CHICAGO, May 7, 2024
/PRNewswire/ -- The global virtual reality market was valued at
USD 15.9 billion in 2024 and is
projected to reach USD 38.0 billion
by 2029; it is expected to register a CAGR of 19.1% during the
forecast period according to a new report by
MarketsandMarkets™. The rise in demand for virtual reality
device is attributed to the growing penetration of the Metaverse,
Rapid adoption of digital technologies in healthcare and gaming
& entertainment sectors, Increased investments in virtual
reality market, and Significant adoption of HMDs across various
sectors.
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Browse in-depth TOC on "Virtual Reality
Market"
150 – Tables
90 – Figures
220 – Pages
Virtual Reality Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 15.9 billion
|
Estimated Value by
2029
|
$ 38.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 19.1%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Technology,
Offering, Device Type, Application and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Creating VR systems
with user-friendly interface
|
Key Market
Opportunities
|
Continuous developments
in 5G technology
|
Key Market
Drivers
|
The growing penetration
of the Metaverse
|
By Offering: Software segment to account for the larger
market share in the forecasted year.
The software segment accounted for the largest share of ~52% of
the virtual reality market in 2029. Software enables virtual
reality experiences such as informative overlays, interactive
games, and navigation aids. In contrast, virtual reality software
creates entirely digital environments where users can explore,
interact, and manipulate objects. This software often includes 3D
modeling, physics simulations, and rendering engines to provide
immersive virtual reality experiences like gaming, simulations,
training, and virtual tours. Virtual reality software is critical
for delivering the content and interactions that define the user's
experience within these immersive environments. Increasing
penetration of virtual reality software solutions and their
compatibility with existing hardware devices are expected to grow
the virtual reality market for software during the forecast
period.
By Application: Consumer application to account for the
largest market share in the forecasted year.
Consumer segment accounted for the largest share of ~44% of the
virtual reality market in 2029. The growth in consumer segment is
attributed as VR offers a level of immersion that traditional
gaming can't match. By placing you right in the center of the
action, VR lets you feel like you're truly part of the game
world. Imagine dodging bullets or swinging a sword, all while
feeling the virtual environment around you. Also, Museums are using
VR to create captivating experiences that bring collections and
exhibits to life. VR allows visitors to virtually travel through
time and space, immersing themselves in historical periods or
getting up close and personal with artworks in ways that wouldn't
be possible otherwise.
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Asia Pacific is expected to
hold the largest share of the virtual reality market during the
forecast period.
Asia Pacific held the second
largest share of ~38% in the virtual reality industry in 2029. The
growth of VR in the Asia Pacific
region is contributed from gaming, training, and entertainment
industry. The region boasts a huge and passionate gaming community,
particularly in countries like China and South
Korea. VR's immersive experiences perfectly cater to this
audience, offering a whole new level of engagement. Also, Many Asia
Pacific countries are investing heavily in education, recognizing
the importance of building a skilled workforce. This investment
includes adopting new technologies like VR to enhance learning
experiences.
Key Players
The key companies that offer virtual reality companies include
Meta (US), Sony (Japan), Samsung
Electronics Co., Ltd. (South
Korea), Microsoft (US), Unity Technologies (US).
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