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Virtual Reality Market To Exhibit a Remarkable 44.3% CAGR, Moves by Facebook, Google, and …



Pune, India, April 14, 2021 (GLOBE NEWSWIRE) — The global “virtual reality market” size is expected to reach USD 57.55 billion by 2027, exhibiting a CAGR of 44.3% during the forecast period. The growing adoption of 5G network owing to its higher bandwidth and low latency rate will subsequently promote the growth of the market, states Fortune Business Insights in a report, titled “Virtual Reality (VR) Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defence, Manufacturing, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 3.10 billion in 2019.

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The report on the virtual reality market emphasizes:

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  • Coherent insights into the market
  • Pre-obtained data about the business scenario
  • Latest industry development and key drivers
  • In-depth information about key players

Market Driver:

High Utilization of Virtual Reality in Military Settings to Intensify Market

The increasing application of virtual reality (VR) solutions in the defense sector will enable speedy expansion of the market in the foreseeable future. The intelligent technology offers the understanding to perform high-risk operations beforehand, which, in turn, will spur the demand of the market. The virtual training sessions can help soldiers to develop skills for challenging situations during combat. For instance, the UK Ministry of Defense announced the investment in a virtual simulator platform to offer a wider training program for the armed forces. Likewise, the US army is constantly focused on providing a synthetic training environment by 2020 to prepare soldiers for real combat scenarios.

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Elevated Demand for Virtual Meets and Conferences to Accelerate Market Amid COVID

The growing acceptance of digital technologies is expected to spur opportunities for the market amid coronavirus. The lockdown in several regions has led to high demand for immersive solutions. The growing popularity of virtual meets, conferences, exhibitions, gatherings will have a tremendous impact on the market during the pandemic. For instance, LAVAL, a Canadian city in southwestern Quebec, north of Montreal conducted an online exhibition with the help of VR glasses and 3D graphics. Besides, the utilization of VR technologies among students for online training will further enhance the potential of the market amid the COVID-19 Pandemic.

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Regional Analysis:

Rising Government Support Stimulate Growth in North America

The market in North America is expected to dominate the global market owing to the existence of prominent players in the US. The high support from the government of the US through investments is likely to encourage the market in the region. For instance, the US Department of Agriculture’s (USDA’s) Food Safety and Inspection Service (FSIS) implemented virtual training sessions on public health veterinary. The market in the Asia Pacific is expected to witness a rapid growth rate during the forecast period owing to the developing nations. China is expected to hold the largest share in the global market owing to the growing adoption of the 5G network in the region. Furthermore, the rising government initiatives and fundings are expected to improve the market prospects in India. For instance, campaigns such as Digital India, made in India, and Vocal for Local will uplift the small scales enterprises in India. For instance, AjnaLens raised funds of USD 1.5 Mn from Maharashtra Defence and Aerospace Venture Fund to enhance virtual and augmented reality capabilities.

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The Report Lists the Main Companies in the Virtual Reality Market:

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  • Google LLC (California, United States)
  • Oculus Rift (Facebook Inc.) (California, United States)
  • Sony Corporation (Tokyo, Japan)
  • Unity Technologies (California, United States)
  • HTC Corporation (Taoyuan City, Taiwan)
  • Microsoft Corporation (Washington, United States)
  • Autodesk Inc. (California, United States)
  • Sixense Enterprises Inc. (California, United States)
  • Eon Reality Inc. (California, United States)
  • Dassault Systems SE (Vélizy-Villacoublay, France)
  • Apple Inc. (California, United States)

Key Development:

January 2020: Autodesk Inc signed a partnership agreement with InsiteVR to offer a VRmeeting integration platform for engineering and construction meetings. The platform will support in-designing and review projects to assist engineers.

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Table of Content

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities, and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Global Virtual Reality Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Component (Value)
      • Hardware
      • Software
      • Content
    • By Device Type (Value)
      • Head-Mounted Devices
      • VR Simulator
      • VR Glasses
      • Treadmills & Haptic Gloves
      • Others
    • By Industry (Value)
      • Gaming
      • Entertainment
      • Automotive
      • Retail
      • Healthcare
      • Education
      • Aerospace & Defence
      • Manufacturing
      • Others
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America

TOC Continued…!

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Facebook-Meta Earns the ‘Worst Company of 2021’ Title in This Survey




Facebook has had its share of controversies this year. The company was under more scrutiny after whistleblower Frances Haugen leaked a series of internal documents.

Facebook parent Meta has been named the Worst Company of the Year (2021) by Yahoo Finance respondents. According to the publication, an “open-ended” survey was published on Yahoo Finance on December 4 and 5, where 1,541 respondents participated. Facebook received 8 percent of the write-in vote, but respondents were seemingly mad about the Robinhood trading app as well. Electric truck startup Nikola, which was named last year’s worst company by the same publication also faced respondents ire.

