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Global Virtual Reality (VR) Market Analysis Report 2023: A $435+ Billion Industry by 2030 – CX, Training and Research, & Medical Needs Propel Growth

DUBLIN, Aug. 18, 2023 /PRNewswire/ — The “Virtual Reality (VR) Market Size, Share & Trends Analysis Report By Technology (Semi & Fully Immersive, Non-immersive), By Device (HMD, GTD), By Component (Hardware, Software), By Application, By Region, And Segment Forecasts, 2023 – 2030” report has been added to  ResearchAndMarkets.com’s offering.


The global virtual reality market size is expected to reach USD 435.36 billion by 2030, growing at a CAGR of 27.5% from 2023 to 2030

The increasing adoption of user immersion technology in industries, such as education, industrial training, and healthcare, among others, is expected to drive market growth.  In addition, internet penetration in the form of high-speed 5G networks has positively impacted the adoption of Virtual Reality (VR) technology due to fast and low-latency internet connections.

The growing demand for training and research across industries, such as education, aerospace & defense, and automotive, is also driving the growth of the market. For instance, in October 2022, Meta Platforms, Inc. launched the Meta Quest Pro VR headset with the Snapdragon Qualcomm XR2+ chipset.

According to the company, the headset is targeted toward professionals and creators looking for high-end VR headsets. VR technology has enabled e-commerce companies to let users shop virtually. This technology creates an interactive environment and helps improve the overall shopping experience for users.

The demand for virtual reality in the education sector is also growing as teachers can conduct interactive academic sessions on VR-based online platforms to facilitate better collaboration. North America is anticipated to hold a significant share in the market by 2030 owing to the dominance of technology companies in the region.

Technology penetration in the region and the availability of new VR products are expected to boost the region’s growth further. Moreover, the emergence of various start-ups related to virtual reality (VR) is expected to help create growth opportunities for the market.

Virtual Reality Market Report Highlights

  • The Gesture Tracking Device (GTD) segment is expected to grow at the highest CAGR of 29.9% over the forecast period due to the trend of gesture tracing for enhanced immersion
  • The semi & fully immersive technology segment held the largest revenue share of 82.7% in 2022 due to the realistic experience provided by the technology that closely simulates real-world scenarios
  • The software component segment is expected to grow at the highest CAGR of 29.7% from 2023 to 2030 due to the growing demand for VR applications in gaming and entertainment
  • Asia Pacific accounted for the largest revenue share of over 39% in 2022 due to the presence of leading VR equipment manufacturers and encouraging initiatives by the governments for the use of advanced technologies

Key Attributes:

Report Attribute

Details

No. of Pages

300

Forecast Period

2022 – 2030

Estimated Market Value (USD) in 2022

$59.96 billion

Forecasted Market Value (USD) by 2030

$435.36 billion

Compound Annual Growth Rate

27.5 %

Regions Covered

Global

Market Dynamics

Market driver analysis

  • Evolving applications in the entertainment and medical sectors
  • Growing VR penetration in consumer electronics

Market challenge analysis

  • High initial investments and device compatibility restrictions
  • Spatial discomfort and risk of other ailments

Industry Analysis Tools

  • PORTER’s Analysis
  • Macroeconomic Analysis

Competitive Landscape

Recent Developments & Impact Analysis

  • Company Categorization
  • Participant’s Overview
  • Financial Performance
  • Product Benchmarking
  • Company Heat Map Analysis
  • Company Market Share Analysis, 2022

Strategy Mapping

  • Expansion
  • Mergers & acquisitions
  • Collaborations
  • New product launches
  • Research & development

Key Market Participants

  • Alphabet Inc.
  • Barco NV
  • CyberGlove Systems Inc.
  • Meta Platforms, Inc.
  • HTC Corporation
  • Microsoft Corporation
  • Samsung Electronics Co., Ltd
  • Sensics, Inc.
  • Sixense Enterprises Inc. (Penumbra, Inc.)
  • Ultraleap Limited

For more information about this report visit https://www.researchandmarkets.com/r/7b75qs

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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SOURCE Research and Markets

Originally published at https://www.prnewswire.com/news-releases/global-virtual-reality-vr-market-analysis-report-2023-a-435-billion-industry-by-2030—cx-training-and-research–medical-needs-propel-growth-301904555.html
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