Virtual Reality Market is Booming globally with Marginal Growth

Posted by Mrudula Anil Karmarkar on June 22nd, 2023

San Francisco, 22 June 2023: The ReportVirtual Reality MarketSize, Share & Trends Analysis Report By Technology (Semi & Fully Immersive, Non-Immersive), By Device (HMD, GTD), By Component (Hardware, Software), By Application, By Region, And Segment Forecasts, 2023 - 2030

The global virtual reality market size is expected to reach USD 87.0 billion by 2030, growing at a CAGR of 13.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. The increasing adoption of user immersion technology in industries such as education, industrial training, and healthcare, is expected to drive the growth. Additionally, internet penetration in the form of high-speed 5G networks has positively impacted the adoption of virtual reality technology due to fast and low-latency internet connections.

The growing demand for training and research across industries such as education, aerospace & defense, automotive, and more is also driving the growth of the virtual reality industry. For instance, in October 2022, Meta Platforms, Inc. launched the Meta Quest Pro VR headset with the Snapdragon Qualcomm XR2+ chipset. According to the company, the headset is targeted toward professionals and creators looking for high-end VR headsets.

Moreover, virtual reality has enabled e-commerce companies to let users shop virtually. This technology creates an interactive environment and helps improve the overall shopping experience for users. Similarly, the demand for virtual reality in the education sector is growing as teachers can conduct interactive academic sessions on VR-based online platforms to facilitate better collaboration.

North America is anticipated to hold a significant share of the virtual reality industry over the forecast period owing to the dominance of technology companies in the region. The region’s rapid technology penetration and availability of new VR products are expected to increase the demand. Additionally, the emergence of various start-ups related to VR is expected to help create opportunities for the market.

Virtual Reality (VR) enables users to experience a three-dimensional environment in the real world. This immersive experience for consumers is created by VR technology through gadgets such as VR headsets, glasses or gloves, and bodysuits. VR technology has also transformed the gaming and entertainment sectors by enabling users to engage themselves in a highly-simulated gaming world. Furthermore, the increasing use of virtual reality in instructional training, such as for field workers, engineers, mechanics, pilots, defense personnel, and technicians in the various industrial sectors, is propelling the market’s growth.

Access Research Report of Virtual Reality Market @https://www.grandviewresearch.com/industry-analysis/virtual-reality-vr-market

Virtual Reality Market Report Highlights

• Based on device, the gesture tracking device (GTD) is expected to grow at the highest CAGR of around 15% over the forecast period due to the trend of gesture tracing for enhanced immersion
• Based on technology, the semi & fully immersive segment recorded the largest revenue share of over 80% due to the realistic experience provided by the technology that closely simulates real-world scenarios
• Based on component, the software segment is expected to grow at the highest CAGR of over 15% during the forecast period, attributed to the growing demand for VR applications in gaming and entertainment
• Asia Pacific accounted for the largest revenue share of around 40.0% in 2022 due to the presence of leading VR equipment manufacturers and encouraging initiatives by the governments for use of advanced technologies

During the COVID-19 outbreak, various industries were shut down briefly and lockdowns were imposed to reduce the spread of the virus which in turn impacted business operations across regions. However, the increasing need for businesses to continue their business activities online resulted in an increased demand for virtual reality.

                                                           Virtual Reality Market Report Scope

List of Key Players in the Virtual Reality Market

• Alphabet Inc.
• Barco NV
• CyberGlove Systems, Inc.
• Meta Platforms Inc.
• HTC Corporation
• Microsoft Corporation
• Samsung Electronics Co., Ltd.
• Sensics, Inc.
• Sixense Enterprises, Inc. (Penumbra, Inc.)
• Ultraleap Limited.

Access Press Release of Virtual Reality Market@https://www.grandviewresearch.com/press-release/global-virtual-reality-vr-market