Yahoo Finance notes, “Facebook has had its share of controversies this year.” Starting in January, Meta-owned WhatsApp got caught up in a huge controversy after the messaging app announced a new privacy policy (Terms of Service). WhatsApp said it would collect user information and share it with third-party apps for a better user experience. However, the app gave users no choice but later made modifications to the policy under pressure. Similarly, the company was under more scrutiny after whistleblower and former Facebook employee Frances Haugen leaked a series of internal documents showing the company’s problematic practices. It was revealed that Meta-owned Instagram had a negative impact on teenage girls, but the company did almost nothing to rectify the problem.

Yahoo Finance even highlights, “At the same time, some critics, including conservatives, say Facebook over-policed the platform’s speech and stifled their voices.” Critics also blame Facebook and other social media platforms for not curbing hate speech that led to Capitol Building riots.

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However, around 30 percent of Yahoo Finance readers said that Facebook or Meta could redeem itself. One respondent suggested that the company could issue a formal apology for negligence and donate a sizable amount of its profits to a foundation to help reverse its harm.

On the other hand, respondents chose Microsoft as the Company of the Year (2021). The Satya Nadella-led company touched the trillion-mark this year and introduced notable upgrades. The most notable is the Windows 11 OS update that succeeds Windows 10.

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Facebook pays 1.7 Cr fine to Russia after failing to delete content Moscow deems illegal





In the latest legal tussle with Russia over controversial social media regulation laws, Facebook paid 17 million roubles (Rs 1.7 Crore) for failing to remove content deemed illegal by Moscow. With a threat of potential larger fines looming, Facebook parent company Meta, owned by Mark Zuckerberg, is scheduled to face court next week over repeated violations of Russian legislation on content, Interfax News Agency reported. As per the latest updates, the social media giant could be fined a percentage of its annual revenue.

In October, Moscow sent state bailiffs to enforce the collection of 17 million roubles. Meanwhile, as per Interfax report citing a federal bailiffs’ database, on Sunday, there were more enforcement proceedings against the company. Apart from the popular social media app, Telegram has also paid 15 million roubles in fines for failing to comply with the Russian social media legislations that came into force in 2016.

Facebook pays $53k to Russia for refusing controversial social media laws

It is pertinent to mention that Facebook has locked horns with Moscow earlier in November, resulting in it paying 4 million roubles ($53,000) over its refusal to adhere to Russian data localisation laws, the Moscow Times reported. The Moscow court on November 25 had said that Facebook paid the fine levied in February, following which all proceedings against the US-based social media giant. The payment comes against the litigation filed against the company in 2018, alongside Twitter. The tech companies were also forced to pay an additional 3000 rubles ($40) for failing to comply with user data sharing rules as per the law. The Russian authorities have also previously blocked LinkedIn, owned by Microsoft, for failing to abide by the laws.

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Russian social media laws

As per Moscow Times, under the Russian social media regulation laws, all foreign technology companies are required to store data related to Russian customers and users on servers located in Russia. Additionally, the Russian tech companies will also have to share encryption data with the federal authorities as well as record user calls, messages and civil society group conversation records. The apparatus is said to be a severe breach of privacy rights and unfettered back-door access to personal data that could be used to harass Kremlin critics.

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Facebook Messenger Is Launching a Split Payments Feature for Users to Quickly Share Expenses




Facebook Messenger Is Launching a Split Payments Feature for Users to Quickly Share Expenses

Meta has announced the arrival of a new Split Payments feature in Facebook Messenger. This feature, as the name suggests, will let you calculate and split expenses with others right from Facebook Messenger. This feature essentially looks to bring an easier method to share the cost of bills and expenses — for example, splitting a dinner bill with friends. Using this new Split Payment feature, Facebook Messenger users will be able to split bills evenly or modify the contribution for each individual, including their own.

The company took to its blog post to announce the new Split Payment feature in Facebook Messenger. 9to5Mac reports that this new bill splitting feature is still in beta and will be exclusive to US users at first. The rollout will begin early next week. As mentioned, it will help users share the cost of bills, expenses, and payments. This feature is especially useful for those who share an apartment and need to split the monthly rent and other expenses with their mates. It could also come handy at a group dinner with many people.

With Split Payments, users can add the number of people the expense needs to be divided with and, by default, the amount entered will be divided in equal parts. A user can also modify each person’s contribution including their own. To use Split Payments, click the Get Started button in a group chat or the Payments Hub in Messenger. Users can modify the contribution in the Split Payments option and send a notification to all the users who need to make payments. After entering a personalised message and confirming your Facebook Pay details, the request will be sent and viewable in the group chat thread.

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Once someone has made the payment, you can mark their transaction as ‘completed’. The Split Payment feature will automatically take into account your share as well and calculate the amount owed accordingly.

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Tasneem Akolawala is a Senior Reporter for Gadgets 360. Her reporting expertise encompasses smartphones, wearables, apps, social media, and the overall tech industry. She reports out of Mumbai, and also writes about the ups and downs in the Indian telecom sector. Tasneem can be reached on Twitter at @MuteRiot, and leads, tips, and releases can be sent to

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