Global Virtual Reality Market

Virtual Reality Market Size, Share, Growth Analysis, By Component(Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors]), By Device(Head-Mounted Displays, Gesture-Tracking Devices (Data Gloves, Other Gesture-Tracking Devices), and Projectors & Display Walls), By Technology(Non-Immersive Technology, Semi-Immersive and Fully Immersive Technology), By Application(Consumers (Gaming & Entertainment, Sports), Commercial (Retail & Ecommerce, Education & Training), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45J2070 | Region: Global | Published Date: June, 2024
Pages: 270 |Tables: 118 |Figures: 83

Virtual Reality Market Insights

Global Virtual Reality Market size was valued at USD 15.75 billion in 2022 and is poised to grow from USD 19.15 billion in 2023 to USD 91.54 billion by 2031, growing at a CAGR of 21.6% during the forecast period (2024-2031). 

Virtual reality (VR) is one of the fastest growing and most innovative areas in the global market with technology advancements and consumer adoption being the chief drivers. Last year, the market recorded shipment of 9.86 million AR and VR devices internationally which amount is expected to rise to 14.19 million units in 2022. This spike in demand highlights the fact that VR tech has become more and more mainstream in different areas and market segments. The growth of the VR sector is largely driven by the increasing number of users, which is forecasted to reach 171 million by the end of 2023. The user base is also growing in line to the expansion of VR applications not only in gaming to other areas including healthcare, education, automotive, and advertising. The trend of the Fortune 500 companies adopting VR technologies is constantly rising, with 52% already testing or applying them, which clearly indicates the ability of the technology to improve the business operations and the experience of the customers. In spite of the increasing number of VR users, issues persist, especially the motion sickness which impacts almost 58% of the users. However, future developments in VR related to hardware and software try to counter these issues making virtual reality more comfortable and satisfying for users. Furthermore, as the technology is widely adopted, consumer consciousness is growing as well, with over 50% of the U.S. population being already aware of VR devices. The VR market is noted for a big revenue, with predictions which say that virtual reality together with Augmented Reality can add more than $1.9 trillion to the world economy by 2030. The VR market earnings are diverse with the sectors involving gaming, healthcare, advertising, automotive and real estate. Among as the virtual reality gaming market, which is projected to experience  exponentially growth as VR gaming platforms like Sony's PS VR gained over 5 million sales around the globe.

US Virtual Reality Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 15.75 billion

Largest Segment

Hardware

Fastest Growth

Software

Growth Rate

21.6% CAGR

Global Virtual Reality Market ($ Bn)
Country Share for North America Region (%)

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Virtual Reality Market Segmental Analysis

Virtual reality market is segmented by Component, Device, Technology, Application, and Region. Based on Component, the market can be segmented into Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors], Semiconductor Components [Controllers & Processors, Integrated Circuits] Display & Projectors, Position Trackers, Cameras, Other Components), Software (Sdks, Cloud-based Services). Based on Device, the market is segmented into Head-mounted Displays, Gesture-tracking Devices (Data Gloves, Other Gesture-tracking Devices), Projectors & Display Walls. Based on Technology, the market is segmented into Non-immersive Technology, Semi-immersive And Fully Immersive Technology. Based on Application, the market is segmented into Consumers (Gaming & Entertainment, Sports), Commercial (Retail & Ecommerce, Education & Training, Travel & Tourism, Advertising), Enterprises (Manufacturing), Healthcare (Surgery, Patient Care Management, Fitness Management, Pharmacy Management, Medical Training & Education), Aerospace & Defense, Other Applications (Automotive, Real Estate (Architecture & Building Design), Geospatial Mining. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. 

Analysis by Component 

In the virtual reality market show that hardware occupies the largest portion, accounting for 72.61% of the market. This supremacy among hardware is mostly attributed to the increasing need for VR headsets as other devices of the kind. They provide immersive experiences to users. Recognized high-end VR hardware like headsets with advanced features and functionalities usually goes with high prices and these are, almost always, the most sought-after ones and become an important part of the revenue earned from hardware. Along with the announcement of the Apple Vision Pro coinciding with the WWDC back in June 2023, the hardware significance in the VR arena only becomes clearer still. Although the product is relatively more expensive than Quest Pro Pro Meta and Meta 3, the Apple Vision Pro is a high-quality virtual reality system, therefore captured premium VR experience consumers thereby dominantly the hardware segment market. 

