Ottawa, May 19, 2023 (GLOBE NEWSWIRE) -- The global virtual reality market is expected to grow at a CAGR of 14% during the forecast period 2023 to 2032. The development of better and cheaper VR hardware, which has made it more accessible to consumers, is what is driving the market's expansion. VR is becoming more and more in demand across a range of sectors, including retail, gaming, education, healthcare, and entertainment.
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Market Overview
With realistic-looking graphics and objects, a virtual reality (VR) environment gives the user the impression that they are completely immersed in their surroundings. A virtual reality headset, helmet, or other device is used to see this environment. We can learn how to do heart surgery with the aid of virtual reality, become totally involved in a video game as one of the characters, and enhance the effectiveness of sports training to boost performance.
Even while it can appear far off, its beginnings were not as recent as we might believe. Many people erroneously believe that the Sensorama, a device with a built-in seat that played 3D movies, released smells, and produced vibrations to make the experience as realistic as possible, was one of the first virtual reality gadgets. The invention was developed in the middle of the 1950s. Device design and interface architecture continued to advance as software and technology continued to advance throughout the years.
Regional Insights
Asia Pacific held the largest revenue share of about 41% in 2022 as a result of the quick development of VR technology. The growth of the regional market may be attributed to countries like China, which are significant producers and suppliers of virtual reality equipment. The region is also home to several companies and factories that use virtual reality in a variety of operations as a result of the push towards automation. The increased adoption of handheld devices with VR capabilities in the Asia Pacific region is also projected to fuel market expansion.
Report Highlights
- On the basis of device, the Head-Mounted Display (HMD) device sector had the highest revenue share of over 60.40% in 2022, and it is predicted that it would continue to dominate the market through 2030. The demand for virtual reality headsets is being driven by the increasing use of these devices in both consumer and business settings. The variety and type of HMDs, including tethered, hybrid, and wireless HMDs, are credited with the segment's expansion.
- On the basis of technology, the semi- and fully-immersive segment generated over 83% of total revenue in 2022. During the projection period, the segment is also anticipated to have the greatest CAGR. The increase in the segment can be attributed to the steady increase in demand for virtual reality HMDs for commercial
- On the basis of component, in 2022, the hardware sector had the highest revenue share (over 66%). As developers continue to integrate virtual reality-based capabilities into more devices, the widespread adoption and use of smartphones, tablets, and other high-tech handheld electronic devices are anticipated to support the segment's growth.
- On the basis of application, the greatest revenue share came from the commercial category 46% of total sales in 2022. Virtual reality headsets and virtual reality experience spaces are being used more frequently in the business world, including retail establishments, auto showrooms, and real estate.
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Scope of the report
| Coverage | Details | |
| Market Size in 2032 | USD 113.59 billion | |
| CAGR | 14% | |
| Asia Pacific Market Share | 41% | |
| Commercial Segment Share | 56% | |
| Key Players | Meta Platforms Inc., Google LLC, Samsung Electronics, NVIDIA Corp., GoerTek Inc., Spectra7 Microsystems, Unity Technologies Ltd., Microsoft Corp., HTC Corp., Sunny Optical Technology, and Others | |
Market Dynamics
Driver: Growing live virtual entertainment
The concept of live virtual entertainment is growing all over the world. Nowadays, people choose to watch entertainment at home because technology allows them to access live events or performances. As technology offers individuals immersive and real-world entertainment, there is a noticeable increase in demand for live music concerts, live sporting events, and other live entertainment. The concept of live virtual entertainment is growing all over the world.
Restraint: Logistics and shipping challenges
Logistics and shipping issues provide a substantial additional barrier to the growth of the online retail sector. The infrastructure of the logistics and supply chain has been strained by the rise in online sales, resulting in delays, damaged items, and greater shipping costs. The COVID-19 epidemic, which has caused supply chain interruptions, reduced capacity, and increased demand for online deliveries, has made the issue even worse.
