Cloud VR Services Market: Introduction
Cloud Virtual Reality (VR) services are a combination of cloud computing and cloud rendering into VR. Due to the fast network, the cloud-based display output and audio output are designed and developed for user devices to implement cloud-based VR services content.
Cloud VR Services Market: Dynamics
Development of advance networking processes, speed, and strong connectivity accelerates the market.
Based on region, the cloud VR services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America held a dominant position in the global cloud VR services market in 2018. It is expected to maintain its dominance during the forecast period. The U.S. and Canada are major countries that drive the cloud VR services market in the region. North America is among the earliest adopters of emerging technologies. Thus, another major trend in North America is the development and adoption of Artificial Intelligence (AI) and cloud computing, which in turn is also anticipated to boost the market in the region.
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The market in Asia Pacific is expected to expand at the highest CAGR in the global cloud VR services market during the forecast period. India, China, Japan, and Australia are the major countries that drive the cloud VR services market in the region.
Media & entertainment and retail & e-commerce segment combined anticipated to account for largest share of cloud VR services during the forecast period
Based on industry, the cloud VR services market can be bifurcated into media & entertainment, healthcare, retail & e-commerce, automotive, real estate, and others. In 2018, the media & entertainment and retail & e-commerce segment combined held the dominant position in the cloud VR services market and is anticipated to retain its dominance throughout the forecast period. Virtual reality provides an immersive experience to consumers by providing a virtual overlay of a retailer’s product in any specific setting a consumer desires. Virtual and augmented reality can further be used by retailers to provide tailored retail experiences, customer care services, and access to graphic-rich product information to better facilitate buying decisions.
Based on application, the cloud VR services market can be bifurcated into consumer and commercial. In 2018, the commercial segment held the dominant position and is anticipated to retain its dominance in cloud VR services market throughout the forecast period. The increasing workload or computing instances on cloud data centers is a key driving factor for the growth of the cloud VR services market. By 2024, 94% of the workload and compute instances will be processed by cloud data centers and only 6% is likely to be processed by traditional data centers.
Key players operating in the global cloud VR services market
- Key players in the global cloud VR services market are listed below:
- Huawei Technologies Co., Ltd.
- Nokia Corporation
- Others
Global Cloud VR Services Market: Research Scope
Global Cloud VR Services Market, by Type
- Consumer
- Commerical
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Global Cloud VR Services Market, by Application
- Media & Entertainment
- Healthcare
- Retail & e-commerce
- Automotive
- Real estate
- Others
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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