On other hand, software is 27.39% of the size of the VR market worldwide, a smaller but still not insignificant fraction. Software becomes the foundation stone when it comes to giving the VR a start and then enhances the experience. On the other hand, software determines the nature of interaction, engagement, and utility for users. Now creators of software can develop complex and broad-raged applications capable of addressing problems in different sectors of the society. The applications media outlets include entertainment and gaming, healthcare, to workplace development and education; where VR simulations are used in the training of surgeons and manufacturers. Whereas the VR adoption continues to outpace and use cases are multiplying, demand for VR development is likely to grow as well leading to lucrative opportunities for developers and as a whole, the market of VR develops. 

Analysis by Application 

Consumers segment dominate the virtual reality market. Gaming is the leading one with the most developed VR ecosystem that has many devices and games, which makes the segment the biggest and most mainstream of all. Headsets such as Oculus Quest, HTC Vive, and Sony PlayStation VR have become very popular names amongst gaming aficionados, turning living rooms into a small portable VR space with each step. A proof of virtual reality (VR) technologies’ success can be seen from the VR headsets and games sales numbers that keep breaking sales records. Facebook's Meta Company announced that it has sold 471,000 Oculus Quest 2 VR headsets in the third quarter of 2022, which highlights the growing popularity among players of the virtual reality experience. For instance, VR gaming revenue is forecasted for $3.2 billion in 2024 and this shows the vast monetization possibilities in the gaming segment. Games such as Beat Saber have already been skyrocketing significant milestones, and Meta revealed that more than one third of the 400 VR games grossed $1 million each.  

The healthcare segment is gradually becoming the fastest growing sector adopting VR. With an anticipated Compound Annual Growth Rate (CAGR) of 34.9%, VR technology has and will continue to revolutionize medical training, therapy, and patient care. Healthcare practitioners are resorting gradually to VR based simulations for surgical training, pain management, and mental health therapy encompassing the market for VR based solutions.

Global Virtual Reality Market By Component, 2022 (%)

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Virtual Reality Market Regional Insights

Asia-Pacific region is an area of the most dynamically growing segment in the virtual reality market. According to reports, it is supposed to be colossal growth in VR sector globally. It is incredible that China is likely to occupy 36% of the global total VR spending by 2024. This is the significant Chinese contribution that also highlights China as the most important player that guides the global market growth. Also, China's forecasted spending significantly exceeds that of the United States and Western Europe, indicating that Chaina is the leader in the global market. The domination of Virtual Reality by China has not only affected China itself but the whole Asia-Pacific region as well. This will further accelerate the growth of the market in the Asia-Pacific region. This development proves that Asia-Pacific, led by China, is on its way for faster expansion and popularising VR technologies aided with the strong investments, increasing adoption rates, and technological advancements. Consequently, Asia-Pacific rises as the main focus of the international VR market with China on the leading edge, creating new ideas and increasing economy.

Europe is anticipated to be the most rapidly expanding regional market, with a forecasted CAGR surpassing 29.3% throughout the projection period. This burgeoning growth is catalyzed by the pervasive integration of VR technology across a multitude of applications and sectors, particularly within the realms of gaming and automotive industries. The region's substantial gaming demographic plays a pivotal role in the widespread embracement of sophisticated VR headsets. Moreover, the brisk advancement and commercial proliferation of potent VR hardware, tailored specifically for the gaming aficionados in European nations, have significantly bolstered the market's upward trajectory.

Global Virtual Reality Market By Region, 2024-2031
  • Largest
  • Fastest

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Virtual Reality Market Dynamics

Virtual Reality Market Drivers

Implementing New and Emerging Virtual Reality Technology and Applications for the Healthcare Profession

  • VR is a guiding light in the healthcare field, especially in medicine. The point of using virtual reality to help the surgeon with endoscopic surgery is that the patient's view is transmitted to the surgeon virtually or partly in a 3D environment. With the help of tools, programmers can build apps that are VIltual for healthcare, which detect the position in the physical milieu, and assist to demonstrate the static or 3D models. Virtual reality Tools are writing convenient mobile apps for all to be in the forefront. "Unity" is a program that can be used to develop VR projects and "the Unity" software engine is a powerful one indeed. Indicating the forecast period, training doctors using virtual and augmented reality, boosting fitness, overseeing pharmacists, guiding medical students through difficult learning, and after patients leave a hospital, caring for and supporting them are considered as the main factors that play a role in accelerating the acceptance of the technology. 