Online businesses are making investments to enhance their shipping and logistics skills in order to lessen this restriction. To ensure prompt and correct delivery, this can involve working with reputable logistics companies, putting in place real-time tracking systems, and optimizing inventory control. Additionally, retailers are looking into alternative shipping options like curbside pickup or click-and-collect, which can ease the burden on delivery services.
Opportunity
M-Commerce
Mobile business is another big prospect for the virtual retail business, mobile commerce, or m-commerce. Retailers may take advantage of the growing popularity of mobile devices for online transactions to give customers a simple and comfortable shopping experience. Retailers can help customers use their smartphones and tablets for product browsing and purchases by optimizing their websites and mobile apps for mobile devices.
M-commerce can aid merchants in expanding their customer base and boosting revenue. By offering a convenient and adaptable buying experience, it can also enhance the client experience. M-commerce may also assist businesses in gathering crucial information about consumer behavior and preferences that can be utilized to enhance the mobile buying experience and increase customer engagement and loyalty.
Challenge: Returns and reverse logistics
Returns and reverse logistics are a big issue that the online retail business must deal with. While there are numerous advantages to buying online, such as ease and a larger product selection, it also presents difficulties when it comes to managing product returns.
Online businesses have a lot of returns to handle, which may be expensive and time-consuming. Furthermore, the expense of shipping and warehousing returned goods can quickly mount, placing pressure on profit margins. The problem is made much worse by the fact that many returned goods are not in a saleable state and cannot be added to inventory.
Furthermore, retailers can explore alternative solutions to traditional returns such as product exchange, repair, or donation to charities. These solutions can help reduce the environmental impact of returns and provide customers with alternative options to returning products.
Related Reports
- Metaverse Market - The global metaverse market was valued at USD 68.49 billion in 2022 and it is expanding around USD 1.3 trillion by 2030 with a CAGR of 44.5% from 2022 to 2030.
- AR and VR Market - The global AR and VR market was valued at USD 41.56 billion in 2022 and is expanding around USD 859.35 billion by 2030 with a CAGR of 46.03% from 2022 to 2030.
- AR and VR in Manufacturing Market - The global AR and VR in manufacturing market was valued at USD 8.2 billion in 2022 and is expanding around USD 74.1 billion by 2032 with a CAGR of 24.62% from 2023 to 2032.
- AR and VR in Healthcare Market - The global AR and VR in healthcare market was valued at USD 2.3 billion in 2021 and it is expanding around USD 19.6 billion by 2030 with a CAGR of 26.88% from 2022 to 2030.
Recent Developments
- In October 2022, Flutter Entertainment's PokerStars VR has revealed that it will serve as the Quest Pro mixed reality headset's debut title. When utilizing Quest Pro, players might modify their environment to match their playing preferences. It would provide players the choice between a fully immersive virtual reality experience and a partial immersion that allows them to use editable "passthrough windows" to bring in real-world objects or settings into the game.
- When NASA's historic Artemis 1 mission launches for the moon in August 2022, a brand-new Oculus Quest and VR experience called "Artemis Ascending" will offer an immersive perspective of the launch pad.
- In May 2022, Siemens Healthineers and PrecisionOS have partnered to provide immersive virtual reality (VR) training. The programme aids in the practise of using the mobile 3D C-arm Cios Spin from Siemens Healthineers for surgical workflow guiding and intraoperative quality control. Surgeons and technicians would be able to share their surgical technique knowledge on a virtual patient during multi-user, peer-to-peer training sessions. They may collaborate more easily as a result of this.
Market Segmentation
By Device
- Head-mounted Display (HMD)
- Gesture-tracking Device (GTD)
- Projectors & Display Wall (PDW)
By Technology
- Semi & Fully Immersive
- Non-immersive
By Component
- Hardware
- Software
By Application
- Aerospace & Defense
- Consumer
- Commercial
- Enterprise
- Healthcare
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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