Pune, India, June 01, 2022 (GLOBE NEWSWIRE) -- The global virtual reality market size was valued at USD 11.64 billion in 2021. The market is projected to grow from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, exhibiting a CAGR of 45.2% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled “Virtual Reality Market Forecast, 2022-2029.”
Key Industry Development:
March 2022: Nvidia Corporation declared merger with more cloud service suppliers for high-quality VR streaming. With cloud-based streaming, the users can have admission to virtual, augmented, and extended reality from any position.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 45.2% |
| 2029 Value Projection | USD 227.34 Billion |
| Base Year | 2020 |
| Virtual Reality Market Size in 2021 | USD 11.64 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Component, Device Type, Industry and Geography |
| Virtual Reality Market Growth Drivers | Growing Live Virtual Entertainment to Drive Market Growth |
| Requirement of High Power to Hamper Market Growth |
Infinite Applications of VR Across Industries during Pandemic to Bolster Market Growth
The manufacturing and production factories of components, devices, equipment, and other hardware products have been brutally affected owing to the coronavirus outbreak globally. The temporary shutdown of industries, restricted number of in-house staff, closed country borders, and more have considerably obstructed the supply of components and the delivery of final products. Thus, in the beginning of 2020, owing to the restricted stock of virtual reality product and service, the market perceived small dip in its year-on-year trend and this has affected the overall global market.
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Drivers and Restraints:
Rising Live Virtual Entertainment to Bolster Virtual Reality Market Growth
The notion of live virtual entertainment is budding globally. At present, people are choosing home entertainment by embracing the technology to access the live events or shows. As the technology provides an immersive and real-world environment to the users, its demand for live music concerts, live events or sports is surging substantially. The concept of live virtual entertainment is budding across the world.
However, the technology calls for robust hardware components and great computing power for the appropriate operation of devices. Nevertheless, the majority of present desktop accessories are not aligned with applications.
Segments:
Rising Investments in Advanced Hardware Offerings to Fuel Virtual Reality Market Growth
Based on component, the market is categorized into hardware, software, and content.
The hardware segment is predicted to dominate the global market share during the forecast period. The prime players are hugely capitalizing in the launch and invention of hardware.
Ability to Provide Immersive Environment to Drive Head Mounted Display Demand
Based on device type, the market is categorized into Head Mounted Display (HMD), VR simulator, VR glasses, treadmills & haptic gloves, and others.
HMD is estimated to lead the market, as it provides the most immersive environment.
Growing Investments on Advanced Training Tools to Boost Virtual Systems in Automotive Industry
Based on industry, the Virtual Reality Market is segmented into gaming, entertainment, automotive, retail, healthcare, education, aerospace & defense, manufacturing, and others. The gaming and entertainment segments are anticipated to lead the market during the forecast period.
The global market scope is classified across five regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Report Coverage:
The report offers a detailed study of the virtual reality market share and a keen examination of the major segments. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for virtual reality in the near future.
Regional Insights:
North America to Dominate Backed by Presence of Prime Players
North America is estimated to dominate and hold the largest virtual reality market share. The substantial existence of prime players in the U.S. is navigating the market growth in the region. Also, numerous start-ups are entering the U.S. market and offering industry-centric solutions.
Asia Pacific demonstrates speedy growth during the forecast period owing to the rising demand for immersive technologies in developing nations. China is anticipated to attain maximum market share, as it is one of the chief distributors of head mounted virtual reality devices and other hardware.
Europe is estimated to display considerable growth during the forecast period. The region is the preliminary adopter of virtual solutions in the automotive industry.
List of Key Players Mentioned 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.)
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Major Table of Contents:
- Global Virtual Reality Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software
- Content
- By Device Type (USD)
- Head-Mounted Devices (HMD)
- VR Simulator
- VR Glasses
- Treadmills & Haptic
- Others (Controllers, Cardboard, etc.)
- By Industry (USD)
- Gaming
- Entertainment
- Automotive
- Retail
- Healthcare
- Education
- Aerospace & defense
- Manufacturing
- Others (Real Estate, Travel & Tourism, etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Virtual Reality Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software
- Content
- By Device Type (USD)
- Head Mounted Devices (HMD)
- VR Simulator
- VR Glasses
- Treadmills & Haptic
- Others (Controllers, Cardboard, etc.)
- By Industry (USD)
- Gaming
- Entertainment
- Automotive
- Retail
- Healthcare
- Education
- Aerospace & defense
- Manufacturing
- Others (Real Estate, Travel & Tourism, etc.)
- By Country (USD)
- United States
- Canada
- Europe Virtual Reality Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software
- Content
- By Device Type (USD)
- Head-Mounted Devices (HMD)
- VR Simulator
- VR Glasses
- Treadmills & Haptic
- Others (Controllers, Cardboard, etc.)
- By Industry (USD)
- Gaming
- Entertainment
- Automotive
- Retail
- Healthcare
- Education
- Aerospace & defense
- Manufacturing
- Others (Real Estate, Travel & Tourism, etc.)
- By Country (USD)
- United Kingdom
- Germany
- France
- Scandinavia
- Rest of Europe
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