The VR Gaming Systems Provide Users with an Artificially Realistic and Comfortable Experience

  • Since the global outbreak of coronavirus VR gaming systems have had quite a popular position on the market. The phenomenon of Oculus Quest, All-in-one virtual reality gaming system that consists of a headset, touch controllers and 15W adaptor as well as batteries was created by this movement. This creates new niches for businesses in the VR and AR fields. Updated factories for VR and AR producers of gaming products provide couples of devices that are modulate, adjustable and comfortable. VR headset hint that it is VR gaming systems that realize that experience. It is no secret that video games have gained much traction as the virtual reality technology emerged in the last few years. Developing a VR game is competitive and VR provides us the much-needed capability to be immersive and to deliver first-person experiences that the new gaming industry requires. Virtual reality is still a bit far reach initially, but developers like Oculus (by Facebook) and HTC have brought it closer with improved technology and prices. 

Restraints 

High Cost of Equipment and Content

  • A major issue reducing the vitality of this technology of VR is the high budget required for the VR equipment and content. VR glasses, more advanced ones promising leading immersive shows, have been costly, finding application in a limited number of people who can afford such a purchase. Furthermore, the service taking on the development of top-notch VR content demands specific talents and resources sets, which makes the production of such content very expensive. This price risk factor acts as a barrier of affordability of VR experiences for many people, thereby moderating the rate at which VR is being embraced within the market. 

Technological Limitations and Challenges

  • VR technology is on the move quickly, but there still are many technical imperfections and problems which keep it from being universally accepted. For instance, the VR introduction may put you on a rollercoaster and any feeling of motion sickness will distract from the experience and could also limit the appeal of the applications. Besides, the requirement of powerful hardware for VR could be seen as a compatibility issue which in turn means the cost has increased as it demands such game hardware for consumers. It becomes crucial to find the solutions for these tech-related obstacles, which may very well be the ultimate reason that VR technology still needs both time and efforts to be accepted by the general public.

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Virtual Reality Market Competitive Landscape

In the VR market, competitive landscape reflects the aggressive competition of key players, seeking to seize their own market share and consolidate their place for leadership in this highly dynamic industry development. The most notable companies in the industry have got comprehensive range of VR hardware, software and content solutions. With their technological skills, strong research and development capabilities, and strategic alliances, these large players can be well positioned to offer fresh and unique products to their customers. Furthermore, niche players and new entrants challenge the incumbents with innovative VR related offerings for different segments of the market. The labour division among the hardware manufacturers, content developers and software providers are typical occurrence with the main objective of improving product ecosystems and giving users a smooth experience. Along with the immersive technologies’ rising popularity across diverse sectors, competition within the market will become even stiffer, hence creating room for innovation and development of advanced devices to suit assorted consumer and business requirements.

Virtual Reality Market Top Player’s Company Profiles

 

  • Apple (United States) 
  • Microsoft (United States) 
  • Samsung Electronics (South Korea) 
  • Unity (United States) 
  • General Motors (United States) 
  • Qualcomm (United States) 
  • Matterport (United States) 
  • Transfr (United States) 
  • Vicarious Surgical (United States) 
  • Sandbox VR (United States) 
  • Dreamscape (United States) 
  • Meta (United States) 
  • Talespin (United States) 
  • Applied VR (United States) 
  • Wevr (United States) 
  • LiveLike (United States) 
  • Subvrsive (United States) 
  • Virtuix Omni (United States) 
  • Bigscreen (United States) 
  • Framestore (United Kingdom) 
  • Meow Wolf (United States) 
  • WorldViz (United States) 
  • ImmersiveTouch (Canada)

Virtual Reality Market Recent Developments

  • In May 2024, Sony and Siemens announced their collaboration to launch a virtual reality headset tailored for Siemens' industrial metaverse initiatives, set to debut by December 2024. 

