The global virtual reality market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.
Virtual Reality Market Report Highlights
- The market is expected to be driven by advances in smartphone hardware and cutting-edge virtual reality-compatible headsets during the forecast period
- The HMD device segment accounted for the largest revenue share of over 60.0% in 2021
- The semi and fully immersive technology segment accounted for the largest revenue share in 2021, which is expected to further increase throughout the forecast period. This can be attributed to the ability of the technology to bring a real-like dimension to a simulated domain
- Asia Pacific accounted for the largest revenue share of over 40.0% in 2021 and is anticipated to dominate the market during the forecast period
Gain deeper insights on the market and receive your free copy with TOC now @: Virtual Reality Market Report
The Covid-19 pandemic impacted the way we live, socialize, enjoy, study, sport, and has significantly stimulated the adoption of virtual reality (VR) and augmented reality (AR) technologies. The emerging demand for virtual training across industries such as education, aerospace and defense, automotive, tourism, and healthcare is driving the market. For instance, in October 2021, Accenture ordered 60,000 Oculus headsets to simplify its onboarding process and train new employees. The company considers VR to be an engaging and productive technology that provides a time-efficient solution for training.
With the deployment of VR technology, the e-commerce industry has enabled shoppers to virtually try new clothes and accessories. This supports buyers in making the right purchase choices. Furthermore, the temporary closure of educational institutions to combat the spread of coronavirus has forced them to conduct their academic sessions on VR-based online platforms to facilitate better collaboration.
The VR technology has also enabled medical personnel to deliver instructions and aid therapies through the audio-visual tool. The increasing use of automation and Artificial Intelligence (AI) across many industries is one of the primary growth drivers of the market. North America is anticipated to maintain its lead during the forecast period owing to the dominance of technology companies in the region. Additionally, the emergence of various start-ups related to advanced technology is expected to impact the growth of the market.
Virtual Reality Market Insights By Demographics
Asia Pacific accounted for the largest revenue share, which can be attributed to the growing improvements in VR technology. Technological advancements are also aiding in the market’s expansion in Southeast Asian countries. The market growth in North America can be attributed to the growing market revenue in the U.S. The market in South America is expected to grow steadily owing to the increased internet adoption and advancements in immersive technology. Europe is estimated to emerge as the fastest-growing regional market. This is due to the widespread deployment of VR technology in a variety of applications across several industry sectors, particularly in the gaming and automobile industries.
Competitive Analysis By Major Companies
The continued trend of technology giants bringing commercial products into the market has prompted start-ups to collaborate in order to integrate and absorb VR technologies. Key companies are pursuing mergers and acquisitions as well as collaborations with technology start-ups to gain a competitive advantage in the market. Moreover, key players are making significant investments in R&D to include cutting-edge technologies with a variety of features in their products. Some prominent players in the global virtual reality market include:
- Barco
- CyberGlove Systems, Inc.
- Meta
- HTC Corporation
- Microsoft
- Samsung
- Sensics, Inc.
For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/industry-analysis/virtual-reality-vr-market/request/rs5
Virtual Reality Market Segmentation
Grand View Research has segmented the global virtual reality market on the basis of device, technology, component, application, and region
- Virtual Reality Device Outlook (Revenue, USD Million, 2018 – 2030)
- Virtual Reality Technology Outlook (Revenue, USD Million, 2018 – 2030)
- Virtual Reality Component Outlook (Revenue, USD Million, 2018 – 2030)
- Virtual Reality Application Outlook (Revenue, USD Million, 2018 – 2030)
- Virtual Reality Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players in the Virtual Reality Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/special-pricing/4409/rfsp2
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com