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Virtual Reality (VR) Market , 33% of Growth to Originate from North America, Technavio

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NEW YORK, Jan. 9, 2025 /PRNewswire/ — The global virtual reality (VR) market size is estimated to grow by USD 133.17 billion from 2025 to 2029, according to Technavio. The market is estimated to grow at a CAGR of 38% during the forecast period.

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Report Attribute

Details

Base Year

2024

Forecast period

2025-2029

Historic Data for

2019 – 2023

Segments Covered

End-user (Enterprise and Consumer), Component (Hardware and Software), Geography (North America, APAC, Europe, Middle East and Africa, and South America), Device, technology, application.

Key Companies Covered

3D Systems Corp., Acer Inc., Advanced Micro Devices Inc., Alphabet Inc., Apple Inc., Baidu Inc., DPVR, FOVE Inc., HTC Corp., Lenovo Group Ltd., Meta Platforms Inc., Microsoft Corp, Osso VR Inc., Pico Technology Ltd., Samsung Electronics Co. Ltd., Sony Group Corp., Unity Technologies Inc., Valve Corp., Varjo Technologies Oy, Virtuix Inc, Barco NV; CyberGlove Systems, Inc, Sensics, Inc.; Sixense Enterprises, Inc. (Penumbra, Inc.); Ultraleap Ltd

Regions Covered

North America, APAC, Europe, Middle East and Africa, and South America

Region Outlook

North AmericaEuropeAsiaRest of World

1. North America – North America is estimated to contribute 33%. To the growth of the global market. The Virtual Reality (VR) Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. 

The North American virtual reality market is experiencing significant growth due to several key factors. Major vendors such as Alphabet, Facebook Inc., and Microsoft Corp. Have established a strong presence in the region and are heavily investing in virtual reality technology. Consumers are increasingly adopting technologically advanced applications, driving market expansion. Additionally, substantial research activities aim to broaden the scope of virtual reality technologies. The US and Canada are the leading contributors to the regional market, making North America a significant market for virtual reality technology.

For more insights on North America’s significant contribution along with the market share of rest of the regions and countries – Download a FREE Sample

Segmentation Overview

End-user 1.1 Enterprise1.2 ConsumerComponent 2.1 Hardware2.2 SoftwareGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South AmericaCountry 4.1 Mexico4.2 Italy4.3 India4.4 Argentina4.5 South AfricaDeviceTechnologyApplication

1.1 Fastest growing segment:

Virtual reality (VR) is a computer-generated simulation of a three-dimensional environment, presented to users in a way that they perceive it as real. VR does not interact with the physical world. Instead, it creates a new experience, often through the use of a headset. Advancements in VR hardware, such as new headset launches, are driving user adoption in industries like gaming, entertainment, retail, sports, travel, and healthcare. In healthcare, VR is used for disease diagnosis and therapy. For instance, doctors at George Washington University Hospital used VR technology to detect healthy and COVID-19-infected tissues. Oxford VR launched a VR-based therapy for social anxiety. However, the rise of augmented reality (AR) technology may hinder VR growth. Yet, the demand for remote working applications, OTT platforms, and online shopping increased due to the pandemic, driving the need for faster networks and digital solutions among enterprises. This trend is expected to fuel VR market growth during the forecast period.

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Research Analysis

Virtual Reality (VR) technology is revolutionizing various industries by providing experiences through VR headsets. In healthcare, VR is used for therapy and training, benefiting patients and technicians alike. In gaming and entertainment, VR glasses transport users to 3D virtual worlds, offering unprecedented immersion. VR gloves and bodysuits add an extra layer of interaction, allowing users to feel and move in the virtual environment. Instructional training in industries like defense and automotive uses VR for simulation, enhancing learning and reducing risks. Virtual platforms in the hardware segment power these experiences, while software segment offers AI applications and the metaverse for social interaction. PropVR and REAL System are leading VR technology providers. VR content creation tools enable users to build their virtual tours, virtual classrooms, and VR arcades. VR fitness and therapy applications offer health benefits, while VR therapy is transforming rehabilitation. Augmented reality (AR) complements VR, merging virtual and real worlds. Virtual reality is set to transform education, entertainment, and industries, offering endless possibilities.

