Global Virtual Reality Market

Global Virtual Reality Market Size, Share, Growth Analysis, By Device(Head-Mounted Display (HMD), Gesture-Tracking Device (GTD)), By Technology(Semi & Fully Immersive, Non-Immersive), By Component(Hardware, Software), By Application(Aerospace & Defense, Consumer) - Industry Forecast 2024-2031

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

Global 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. 

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.

Virtual Reality Market 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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FAQs

Virtual 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).

In the global VR market, the 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 has got a 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 is a 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. 'Microsoft', ' Apple  ', ' Samsung Electronics  ', ' Sandbox VR  ', ' Dreamscape  ', ' Matterport  ', ' Transfr  ', ' Vicarious Surgical  ', ' LiveLike    ', ' Subvrsive  ', ' Virtuix Omni  ', ' Bigscreen ', ' Framestore ', ' Meow Wolf ', ' WorldViz ', ' Meta ', ' Talespin ', ' Applied VR ', ' Wevr ', ' Unity ', ' General Motors ', ' Qualcomm ', ' ImmersiveTouch ', ' In June 2023, Apple launched the first new product in over a decade: the mixed reality headset Vision Pro. Having its cost nearly $3,500, the headset made it possible for users to superimpose pictures on their real-world environment to do things like shopping, reading articles, and video calling with friends. The headset's control was managed with eye, hand and voice commands. The inventor claimed that the device was completely able to transform the users' experience by turning their environment into an "infinite canvas." However, the device's bulkiness, external battery pack requirement and the two-hour battery time were of great concern. While Apple had courted the youth by associating with Disney, the high price appeared to suggest that it was not chasing the assumption of mass penetration. ', ' In February in 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. '

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. 

Immersive educational experiences: The shift towards VR-based educational experiences (VR) is a 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 that 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.

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. 

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