SAN FRANCISCO, July 7, 2022 /PRNewswire/ -- The global virtual reality market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.
Key Industry Insights & Findings from the report:
- The market is expected to be driven by advances in smartphone hardware and cutting-edge virtual reality-compatible headsets during the forecast period.
- The HMD device segment accounted for the largest revenue share of over 60.0% in 2021.
- The semi and fully immersive technology segment accounted for the largest revenue share in 2021, which is expected to further increase throughout the forecast period. This can be attributed to the ability of the technology to bring a real-like dimension to a simulated domain.
- Asia Pacific accounted for the largest revenue share of over 40.0% in 2021 and is anticipated to dominate the market during the forecast period.
Read 300-page market research report for more latest Insights, "Virtual Reality Market Size, Share & Trends Analysis Report By Technology (Semi & Fully Immersive, Non-immersive), By Device (HMD, GTD, PDW), By Component (Hardware, Software), By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Virtual Reality Market Growth & Trends
The emerging demand for virtual training across industries such as education, aerospace and defense, automotive, and healthcare is driving the market. For instance, in October 2021, Accenture ordered 60,000 Oculus headsets to simplify its onboarding process and train new employees. The company considers VR to be an engaging and productive technology that provides a time-efficient solution for training.
With the deployment of VR technology, the e-commerce industry has enabled shoppers to virtually try new clothes and accessories. This supports buyers in making the right purchase choices. Furthermore, the temporary closure of educational institutions to combat the spread of coronavirus has forced them to conduct their academic sessions on VR-based online platforms to facilitate better collaboration.
The VR technology has also enabled medical personnel to deliver instructions and aid therapies through the audio-visual tool. The increasing use of automation and Artificial Intelligence (AI) across many industries is one of the primary growth drivers of the market. North America is anticipated to maintain its lead during the forecast period owing to the dominance of technology companies in the region. Additionally, the emergence of various start-ups related to advanced technology is expected to impact the growth of the market.
Virtual Reality Market Segmentation
Grand View Research has segmented the global virtual reality market on the basis of device, technology, component, application, and region:
Virtual Reality Market - Device Outlook (Revenue, USD Million, 2018 - 2030)
- Head-mounted Display (HMD)
- Gesture-tracking Device (GTD)
- Projectors & Display Wall (PDW)
Virtual Reality Market - Technology Outlook (Revenue, USD Million, 2018 - 2030)
- Semi & Fully Immersive
- Non-immersive
Virtual Reality Market - Component Outlook (Revenue, USD Million, 2018 - 2030)
- Hardware
- Software
Virtual Reality Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
- Aerospace & Defense
- Consumer
- Commercial
- Enterprise
- Healthcare
- Others
Virtual Reality Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East & Africa
List of Key Players in the Virtual Reality Market
- Barco
- CyberGlove Systems, Inc.
- Meta
- HTC Corporation
- Microsoft
- Samsung
- Sensics, Inc.
- Sixense Enterprises, Inc. (Penumbra, Inc.)
- Ultraleap Limited
Check out more related studies published by Grand View Research:
- Augmented Reality & Virtual Reality In Healthcare Market - The global augmented reality & virtual reality in healthcare market size is expected to reach USD 9.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.2% from 2021 to 2028. Increasing advancements and digital disruptions in the healthcare system, rising healthcare expenditure, and the rising need for efficient and innovative solutions to enhance clinical and operational outcomes are contributing to the growth of the market.
- Virtual Reality Headset Market- The global virtual reality headset market size is anticipated to reach USD 55.69 billion by 2028, registering an estimated CAGR of 28.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The continuous advancements in virtual reality (VR) technology and the rapid penetration of smartphones are expected to drive market growth.
- Virtual Reality In Gaming Market- The global virtual reality in gaming market size is expected to reach USD 92.31 billion by 2027, expanding at a CAGR of 30.2% over the forecast period, according to a new report by Grand View Research, Inc. The intensifying demand for technologically progressive electronic games amongst millennials is anticipated to drive the market growth from 2020 to 2027.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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