Market Overview

The Virtual Reality (VR) market is revolutionizing various sectors, including Architecture and Planning, with 3D models and virtual walkthroughs. In the segment, VR technology is used for instructional training in sectors like Aviation for pilots and Defense personnel, as well as for Technicians in healthcare, automotive, and other organizations. VR technology is also being explored for addressing mental health issues, creating virtual platforms for meetings, and implementing policies & strategies. Event organizers are leveraging VR for live virtual entertainment, while VR simulators offer exciting experiences in gaming, entertainment, and virtual theme parks. The Hardware segment includes VR headsets, glasses, gloves, and bodysuits, with advancements in AI applications and the Metaverse shaping the future of VR. Companies are also developing VR content creation tools, collaboration tools, virtual classrooms, and VR arcades for fitness and therapy. Amidst the coronavirus outbreak and pandemic crisis, VR is becoming increasingly important for remote work and social interaction. Additionally, AR technology and virtual tours are complementing VR in various applications.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Mystore Rolls Out White-Labelled Affiliate Buyer App for Enterprises on ONDC Network

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NEW DELHI, Jan. 21, 2025 /PRNewswire/ — Mystore®, the first ONDC-connected marketplace, introduces Affiliate Buyer Apps, a ready-to-go, white-labeled solution enabling big brands and enterprises to launch their own ONDC-compliant buyer apps quickly. This cutting-edge solution enables enterprise brands to further engage their large captive audience through an eCommerce-enabled sales channel on the open network.

Powered by StoreHippo’s proven Multistore® technology, the highly customizable Affiliate Buyer App can be launched in just one week, significantly reducing the typical 5-6 month development timeline. Mystore’s AI-powered, industry-agnostic Affiliate Buyer Apps enable enterprises like Telcos, Banks, Media Companies, AgriTech, FMCG, and Automobile Brands to create dedicated ecommerce sales channels to offer their branded products and also enhance their offerings by leveraging the fast-growing ONDC network of 3 lakh+ sellers and 2 crore+ products.

The Affiliate Buyer App solutions come packed with advanced features designed to fast-track growth, enhance buyer engagement and drive conversions.

Here’s what brands can achieve with Mystore Whitelabelled Affiliate buyer Apps:

Leverage the ONDC Network’s vast supply to engage customers and offer diverse products.Go to market in record time with fully branded and customisable Affiliate Buyer Apps that work seamlessly across devices and networks.Stay ahead of the curve with cutting-edge, battle-tested, auto-updated solutions that are fully compliant with the ONDC Network.Deliver precise and relevant search results with AI-powered Semantic Search.Scale with confidence using a secure, globally distributed infrastructure backed by industry-leading security accreditations, ensuring reliability and data protection.

Mystore’s Affiliate Buyer Apps also provide valuable strategic insights into evolving buyer behaviour and purchasing journeys, helping businesses stay ahead in the competitive digital commerce landscape.

Highlighting the transformative power of Affiliate Buyer Apps for large enterprise businesses with a wide customer base, Mr. Rajiv Kumar Aggarwal, CEO & Founder, Mystore said, “With Mystore’s Whitelabelled Affiliate Buyer Apps, enterprises can unlock the power of ecommerce without the complexities of building and managing the infrastructure themselves. Our solutions are plug-and-play, fully branded, and customizable, enabling businesses to focus on their growth and customer engagement while we handle the heavy lifting.”

About Mystore

Mystore® is an ONDC-connected marketplace that offers an unparalleled Ecommerce Ecosystem enabling Enterprises and SMEs to leverage the ONDC network to accelerate their growth. Mystore specialises in setting up dealer-network-based Quick Commerce Marketplaces for brands in record time. With its AI-enabled ecommerce solutions for smart selling (using Mystore Seller App)  and buying  (through the Mystore Buyer App), Mystore empowers businesses to enhance discoverability, personalize experiences and drive growth through the ONDC Network. Mystore’s cutting-edge ecommerce solutions are built on StoreHippo® – the leading enterprise ecommerce platform powering top enterprise brands across the globe for 10 years. Mystore enables hyperlocal businesses, SMEs, D2C brands, and Enterprises to join the ONDC Network ecosystem and explore the vast Indian markets. Built on next-gen technology, PCI-DSS, SOC2 and ISO/IEC 27001 compliant, Mystore offers a level-playing field and 360-degree ecommerce solutions to businesses irrespective of their size and industry vertical. 

