European virtual reality market is growing at a CAGR of around 33.0% during the forecast period. According to CBI Ministry of Foreign Affairs, the global augmented reality and virtual reality market is growing steadily and is expected to reach $175 billion by 2020. Europe holds a fifth position in the global virtual reality market. The consumer and the business market of the virtual reality in Europe offer good opportunities for the expansion of business in the region. Gaming and health care are the two most promising sectors for the growth of the virtual reality market in Europe.
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The Europe virtual reality market is segmented into the UK, Germany, Italy, Spain, France, and rest of Europe. The UK holds the highest market share in the Europe virtual reality market due to increasing application of virtual reality in entertainment and gaming industry in the region. The Virtual Reality Society in the U.K. provides a range of information regarding the development of the VR solutions and comprehensive material for beginners. Moreover, it offers deep discussions on issues related to virtual reality, its implications, and applications. It displays the applications, apps, and news of virtual reality technology in various domains, including education, entertainment, games, healthcare, and military.
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Europe has various tourist locations such as Paris, London, and Prague, among others, which can be regarded as one of the major factors for the growth of the virtual reality market in the region. As the companies operating in the virtual reality market in Europe have started providing the virtual tours of the countries to the tourists across the globe. Moreover, the introduction of such technologies significantly enhances the creativity, skills and cultural diversity of Europe. This, in turn, makes an impact on various domains and contributes to the growth of the European virtual reality market during the forecast period.
European Virtual Reality Market- Segmentation
By Component
- Hardware
- Software
By System
- Non-immersive VR
- Semi-immersive VR
- Fully-immersive VR
By Application
- Entertainment
- Gaming
- Tourism
- Training & Education
- Others (Live Events and Real Estate)
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