SAN FRANCISCO, April 26, 2023 /PRNewswire/ -- The global virtual reality market size is expected to reach USD 87.0 billion by 2030, growing at a CAGR of 13.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. The increasing adoption of user immersion technology in industries such as education, industrial training, and healthcare, is expected to drive the growth. Additionally, internet penetration in the form of high-speed 5G networks has positively impacted the adoption of virtual reality technology due to fast and low-latency internet connections.
Key Industry Insights & Findings from the report:
- Based on device, the gesture tracking device (GTD) is expected to grow at the highest CAGR of around 15% over the forecast period due to the trend of gesture tracing for enhanced immersion.
- Based on technology, the semi & fully immersive segment recorded the largest revenue share of over 80% due to the realistic experience provided by the technology that closely simulates real-world scenarios.
- Based on component, the software segment is expected to grow at the highest CAGR of over 15% during the forecast period, attributed to the growing demand for VR applications in gaming and entertainment.
- Asia Pacific accounted for the largest revenue share of around 40.0% in 2022 due to the presence of leading VR equipment manufacturers and encouraging initiatives by the governments for use of advanced technologies.
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), By Component (Hardware, Software), By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Virtual Reality Market Growth & Trends
The growing demand for training and research across industries such as education, aerospace & defense, automotive, and more is also driving the growth of the virtual reality industry. 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.
Moreover, virtual reality 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. Similarly, the demand for virtual reality in the education sector is 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 of the virtual reality industry over the forecast period owing to the dominance of technology companies in the region. The region's rapid technology penetration and availability of new VR products are expected to increase the demand. Additionally, the emergence of various start-ups related to VR is expected to help create opportunities for the market.
Virtual Reality Market Segmentation
Grand View Research has segmented the global virtual reality market based on 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
- Italy
- Asia Pacific
- China
- Japan
- India
- South Korea
- South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players in the Virtual Reality Market
- 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.
Check out more related studies published by Grand View Research:
- Augmented Reality & Virtual Reality In Manufacturing Market - The global augmented reality & virtual reality in manufacturing market size is anticipated to reach USD 62.71 billion by 2030, expanding at a CAGR of 29.3% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The market is expected to witness substantial growth over the next eight years as more manufacturing industries have incorporated Augmented Reality (AR) and virtual reality (VR) in their production processes. AR and VR technologies in manufacturing are used for training the workforce, safety testing, error detection, and quality assurance, among others. The advancements in 3D technology and the combination of Artificial Intelligence (AI) with VR offer growth prospects to the market, especially in the automation and manufacturing businesses. Therefore, all these factors positively impact the growth of the market.
- 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.
- Metaverse Market - The global metaverse market size is predicted to attain USD 936.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 41.6% from 2023 to 2030, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.
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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