About ONDC:

Incorporated on 31st December 2021, Open Network for Digital Commerce (ONDC), a Section 8 company, is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India to create a facilitative model that revolutionizes digital commerce, giving greater thrust to penetration of retail e-commerce in India. ONDC is not an application, platform, intermediary, or software but a set of specifications designed to foster open, unbundled, and interoperable Open Networks.

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SWITCH Mobility Unveils SWITCH IeV8: A Game-Changer in Electric Light Commercial Vehicles (eLCV)

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–  Shri H. D. Kumaraswamy, Minister of Heavy Industries and Steel, unveils the SWITCH IeV8, an electric light commercial vehicle (eLCV) designed for mid-mile logistics, at the Bharat Mobility Expo 2025

NEW DELHI, Jan. 21, 2025 /PRNewswire/ — SWITCH Mobility Ltd, a part of the Hinduja Group, has unveiled the SWITCH IeV8, a revolutionary electric light commercial vehicle (eLCV) in the 7.2T category catering to mid-mile logistics. Designed with sustainability and operational efficiency at its core, the SWITCH IeV8 is set to transform the logistics sector in India.

The SWITCH IeV8, a robust addition to SWITCH Mobility’s eLCV portfolio is engineered for optimal performance, durability, and sustainability in cargo transportation. Featuring a cutting-edge advanced lithium battery chemistry, the IeV8 delivers an impressive range of 250 km on a single charge. Its versatile design accommodates up to 830 cubic feet of container space, making it ideal for diverse logistics needs. With a top speed of 80 km/h and fast-charging capabilities, it ensures swift and uninterrupted operations, meeting the demands of modern businesses.

With features like Electro-Hydraulic power steering (EHPS) for effortless maneuverability, a driver-centric AC cabin, tiltable steering, and sliding & reclining seats, the SWITCH IeV8 is crafted to deliver exceptional comfort and ergonomic excellence.

On the occasion, Mr. Dheeraj Hinduja, Chairman, SWITCH Mobility, said, “The unveiling of the SWITCH IeV8 represents our steadfast commitment to pioneering clean transportation solutions. This vehicle embodies our vision of providing innovative and environmentally conscious solutions that not only meet the demands of modern logistics but also contribute significantly to a greener future. With the IeV8, SWITCH Mobility reaffirms its position as a leader in innovation and eco-conscious development within the electric mobility sector.”

Mr. Mahesh Babu, Chief Executive Officer, SWITCH Mobility, added, “The SWITCH IeV8 is designed to address the increasing demand for efficient, reliable, and sustainable solutions in the mid-mile logistics segment. With a robust payload capacity up to 4 Ton and container compatibility of up to 830 cubic feet, the IeV8 is tailored to meet the varied needs of modern logistics operations. Its advanced lithium battery chemistry delivers a range of 250 km per charge, complemented by fast-charging capabilities that minimize downtime and maximize operational efficiency. Built with SWITCH Mobility’s advanced EV architecture, the vehicle delivers superior operational performance resulting in lowest total cost of ownership.

The SWITCH IeV8 is designed to deliver superior handling, durability, and driver comfort. With features like Electro-Hydraulic power steering (EHPS) for effortless maneuverability, a driver-centric AC cabin, tiltable power steering, and sliding & reclining seats, it ensures a comfortable and fatigue-free driving experience, even during long hauls. These thoughtful additions prioritize driver well-being, enhancing safety and productivity in every journey.”

Powered by SWITCH iON, our proprietary telematics system, the SWITCH IeV8 offers real-time vehicle health monitoring, ITMS, and efficient fleet management, among over 50 advanced features.