  • In February 2023, Meta Platforms Inc. acquired the VR strength and the known virtual reality (VR) application called Supernatural of Within Unlimited Inc. This buyout showcased Meta's understanding of Within Unlimited's VR tech expertise and Meta's eagerness to further solidify its position in the VR market. 

  • In January 2023, HTC Corporation announced its new virtual reality and augmented reality headset named Vive XR Elite. The Vive XR Elite fitted with a high-resolution screen led users into the virtual world, showing the dedication of HTC to the provision of top-notch VR technology.

Virtual Reality Key Market Trends

  • Immersive Educational Experiences: The shift towards VR-based educational experiences is monumental change in academic activities and vocational training. In 2024 the wave has made tremendous strides, providing enabling potentials in different lines of work. Perhaps the most amazing feature of VR in learning is, it is able to move students beyond the limits present in traditional physical classrooms. With the help VR, the students can take a trip to the different time periods of history, or visit distant planets, as well as floating in microscopic world - everything from their classes. Such an approach to education does not only engage the students' attention but as well releases their understanding and retention of difficult concepts. Another example is that the historical scenes can be reinvented into living and interactive platforms where learners see the unfolding of the historical events in front them. For instance, geography classes can conduct virtual escapades to distant lands, where students learn and comprehend different ecological systems and environmental occurrences in a practical way. In learning science, the VR is the best place to make a practical experience. The students can perform virtual experiments in chemistry laboratory, can see molecular structures in 3D, or can watch the physics phenomena in a real world. This hands-on approach gives children both the curiosity and the way to explore, while at the same time providing them with a space to play without all the constraints of the real resources as well as safety concerns.

Virtual Reality Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our virtual reality market analysis, market is growing and innovative fast, being taken up by many industries like gaming, entertainment, education, health and enterprise among others. The reasons behind the growth of the market are higher innovations in VR technology, growing consumer desire for immersive experiences, and increasing demand for VR in various sectors such as training, simulation, and remote collaboration. Lastly, the expansion of VR-compatible devices like VR headsets and smartphones, and the increase in the affordability and ease of access to the devices, propel market expansion. 

Report Metric Details
Market size value in 2022 USD 15.75 billion
Market size value in 2031 USD 91.54 billion
Growth Rate 21.6%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors], Semiconductor Components [Controllers & Processors, Integrated Circuits] Display & Projectors, Position Trackers, Cameras, Other Components), and Software (SDKS, Cloud-Based Services)
  • Device
    • Head-Mounted Displays, Gesture-Tracking Devices (Data Gloves, Other Gesture-Tracking Devices), and Projectors & Display Walls
  • Technology
    • Non-Immersive Technology, Semi-Immersive and Fully Immersive Technology
  • Application
    • Consumers (Gaming & Entertainment, Sports), Commercial (Retail & Ecommerce, Education & Training, Travel & Tourism, Advertising), Enterprises (Manufacturing), Healthcare (Surgery, Patient Care Management, Fitness Management, Pharmacy Management, Medical Training & Education), Aerospace & Defense, Other Applications (Automotive, Real Estate (Architecture & Building Design), and Geospatial Mining
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Apple (United States) 
  • Microsoft (United States) 
  • Samsung Electronics (South Korea) 
  • Unity (United States) 
  • General Motors (United States) 
  • Qualcomm (United States) 
  • Matterport (United States) 
  • Transfr (United States) 
  • Vicarious Surgical (United States) 
  • Sandbox VR (United States) 
  • Dreamscape (United States) 
  • Meta (United States) 
  • Talespin (United States) 
  • Applied VR (United States) 
  • Wevr (United States) 
  • LiveLike (United States) 
  • Subvrsive (United States) 
  • Virtuix Omni (United States) 
  • Bigscreen (United States) 
  • Framestore (United Kingdom) 
  • Meow Wolf (United States) 
  • WorldViz (United States) 
  • ImmersiveTouch (Canada)

Virtual Reality Market Recent Developments

  • In May 2024, Sony and Siemens announced their collaboration to launch a virtual reality headset tailored for Siemens' industrial metaverse initiatives, set to debut by December 2024. 

