Who are the key vendors in the Global Virtual Reality Market?

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 have 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 are 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 labor division among 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 rising popularity of immersive technologies 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. Notable companies in the VR market include 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, and others.

What is the key market trend for Global Virtual Reality Market?

Immersive educational experiences: The shift towards VR-based educational experiences 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 of VR, students can take a trip to different time periods of history, visit distant planets, or float in microscopic worlds - everything from their classes. Such an approach to education not only engages students' attention but also enhances their understanding and retention of difficult concepts. 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, VR is the best place to have a practical experience. Students can perform virtual experiments in chemistry laboratories, see molecular structures in 3D, or observe physics phenomena in the real world. This hands-on approach gives children both curiosity and a way to explore while providing them with a space to play without all the constraints of real resources and safety concerns.

Which region accounted for the largest share in Global Virtual Reality Market?

North America is the largest market for virtual reality (VR) worldwide, characterized 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, providing 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 significant. This means that the industry is gaining momentum, and VR technology is being successfully adopted in many areas like gaming, entertainment, education, healthcare, etc. This high adoption level shows that VR practice becomes more integrated into various day-to-day activities, reflecting its ability to transform the way people engage with digital content and immersive experiences. Furthermore, forecasts suggest exciting usage of VR in the United States for the current year. According to the forecasts, about 58.9 million will use VR at least once a month, denoting 17.7% of the total American population, a striking increase compared to the use of these platforms in the previous year. This rise in usage demonstrates the increasing popularity of cutting-edge and interactive technologies among consumers in the US 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

Q: What is the global market size of Virtual Reality Market?

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).

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

Global Virtual Reality Market Insights

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).

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 2019. 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 2031. 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.

On the other side, the healthcare sector is expected to record the highest compounding annual growth rate between forecasted period due to the fact that VR exhibits the highest potential for medical education, therapy, and patient care. The launch of individual VR headsets denotes a significant breakthrough that has since revolutionized the VR industry. IDC predicts that VR headsets will hold the leading position by the end of 2025 as stand-alone devices become most popular among consumers due to their smaller size, portability and independence. Such transition is provided by the factors that drive consumer desire and trigger industry inventiveness.

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

Global Virtual Reality Market Report Snapshots

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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.

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

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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

Global Virtual Reality Market Insights

Global Virtual Reality Market Report Snapshots

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Who are the key vendors in the Global Virtual Reality Market?

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Which region accounted for the largest share in Global Virtual Reality Market?

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