Who are the key vendors in the Global Virtual Reality Market?

In the global VR market, the competitive landscape reflects the aggressive competition of key players, seeking to seize their own market share and consolidate their place for leadership in this highly dynamic industry development. The most notable companies in the industry have a comprehensive range of VR hardware, software, and content solutions. With their technological skills, strong research and development capabilities, and strategic alliances, these large players are well-positioned to offer fresh and unique products to their customers. Furthermore, niche players and new entrants challenge the incumbents with innovative VR-related offerings for different segments of the market. The labor division among hardware manufacturers, content developers, and software providers is a typical occurrence with the main objective of improving product ecosystems and giving users a smooth experience. Along with the rising popularity of immersive technologies across diverse sectors, competition within the market will become even stiffer, hence creating room for innovation and development of advanced devices to suit assorted consumer and business requirements. Notable companies in the VR market include Microsoft, Apple, Samsung Electronics, Sandbox VR, Dreamscape, Matterport, Transfr, Vicarious Surgical, LiveLike, Subvrsive, Virtuix Omni, Bigscreen, Framestore, Meow Wolf, WorldViz, Meta, Talespin, Applied VR, Wevr, Unity, General Motors, Qualcomm, ImmersiveTouch, and others.

What is the key driver of Global Virtual Reality Market?

VR is a guiding light in the healthcare field, especially in medicine. The point of using virtual reality to help the surgeon with endoscopic surgery is that the patient's view is transmitted to the surgeon virtually or partly in a 3D environment. With the help of tools, programmers can build apps that are virtual for healthcare, which detect the position in the physical milieu and assist in demonstrating static or 3D models. Virtual reality tools are writing convenient mobile apps for all to be in the forefront. Unity is a program that can be used to develop VR projects, and the Unity software engine is a powerful one indeed. Indicating the forecast period, training doctors using virtual and augmented reality, boosting fitness, overseeing pharmacists, guiding medical students through difficult learning, and caring for and supporting patients after they leave a hospital are considered as the main factors that play a role in accelerating the acceptance of the technology.

What is the key market trend for Global Virtual Reality Market?

Immersive educational experiences: The shift towards VR-based educational experiences is a monumental change in academic activities and vocational training. In 2024, the wave has made tremendous strides, providing enabling potentials in different lines of work. Perhaps the most amazing feature of VR in learning is that it is able to move students beyond the limits present in traditional physical classrooms. With the help of VR, students can take a trip to different time periods of history, visit distant planets, or float in microscopic worlds - everything from their classes. Such an approach to education not only engages students' attention but also enhances their understanding and retention of difficult concepts. For instance, geography classes can conduct virtual escapades to distant lands, where students learn and comprehend different ecological systems and environmental occurrences in a practical way. In learning science, VR is the best place to have a practical experience. Students can perform virtual experiments in chemistry laboratories, see molecular structures in 3D, or observe physics phenomena in the real world. This hands-on approach gives children both curiosity and a way to explore while providing them with a space to play without all the constraints of real resources and safety concerns.

Which region accounted for the largest share in Global Virtual Reality Market?

North America is the largest market for virtual reality (VR) worldwide, characterized by significant development of VR technology and wide acceptance of VR devices. As per the most recent statistics, a rather large proportion of the American population is not only acquainted with but also engaged with VR. Already 78% of Americans know about VR, providing a firm starting ground for further expansion within the region. In 2023, in the US, 17.7% of Americans were using VR technology on their own account, which is significant. This means that the industry is gaining momentum, and VR technology is being successfully adopted in many areas like gaming, entertainment, education, healthcare, etc. This high adoption level shows that VR practice becomes more integrated into various day-to-day activities, reflecting its ability to transform the way people engage with digital content and immersive experiences. Furthermore, forecasts suggest exciting usage of VR in the United States for the current year. According to the forecasts, about 58.9 million will use VR at least once a month, denoting 17.7% of the total American population, a striking increase compared to the use of these platforms in the previous year. This rise in usage demonstrates the increasing popularity of cutting-edge and interactive technologies among consumers in the US market.

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

Q: What is the global market size of Virtual Reality Market?

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, growing at a CAGR of 21.6% during the forecast period (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.

Virtual Reality Market Report Snapshots

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FAQs

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. '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)'

Growing Use in Training, Education, and in Architecture and Real Estate

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.

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.

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