Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) -- Virtual Reality (VR) has gained attention in the past few years. VR technology is an evolving IT innovation that significantly affects consumer behavior and perception of products. Virtual Reality (VR) is defined as a 3D environment in which an individual can become immersed using a dedicated headset powered by a game console, computer, or smartphone. The VR experience can be improved with 3D audio sounds and by using haptic devices that use sensors to transfer body movement into the virtual space.
Virtual Reality (VR) Market in terms of revenue was estimated to be worth $58.7 billion in 2022 and is poised to reach $441.84 billion by 2030, growing at a CAGR of 28.7% from 2022 to 2030 according to a new report published by The Insight Partners.
The swelling adoption of virtual reality VR technology across verticals, including gaming & entertainment, healthcare, automotive, architecture, and education, is driving the virtual reality (VR) market growth. The gaming & entertainment sector is projected to lead the virtual reality (VR) market growth over the forecast period.
Download Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPTE100000351/
Global Virtual Reality (VR) Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 58.7 Billion in 2022 |
| Market Size Value by | USD 441.84 Billion by 2030 |
| Growth rate | CAGR of 28.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Device, Technology, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The US has a foremost position in the global virtual reality (VR) market. R&D for hardware and software is centered around Silicon Valley, with major information technology (IT) giants such as Apple, Google, and Facebook. The US offers promising conditions for VR start-ups. The country has the maximum active VR venture capital funds. The country is also emphasizing investment in technology start-ups, which is why commercial VR companies started in the US earlier than elsewhere across the globe. For instance, in September 2021, Facebook took the next step towards expanding Metaverse with the announcement of a US$ 50 million investment into new research programs. Metaverse is a virtual reality (VR) environment in which users can cooperate with a computer-generated setting and other users. Therefore, such investments are expected to fuel the Virtual reality (VR) market growth during the forecast period.
Further, the increasing popularity of VR games and the need for businesses to maintain efficiency and productivity aid the growth of the virtual reality (VR) market in the region. A large base of virtual reality (VR) users in the region, particularly the US, will support the proliferation of the virtual reality (VR) market in the North American markets. Also, the growing adoption of virtual reality (VR) products and solutions by enterprises across verticals, including defense, entertainment, academia, healthcare, and construction, is expected to supplement the growth of the virtual reality (VR) market in the North American region.
In the Asia Pacific region, numerous virtual reality (VR) companies are opening, especially in Japan, China, and South Korea. Foremost Asian technology firms such as Sony, HTC, and Samsung are prominent in the mass manufacturing of virtual reality (VR) hardware. The Asia Pacific virtual reality (VR) market has been budding at a high rate, also driven by the support of local governments. For instance, according to the data published by the government, Virtual reality investment doubled in China in 2021. Further, By 2026, China aims to expand the output of its virtual reality (VR) industry to 350 billion yuan, with VR device sales surpassing 25 million units. Therefore, increasing focus on the development of virtual reality (VR) technology is anticipated to drive the growth of the virtual reality (VR) market in the Asia Pacific region during the forecast period.
Growing adoption of virtual reality (VR) in Numerous Industries to Create Lucrative Opportunities for the Virtual Reality (VR) Market:
Virtual Reality (VR) is one of the technologies with significant projected potential for growth. With realistic-looking objects and graphics, a virtual reality (VR) environment gives the user the experience that they are entirely immersed in their surroundings. A virtual reality helmet, headset, or other device is used to see this environment. The idea of live virtual entertainment is increasing across the globe. Nowadays, individuals choose to watch entertainment at home because technology allows them to access live performances or events. As technology bids individuals real-world and immersive entertainment, there is a significant increase in demand for live sporting events, live music concerts, and other live entertainment. The concept of live virtual entertainment is increasing all over the world. This, in turn, is anticipated to supplement the growth of the virtual reality (VR) market during the forecast period.
Virtual reality (VR) simulations have numerous applications that can range from training simulation to designing, prototyping, and testing tools and objects. Some generally used virtual reality VR simulations in the industrial domain include flight simulators for pilots, driving simulators, and combat simulators for military personnel, all of which offer training to operators in extremely dangerous circumstances without putting them at risk during the training procedure. One key use of virtual reality (VR) simulations is driving simulations for both the automotive industry and driving training; virtual reality (VR) offers the capability to create driving simulations in which operators can be sited in risky driving scenarios without actual danger. Driving simulators can be beneficial in numerous capacities, such as training inexperienced drivers in a low-stress environment or observing driving behavior to collect data. Thus, the demand for virtual reality (VR) market in the automotive industry is expected to increase during the forecast period.
Further, virtual reality (VR) simulations provide the opportunity for healthcare professionals to practice procedures before operating on a patient, which has proven to provide patients with improved outcomes more consistently and reduce the prevalence of mistakes. Practice and preparation in virtual reality (VR) aid in improving patient outcomes as medical personnel are well prepared for each patient’s unique circumstances before operating. Another use of virtual reality (VR) is in psychological health therapy and meditation. The immersive nature of virtual reality VR provides the flexibility to generate numerous types of experiences or environments. Thus, the demand for virtual reality (VR) market in the healthcare industry is expected to increase during the forecast period.
Virtual Reality (VR) Market: Segmental Overview
The hardware segment accounted for the principal revenue share in 2022. The high penetration and use of tablets, smartphones, and other advanced electronic handheld gadgets are anticipated to contribute to the segment’s growth as manufacturers are introducing VR-based features to more devices. In addition, the segment includes output devices, input devices, and consoles, which users buy as accessories for virtual reality VR setups. Furthermore, the increasing use of virtual reality (VR) headsets in amusement & theme parks, commercial applications, and other places is expected to provide growth opportunities to virtual reality (VR) market equipment providers.
Order a Copy of the Report: https://www.theinsightpartners.com/buy/TIPTE100000351/
Virtual Reality (VR) Market Analysis: Competitive Landscape and Key Developments
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.), and Ultraleap Ltd.. are a few of the key companies operating in the Virtual Reality (VR) market. The Virtual Reality (VR) market leaders focus on expansion and diversification, new product launches, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
In May 2022, PrecisionOS and Siemens Healthineers entered into a partnership to provide an immersive virtual Reality (VR) training program. The program helps in the practice of using the mobile 3D C-arm Cios Spin from Siemens Healthineers for intraoperative quality control and surgical workflow guiding. With this, technicians and Surgeons can share their surgical technique knowledge with a virtual patient during multi-user, peer-to-peer training sessions.
In Feb 2022, Sony launched VR2 and VR2 Sense Controllers for the PlayStation 5 to provide users with an improved virtual reality experience, allowing players to escape into the gaming world with a high range of sensations. VR2 adds a high visual fidelity and enhanced trackers.
Go through further research published by The Insight Partners:
Virtual Reality and Augmented Reality in Retail Market - Global Analysis and Forecast to 2028.
Immersive Virtual Reality Market - Global Analysis and Forecast to 2030.
Augmented Reality and Virtual Reality Market - Global Analysis and Forecast to 2028.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
