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

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.