Designed for both performance and durability, the SWITCH IeV8 is an innovative vehicle that empowers businesses to lower operational costs while minimizing their carbon footprint. With the SWITCH IeV8, SWITCH Mobility is all set to create a transformative impact on India’s logistics sector by offering a solution that seamlessly combines performance, cost-effectiveness, and sustainability.

About SWITCH Mobility

SWITCH Mobility, a part of the Hinduja Group, is a global electric bus and light commercial vehicle manufacturer committed to advancing green mobility. Formed through a strategic collaboration between the engineering expertise of the Indian powerhouse Ashok Leyland and the British bus maker Optare, it seamlessly integrates the very best innovators and cutting-edge technology to deliver unrivalled product choices on a global scale. In 2014, SWITCH (then Optare) introduced the first British built, pure electric buses to London’s roads and since then has put over 950 EVs on the road, clocking up over 130 million kilometers globally.

SWITCH Mobility’s accomplishments are underscored by numerous awards, such as Most Trusted Brand of India, Company of the Year, L&ICV People Mover of the Year, Star Electric Bus of the Year, Sustainability Award, Best PR Campaign, and Most Trusted Brand of the Nation. Recognized as a Great Place to Work, SWITCH Mobility cultivates a corporate culture that values agility, innovation, and responsibility.

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Aurigo Expands Its Bangalore Facility, Advancing R&D and Innovation Efforts

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BENGALURU, India, Jan. 21, 2025 /PRNewswire/ — Aurigo Software, the leading provider of capital planning and construction management software for infrastructure and private owners, announced the opening of its new global research and development (R&D) center in Bangalore, India. This move marks a significant milestone as Aurigo transitions to a larger, state-of-the-art facility, consolidating its operations in the city to drive innovation and scale growth.

Aurigo’s presence in Bangalore and Mysore has allowed the company to tap into a vast talent pool of over 1.3 million professionals across India, advancing its engineering, technology, and business strategies. The newly established center is set to focus on developing software products, including artificial intelligence-based (AI) solutions that meet the evolving needs of the global infrastructure sector.

“The Bangalore campus is not just a space; it is a testament to how far we have come in the past 20 years,” said Balaji Sreenivasan, CEO and Founder of Aurigo Software. “This new facility will play a crucial role as we expand our product offerings, explore new markets, and develop innovative AI solutions that drive smarter, more efficient infrastructure development worldwide.”

The nearly 60,000-square-foot facility is designed to promote collaboration and employee well-being. It features advanced demo rooms, ergonomic workstations, a state-of-the-art training center, a well-equipped cafeteria, and dedicated wellness and recreational spaces. The amenities are designed to encourage creativity and improve productivity, aligning with Aurigo’s commitment to maintaining a supportive work environment.

“The launch of our global R&D center represents our investment in creating an environment where innovation thrives,” said Marisa Landez, Vice President of Human Resources at Aurigo Software. “The workspace helps support a hybrid-work model and empowers our teams to push boundaries and advance their careers while maintaining meaningful connections and healthy work-life integration.”

Aurigo’s ongoing investments in its Bangalore and Mysore hubs, combined with the recent hiring of engineering graduates from premier institutions, highlight its strategic focus on fostering talent and expanding capabilities. Additionally, the company’s involvement with local universities, charities, and the business community through initiatives like Aurigo Cares reflects its commitment to community engagement and development. Aurigo’s growing presence in India further supports its broader vision for excellence in infrastructure management.

About Aurigo Software

Aurigo builds software that helps build the world. Aurigo provides modern, cloud-based solutions for capital infrastructure and private owners to help plan with confidence, build with quality, and maintain their assets efficiently. With more than $300 billion of capital programs under management, Aurigo’s solutions are trusted by over 300 customers in transportation, water and utilities, healthcare, higher education, and government on over 40,000 projects across North America. Aurigo helps capital program executives make better decisions based on proprietary artificial intelligence and machine learning technology. Aurigo is a privately held U.S. corporation headquartered in Austin, Texas, with global offices in Canada and India. Learn more at www.aurigo.com.

 

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