Product ID: SQMIG45J2070
Report ID:
SQMIG45J2070 |
Region:
Global |
Published Date: February, 2024
Pages:
270
|
Tables:
118 |
Figures:
83
North America is the largest market for virtual reality (VR) worldwide, being characterised by significant development of VR technology and wide acceptance of VR devices. As per the most recent statistics, a rather large proportion of the American population is not only acquainted with but also engaged with VR. Already 78% of Americans know about VR, we have a firm starting ground for further expansion within the region. In 2023, in the US, 17.7% of Americans were using VR technology on their own account which is a lot. This means that the industry is gaining momentum and the VR technology is being successfully adopted in many areas like gaming, entertainment, education, healthcare etc. It corresponds to the high adoption level which shows that VR practice becomes more and more integrated into various day-to-day activities, reflecting its ability to transform the way people engage with digital content and immersive experiences. Furthermore, there are forecasts that the use of VR and in the United States for the current year is also very exciting. According to the forecasts, about 58.9 million will use VR at least once a month. These numbers denote 17.7% of the total American population respectively, a striking increase compared to the use of these platforms in the year prior. This rise in usage demonstrates the increasing popularity of cutting-edge and interactive technologies among consumers in the US market.
Asia Pacific region is an area of the most dynamically growing segment in the global virtual reality market. According to reports, it is supposed to be colossal growth in VR sector globally. In this context, China is a key player as it is expected to lead the world in VR spending by the end of 2018, based on the findings of IDC. Chinese projection signifies the significant participation of the country in the development of VR technologies, thus portraying the country as the pioneer of both the global growth and the adoption of these technologies. It is similarly 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 she 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. China is already leading with its significant investments in VR technology and other countries in the region are likely to follow suit. 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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REQUEST FREE CUSTOMIZATIONVirtual Reality Market size was valued at USD 15.75 billion in 2019 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).
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Product ID: SQMIG45J2070