCloud (US)."

"Events in 2020 have underlined how law enforcement must adapt and innovate fast to unforeseen challenges as well as the importance of trust and transparency. WRAP Reality's fully-immersive experience allows training of real-time scenarios that address the priorities of today's communities. AWS is proud to assist by providing services to WRAP that innovate on training and create a better future of policing," says AWS Justice and Public Safety (JPS) leader Ryan Reynolds.

The relationship with AWS provides the framework for development, training, and collaboration to support next-generation applications that have the scalability, resiliency, and security AWS offers. It will assist WRAP in accelerating innovation and the development of strategic initiatives. These initiatives will bring the most advanced cloud-native services to WRAP clients, improving the flow of information and providing a better experience for law enforcement agencies. CONTINUED… Read this full release for Wrap Technologies at: https://www.financialnewsmedia.com/news-wrap/

Other recent developments in the markets include:

Amazon.com, Inc. (NASDAQ: AMZN) recently announced financial results for its second quarter ended June 30, 2021. Operating cash flow increased 16% to $59.3 billion for the trailing twelve months, compared with $51.2 billion for the trailing twelve months ended June 30, 2020.

Free cash flow decreased to $12.1 billion for the trailing twelve months, compared with $31.9 billion for the trailing twelve months ended June 30, 2020; Free cash flow less principal repayments of finance leases and financing obligations decreased to $0.6 billion for the trailing twelve months, compared with $21.3 billion for the trailing twelve months ended June 30, 2020; Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations decreased to $4.2 billion for the trailing twelve months, compared with $19.4 billion for the trailing twelve months ended June 30, 2020. Common shares outstanding plus shares underlying stock-based awards totaled 522 million on June 30, 2021, compared with 517 million one year ago.

Net sales increased 27% to $113.1 billion in the second quarter, compared with $88.9 billion in second quarter 2020. Excluding the $2.5 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 24% compared with second quarter 2020.

Operating income increased to $7.7 billion in the second quarter, compared with $5.8 billion in second quarter 2020.

Palantir Technologies Inc. (NYSE: PLTR) recently announced it has been contracted by the Federal Aviation Administration (FAA) to provide a data analytics tool that will help advance the agency's modernization objectives for aviation safety.

Palantir Foundry will support the FAA's aircraft certification and continued operational safety activities, including the ongoing monitoring of the 737 MAX fleet's return to service. The one-year contract with two additional option years is valued at a maximum of $18.4 million.

On 26 March 2021, the United States Army awarded Microsoft Corporation (NASDAQ: MSFT) a fixed price production agreement to manufacture the Integrated Visual Augmentation System (IVAS).

This award transitions IVAS to production and rapid fielding to deliver next-generation night vision and situational awareness capabilities to the Close Combat Force (CCF) at the speed of relevance. The unique and innovative partnership between the Army and Microsoft accelerated prototype system development through the Soldier Centered Design approach to deliver an unprecedented system to our CCF.

The IVAS aggregates multiple technologies into an architecture that allows the Soldier to Fight, Rehearse, and Train using a single platform. The suite of capabilities leverages existing high-resolution night, thermal, and Soldier-borne sensors integrated into a unified Heads Up Display to provide the improved situational awareness, target engagement, and informed decision-making necessary to achieve overmatch against current and future adversaries. The system also leverages augmented reality and machine learning to enable a life-like mixed reality training environment so the CCF can rehearse before engaging any adversaries.

The AES Corporation (AES) announced recently that it has signed an agreement to supply the electricity to power Google's (NASDAQ: GOOGL) Virginia-based data centers with 24/7 carbon-free energy under a 10-year supply contract. With this first clean energy procurement deal in the world of its kind, AES will help ensure that the energy powering those data centers will be 90% carbon-free when measured on an hourly basis. AES will become the sole supplier of the data centers' carbon-free energy needs on an annual basis, sourcing energy from a portfolio of wind, solar, hydro and battery storage resources to be developed or contracted by AES. The agreement will start supply later in 2021 and is an important step in meeting Google's previously announced goal to run its business on 100% carbon-free energy on an hourly basis by 2030.

"Last year, Google set an ambitious sustainability goal of committing to 100% 24/7 carbon-free energy by 2030. Today, we are proud that through our collaboration with Google, we are making 24/7 carbon-free energy a reality for their data centers in Virginia," said Andrés Gluski, AES President and CEO. "This first-of-its-kind solution, which we co-created with Google, will set a new sustainability standard for companies and organizations seeking to eliminate carbon from their energy supply."

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