USD 15.75 billion
Virtual Reality Market Size, Share, Growth Analysis, By Component(Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors]), By Device(Head-Mounted Displays, Gesture-Tracking Devices (Data Gloves, Other Gesture-Tracking Devices), and Projectors & Display Walls), By Technology(Non-Immersive Technology, Semi-Immersive and Fully Immersive Technology), By Application(Consumers (Gaming & Entertainment, Sports), Commercial (Retail & Ecommerce, Education & Training), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2070 |
Region:
Global |
Published Date: August, 2024
Pages:
270
|Tables:
118
|Figures:
83
Virtual Reality Market Insights
The Global Virtual Reality Market size was valued at USD 15.75 Billion in 2022 and is poised to grow from USD 19.15 Billion in 2023 to USD 91.54 Billion by 2031, at a CAGR of 21.6% over the forecast period (2024–2031).
The virtual reality market is driven by technological advancements and the rising adoption of entertainment and gaming. Constant advancements in virtual reality comprising more realistic simulation, better graphics, improved hardware and motion controllers, and robust headsets are all increasing the attraction of virtual reality. Moreover, the entertainment and gaming industries are the key drivers of the adoption of virtual reality embedded with immersive technologies and fresh content appealing to consumers. Nonetheless, the market is restrained by factors like the significant initial cost of quality VR software and hardware. This could prevent businesses and consumers from adopting VR devices. Furthermore, issues like restricted view field, motion sickness, and low-resolution might impact the consumer experience and hamper adoption. Yet, a few opportunities seen in the market include expanding consumer applications and growing use in the progressing healthcare industry.
US Virtual Reality Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
21.6% CAGR
Global Virtual Reality Market ($ Bn)
Country Share for North America Region (%)
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Virtual Reality Market Segmental Analysis
The Global Virtual Reality Market is segmented by Component, Device, Technology, Application, and Region. Based on Product, the market is segmented into Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors], Semiconductor Components [Controllers & Processors, Integrated Circuits] Display & Projectors, Position Trackers, Cameras, Other Components), and Software (SDKS, Cloud-Based Services). Based on Device, the market is segmented into Head-Mounted Displays, Gesture-Tracking Devices (Data Gloves, Other Gesture-Tracking Devices), and Projectors & Display Walls. Based on Technology, the market is segmented into Non-Immersive Technology, Semi-Immersive and Fully Immersive Technology. Based on Application, the market is segmented into Consumers (Gaming & Entertainment, Sports), Commercial (Retail & Ecommerce, Education & Training, Travel & Tourism, Advertising), Enterprises (Manufacturing), Healthcare (Surgery, Patient Care Management, Fitness Management, Pharmacy Management, Medical Training & Education), Aerospace & Defense, Other Applications (Automotive, Real Estate (Architecture & Building Design), and Geospatial Mining. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Component
Based on component, the hardware segment held a major share of the market and is expected to continue dominance over the forecast period as well owing to constant modernizations in virtual reality hardware like enhanced display resolutions, improved motion tracking, more user-friendly and comfortable design, and better view field. These factors are attracting the consumers on the global scale, fueling its adoption and propelling the segment growth.
On the other hand, the software segment is projected to grow at a considerable rate owing to the success of high-quality engaging content, attracting a large consumer base. The success of virtual reality is centered on engaging and high-quality. Software development includes applications, VR games, interactive experiences, and simulations. These attractions are notably fueling the growth of the software segment.
Analysis by Application
Based on application, the consumers segment held a considerable share of the market and will continue dominance over the forecast period as well owing to several compelling reasons like increased gaming and entertainment and increased affordability. As compared to other application segments, the gaming and entertainment industry holds major adoption of VR. Moreover, with the growing accessibility and affordability of VR hardware devices, a greater number of consumers are investing in VR devices for their personal use, aiding the segment growth.
Conversely, the healthcare segment is projected to grow at a significant rate due to improved patient care. Virtual reality utilized for anxiety reduction, pain management, and mental health therapy is increasing because of the benefits offered. Moreover, techniques like stress relief, PTSD, and virtual exposure therapy for phobias are improving patient results. This is fueling the adoption of VR in healthcare, thus the segment growth.
Global Virtual Reality Market By Component
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Virtual Reality Market Regional Insights
Region-wise, Asia-Pacific is leading the virtual reality market due to reasons like speedy technological improvements. Asia-Pacific is currently witnessing speedy technological improvements and adoption. Nations like South Korea, Japan, and China are leading in the development and deployment of virtual reality technologies, aiding the market growth in the region. Moreover, Asia-Pacific holds a large consumer base with growing spending power of consumers. This rising consumer market is positively impacting the demand for quality VR products and user experiences, mainly in the social media, gaming, and entertainment industry. The leading market players in Asia-Pacific include Sony Corporation, Lenovo, SKONEC ENTERTAINMENT Co., Ltd, INNOSIMULATION CO., LTD., and more.
