Pune,India, Sept. 12, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights Global Virtual Reality Market size was valued at USD 19.44 billion in 2022 and is projected to reach USD 165.91 billion by 2030, exhibiting a CAGR of 31.0% during the forecast period. Fortune Business Insights(TM) shares this information in its report titled Virtual Reality Market Forecast, 2023-2030.
Virtual reality, popularly known as VR, continues to rise in popularity. It promises to offer a simulated user experience across varied industry verticals. These range from gaming & entertainment to virtual training, engineering & maintenance, design & marketing, and digital assistance. Expanding use cases across a wide array of areas will promote a VR boom over the next few years.
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Industry Developments-
HTC Corporation rolled out VIVE – a new pair of portable immersive glasses. These offer numerous features including Meditation 2.0, brain training apps, and fitness apps compatible with VIVE SYNC.
Key Takeaways-
Virtual Reality Market is expected to flourish & reach USD 165.91 Billion in 2030The growing use of VR in healthcare is accelerating the market’s expansion.The market share of virtual reality is likely to grow due to the increased demand for virtual live entertainment.For a distinctive playing experience, virtual reality technologies particularly virtual reality headsets are frequently used in e-sports and video games.Virtual Reality Market Size in North America was USD 6.07 Billion 2022
Discover the Leading Players Featured in the Report-
“Oculus (Meta Platforms, Inc.) (U.S.), Google LLC (Alphabet Inc.) (U.S.), Microsoft Corporation (U.S.), Sony Interactive Entertainment LLC (Japan), HTC Corporation (Taiwan), Samsung Electronics Co., Ltd. (South Korea), Unity Software Inc. (U.S.), Qualcomm Incorporated (U.S.), Nvidia Corporation (U.S.), HaptX Inc. (U.S.)”
Report Scope & Segmentation-
Report Coverage Details Forecast Period 2023 to 2030 Forecast Period 2023 to 2030 CAGR 31.0% 2030 Value Projection USD 165.91 Billion Base Year 2022 Virtual Reality Market Size in 2022 USD 19.44 Billion Historical Data for 2019 to 2021 No. of Pages 140 Segments covered Component, Device Type, Industry, Regional
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Drivers and Restraints-
Live Entertainment to Provide VR Industry with a Significant Boost
Live virtual entertainment has gained much attention in the past several years as individuals increasingly prefer at-home entertainment. A wider proportion of people are using VR to attend live shows and events. The technology promises to deliver a real-world environment of live concerts or sports. Last year in April, for instance, the rock band Foo Fighters live-streamed a 180-degree performance on the Meta virtual stage through the Meta Quest headset. Virtual live environment is thus bound to open up new opportunities for virtual reality market growth.
Regional Insights-
North America Dominates Market Share Owing to Rise in VR Advancements
Over the course of the forecast period, North America is anticipated to hold the majority of the market share. Market expansion in the region is fueled by the considerable presence of important businesses there. In addition, a number of start-ups are entering the North American market and providing solutions tailored to particular industries.
Due to the rising demand for immersive technology in emerging economies, Asia Pacific exhibits rapid development throughout the course of the projected period.
Throughout the predicted period, Europe is anticipated to have significant growth. The area was a pioneer in using virtual solutions in the automotive sector.
Leading Segments Covered in this Report-
By Component
HardwareSoftwareContent
By Device Type
Head Mounted Devices (HMD)VR SimulatorVR GlassesTreadmills & Haptic GlovesOthers (Controllers, Cardboard, and others)
By Industry
GamingEntertainmentAutomotiveRetailHealthcareEducationAerospace & DefenseManufacturingOthers (Real Estate, Travel & Tourism, and others)
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Competitive Landscape
Market Players Focus on Product Improvements to Strengthen Market Position
Major market companies are creating cutting-edge new solutions for consumers. Additionally, they concentrate on enhancing their current product line to offer adaptable solutions with distinctive features. The organizations also seek to expand their product offerings through partnerships, acquisitions, and collaboration.
FAQs
How big is the Virtual Reality Market?
Virtual Reality Market size was USD 19.44 Billion in 2022. It is expected to reach USD 165.91 Billion by 2030.
How fast is the Virtual Reality Market growing?
The Virtual Reality Market will exhibit a CAGR of 31.0% during the forecast period, 2023-2030.
Related Reports-
Virtual Reality in Education Market Share, Revenue Forecast and Opportunities
Virtual Reality in Gaming Market Overview, Industry Share and Forecast
Augmented Reality Market Demand, Indepth Analysis And Estimated Forecast Till 2030
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