  • In February 2023, Meta Platforms Inc. acquired the VR strength and the known virtual reality (VR) application called Supernatural of Within Unlimited Inc. This buyout showcased Meta's understanding of Within Unlimited's VR tech expertise and Meta's eagerness to further solidify its position in the VR market. 

  • In January 2023, HTC Corporation announced its new virtual reality and augmented reality headset named Vive XR Elite. The Vive XR Elite fitted with a high-resolution screen led users into the virtual world, showing the dedication of HTC to the provision of top-notch VR technology.

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Virtual Reality Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Virtual Reality Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Virtual Reality Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Virtual Reality Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Virtual Reality Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Virtual Reality Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Virtual Reality Market size was valued at USD 15.75 billion in 2022 and is poised to grow from USD 19.15 billion in 2023 to USD 91.54 billion by 2031, growing at a CAGR of 21.6% during the forecast period (2024-2031). 

In the VR market, competitive landscape reflects the aggressive competition of key players, seeking to seize their own market share and consolidate their place for leadership in this highly dynamic industry development. The most notable companies in the industry have got comprehensive range of VR hardware, software and content solutions. With their technological skills, strong research and development capabilities, and strategic alliances, these large players can be well positioned to offer fresh and unique products to their customers. Furthermore, niche players and new entrants challenge the incumbents with innovative VR related offerings for different segments of the market. The labour division among the hardware manufacturers, content developers and software providers are typical occurrence with the main objective of improving product ecosystems and giving users a smooth experience. Along with the immersive technologies’ rising popularity across diverse sectors, competition within the market will become even stiffer, hence creating room for innovation and development of advanced devices to suit assorted consumer and business requirements. 'Apple (United States) ', 'Microsoft (United States) ', 'Samsung Electronics (South Korea) ', 'Unity (United States) ', 'General Motors (United States) ', 'Qualcomm (United States) ', 'Matterport (United States) ', 'Transfr (United States) ', 'Vicarious Surgical (United States) ', 'Sandbox VR (United States) ', 'Dreamscape (United States) ', 'Meta (United States) ', 'Talespin (United States) ', 'Applied VR (United States) ', 'Wevr (United States) ', 'LiveLike (United States) ', 'Subvrsive (United States) ', 'Virtuix Omni (United States) ', 'Bigscreen (United States) ', 'Framestore (United Kingdom) ', 'Meow Wolf (United States) ', 'WorldViz (United States) ', 'ImmersiveTouch (Canada)', ' In May 2024, Sony and Siemens announced their collaboration to launch a virtual reality headset tailored for Siemens' industrial metaverse initiatives, set to debut by December 2024.  ', ' In February 2023, Meta Platforms Inc. acquired the VR strength and the known virtual reality (VR) application called Supernatural of Within Unlimited Inc. This buyout showcased Meta's understanding of Within Unlimited's VR tech expertise and Meta's eagerness to further solidify its position in the VR market.  ', ' In January 2023, HTC Corporation announced its new virtual reality and augmented reality headset named Vive XR Elite. The Vive XR Elite fitted with a high-resolution screen led users into the virtual world, showing the dedication of HTC to the provision of top-notch VR technology. '

Asia-Pacific region is an area of the most dynamically growing segment in the virtual reality market. According to reports, it is supposed to be colossal growth in VR sector globally. It is incredible that China is likely to occupy 36% of the global total VR spending by 2024. This is the significant Chinese contribution that also highlights China as the most important player that guides the global market growth. Also, China's forecasted spending significantly exceeds that of the United States and Western Europe, indicating that Chaina is the leader in the global market. The domination of Virtual Reality by China has not only affected China itself but the whole Asia-Pacific region as well. This will further accelerate the growth of the market in the Asia-Pacific region. This development proves that Asia-Pacific, led by China, is on its way for faster expansion and popularising VR technologies aided with the strong investments, increasing adoption rates, and technological advancements. Consequently, Asia-Pacific rises as the main focus of the international VR market with China on the leading edge, creating new ideas and increasing economy.

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Global Virtual Reality Market

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