Dallas, Texas, Oct. 20, 2022 (GLOBE NEWSWIRE) -- It is projected that the global virtual reality industry will expand as users' need for a 3-D visual experience grows and high-performance CPUs are developed. Similar to this, VR technology is frequently used in education and training. The necessity to train pilots and surgeons, for instance, is driving the need for VR-based solutions. Many complex topics, like the structure of protein molecules, are now easier to understand as a result of these technologies.
By 2029, the global virtual reality market is anticipated to grow from 16.68 USD billion to 227.68 USD billion, with a 45.5% CAGR throughout that time.
Virtual reality is gaining popularity across a range of sectors, including healthcare, entertainment, real estate, and education. VR is being used to train staff members and medical professionals to reduce errors. Real-time online conferences and meetings are now possible because of VR. Virtual reality is making it easier for architects to evaluate plans and visualize how a building will look in person. Businesses are aiming to enhance the experience by integrating VR with more senses in addition to sound and vision. It is also projected that VR e-commerce would increase. E-commerce businesses are moving toward adopting VR to enhance the shopping experience. Additionally, marketing use VR extensively. To persuade clients to buy their products, businesses use virtual reality.
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Report coverage & details:
| Report Coverage | Details |
| Base Year | 2021 |
| Historical Data | 2019-2020 |
| Market Size in 2029 | USD 227.68 Billion |
| CAGR | CAGR of 45.5% during 2019-2029 |
| Segment Covered | Offering, Device Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | NVIDIA Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Facebook Technologies, LLC, Eon Reality, Inc. (US), HTC Corporation (Taiwan), Google LLC, Sony Corporation (Japan), Microsoft Corporation (US), BAE Systems plc (UK), and Eon Reality, Inc |
The gaming and entertainment industries have seen a considerable surge in the use of HMDs. In reaction to the introduction of VR and 3D technology, the gaming industry underwent technological improvement. By providing a completely immersive environment, the usage of HMDs has improved user experience and elevated gaming to a new level. The usage of VR HMDs has allowed users to experience a distinctive, improved transition. The market is also significantly influenced by factors including increasing urbanization, industrialization, and public awareness of the importance of education in developing countries. Likewise, government funding for the development of technology and solutions as well as increased per capita income are projected to hasten the global virtual reality market expansion.
Around 54.5% of the global market was accounted for by the commercial segment in 2021. This is related to the growing popularity of VR systems in the gaming and entertainment sectors. Also, the growing use of smartphones among millennials is anticipated to increase demand for VR technology across a range of business applications.
The market leader in North America has consistently prevailed and is likely to keep doing so during the evaluation period. Virtual reality market growth is fueled by the existence of numerous important players, including Google, Microsoft, Facebook Inc., and others, coupled with the expanding industrial sector. The consumer electronics, gaming, and entertainment industries are all seeing an increase in VR applications, which is helping to drive market growth in North America.
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The "Virtex Stadium" virtual reality stadium will enable fans to watch games with friends from the center of the field when it debuts in July 2021, according to a statement from Virtex. The release coincides with the rise in e-sports' popularity and the improvement in consumer VR hardware's performance and accessibility.
The first-ever loyalty program and payment card designed specifically for the metaverse were introduced in March 2022 by Liquid Avtar Technologies Inc., a financial solutions provider. The card is a real one that runs on the Engage360 platform from OptimizeFT, which provides digital banking solutions and payment card services in the US.
Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Virtual Reality Market by Offering Overview, 2019-2029 (USD Billion)
• Software
• Hardware
5. Virtual Reality Market by Device Type Overview, 2019-2029 (USD Billion)
• Gesture-tracking Device (GTD)
• Head-mounted Display (HMD)
• Projectors & Display Wall (PDW)
6. Virtual Reality Market by Application Overview, 2019-2029 (USD Billion)
• Enterprise
• Healthcare
• Commercial
• Aerospace & Defense
• Consumer
7. Virtual Reality Market by Regional Overview, 2019-2029 (USD Billion)
North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
The Middle East and South Africa
8. Company Profiles
9. Appendix
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