The market in Europe is expected to be the fastest growing backed by a strong technological network. As compared to other regions, Europe brags strong innovation and technological ecosystem with several companies operating like Varjo (Finland), Oculus, Antilatency, AmazeVR, and more. Nations like France, the United Kingdom, and Germany are the key hubs for VR modernization. In addition, the market growth in Europe is also supported by growing applications in industries like education, healthcare, automotive, and manufacturing.
Global Virtual Reality Market By Region
- Largest
- Fastest
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Virtual Reality Market Dynamics
Drivers
- Growing Use in Training, Education, and in Architecture and Real Estate
Virtual reality offers interactive and immersive learning experiences, improving education and training results in military, corporate training, aviation, and more. VR also helps in school education and helps students explore interests beyond textbooks and offers unique chance for experiential learning. Moreover, VR is also used in real estate for architectural visualizations and virtual property tours, which enable clients to explore sites more carefully before they are constructed.
- Growing Investments and Availability of Strong Connectivity and Internet
A greater number of technology companies and new entrants are heavily investing in virtual reality technology for extensive research and development. This is remarkably boosting innovation and growth of the virtual reality market. Moreover, the increased speed of the internet and strong connectivity streamline the use of quality virtual reality applications and content. These factors are driving the demand for virtual reality, thus impacting the market growth.
Restraints
- High Priced Vegan Products
Virtual reality systems are quite difficult to install and use, which might prevent the less tech-savvy consumers adopting them, hampering market growth. Moreover, most potential users might not be well-educated about these systems, their functioning, and more, which could also limit the market growth.
- Privacy Concerns and Associated Health Issues
Virtual reality poses challenges like data security and privacy since the VR systems gather and use data of consumer’s interactions and movements. This factor might refrain users from using these systems, thereby impacting the market growth. Also, prolonged use of VR systems may cause harm to the eye, create discomfort, and other associated health issues, which may discourage its use.
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Virtual Reality Market Competitive Landscape
Virtual Reality Market providers need to focus on maximizing their business scope by reaching into new markets and developing virtual reality for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new virtual reality companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles
- Apple (United States)
- Microsoft (United States)
- Samsung Electronics (South Korea)
- Unity (United States)
- General Motors (United States)
- Qualcomm (United States)
- Matterport (United States)
- Transfr (United States)
- Vicarious Surgical (United States)
- Sandbox VR (United States)
- Dreamscape (United States)
- Meta (United States)
- Talespin (United States)
- Applied VR (United States)
- Wevr (United States)
- LiveLike (United States)
- Subvrsive (United States)
- Virtuix Omni (United States)
- Bigscreen (United States)
- Framestore (United Kingdom)
- Meow Wolf (United States)
- WorldViz (United States)
- ImmersiveTouch (Canada)
Recent Developments
- In February 2024, Unity Technologies recently introduced visionOS tools, a new operating system of Apple for Vision Pro spatial computing earpiece. This suppot will enable users to use Unity’s tools and workflow to create immersive user experiences for Vision Pro.
- In May 2024, Magic Leap declared strategic technology alliance with Google. Though the details are not yet disclosed, the alliance aims to improve a wide range of immersive experiences to the modern market.
- In May 2024, NVIDIA is striving to resolve form factor obstacles. The company recently partnered with Stanford Computational Imaging Group to create lighter and smaller XR devices. Research groups have been busy resolving these hardware obstacles in the past few years by creating small prototype devices.
Virtual Reality Key Market Trends
- Social Virtual Reality Experiences: In the past years, the idea of social VR gas witnessed huge attention, allowing users to communicate in shared virtual spaces irrespective of the geographic distances between them. This trend is expected to reach further with more modernizations in VR software and hardware that will facilitate realistic and more immersive social communications.
Virtual Reality Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, technological advancements and growth in consumer electronic items are majorly propelling the virtual reality market. Nonetheless, challenges like usability, complexity, security and privacy concerns will restrain market growth. Asia-Pacific is expected to dominate the market owing to the expanding consumer market, increasing use in training and education, and growth of smart cities and urbanization. Furthermore, educational innovations and speedy developments in VR content are some of the opportunities in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 15.75 Billion |
| Market size value in 2031 | USD 91.54 Billion |
| Growth Rate | 21.6% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Virtual Reality Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Virtual Reality Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Virtual Reality Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Virtual Reality Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Virtual Reality Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Virtual Reality Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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