DUBLIN--(BUSINESS WIRE)--The "Global Virtual Reality Market by Technology (Non-immersive, Semi & Fully Immersive), Offering, Device Type (Head-mounted Devices, Gesture Tracking Devices, Projectors & Display Walls), Application and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global virtual reality market was valued at USD 15.9 billion in 2024 and is projected to reach USD 38.0 billion by 2029; it is expected to register a CAGR of 19.1%
The report segments the virtual reality market and forecasts its size by technology, offering, device type, application, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions - North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the virtual reality ecosystem.
Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors is driving the growth of the virtual reality market. Whereas Latency issues and high energy consumption is restraining the growth of the virtual reality market.
New technologies are evolving to make an effective contribution to thriving segments such as gaming, retail, military, and healthcare. VR creates a virtual environment in which a user can interact with objects similar to those in the real world. The technology requires computer hardware and software and offers a fully immersive experience to the user. The VR technology is classified into 3 sections, namely, non-immersive, semi-immersive, and fully immersive technology. The VR environment can be experienced with the help of various VR devices such as head-mounted displays, gesture-tracking devices, video/display walls, and projectors.
The market in North America is expected to witness the second highest CAGR of 19.4% during the forecast period. VR's extensive usage across various sectors, particularly in consumer electronics, propels the virtual reality market's expansion. Sectors like aerospace & defense, healthcare, consumer goods, and commercial industries are increasingly adopting virtual reality technologies for further advancements. The US boasts numerous global players offering virtual reality products and solutions, solidifying North America's prominence in the global virtual reality market.
The virtual reality market is dominated by a few globally established players such as Meta (US), Sony (Japan), Samsung Electronics Co., Ltd. (South Korea), Microsoft (US), Unity Technologies (US), Barco (Belgium), Penumbra, Inc. (US), HTC Corporation (Taiwan), PICO Immersive Pte.ltd (US), and DPVR (China). The study includes an in-depth competitive analysis of these key players in the virtual reality market, with their company profiles, recent developments, and key market strategies.
The Head-mounted Display (HMD's) segment is expected to grow at the second highest CAGR during the forecast period.
The Head-mounted Display (HMD's) segment is expected to grow at a second highest CAGR of 22.5% during the forecast period. The use of head-mounted displays in gaming and entertainment is a major driver for the growth of virtual reality hardware devices. Virtual reality head-mounted displays enable gamers and entertainment enthusiasts to step into immersive, interactive virtual worlds where they can explore, interact with virtual objects, and engage in gameplay that feels incredibly realistic.
This level of immersion and interactivity has revolutionized the gaming and entertainment industries, offering users experiences that go beyond traditional gaming or media consumption. As a result, virtual reality head-mounted displays have garnered significant interest and investment, leading to advancements in virtual reality technology and a growing ecosystem of virtual reality content.
The software segment is likely to grow at the second higher CAGR during the forecast period
The software segment is expected to grow at second higher CAGR of 16.7% during the forecast period. The growth is attributed to VR software finding applications beyond just gaming and entertainment. Industries like healthcare, education, retail, and automotive are increasingly utilizing VR for training, simulations, and product design. It enables virtual reality experiences such as informative overlays, interactive games, and navigation aids.
In contrast, virtual reality software creates entirely digital environments where users can explore, interact, and manipulate objects. VR based on cloud computing is used to compare the captured images with the database and send back relevant information to the mobile device. The mobile device further processes the image, and then detects, resizes, and generates 3D images. In VR, cloud platform solutions include benefits such as scalable processing, accessible browser downloads, reliable real-time processes, and secure Software as a Service (SaaS) platform.
Key Benefits to Buy the Report:
- Analysis of key drivers (The growing penetration of the Metaverse, Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors, Increased investments in virtual reality market, Significant adoption of HMDs across various sectors). Restraint (Latency issues and high energy consumption, Health issues caused by excessive use of virtual reality devices), Opportunity (Latency issues and high energy consumption, Health issues caused by excessive use of virtual reality devices), Challenges (Latency issues and high energy consumption, Health issues caused by excessive use of virtual reality devices)
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the virtual reality market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the virtual reality market across varied regions
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the virtual reality market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 224 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $15.9 Billion |
| Forecasted Market Value (USD) by 2029 | $38 Billion |
| Compound Annual Growth Rate | 19.1% |
| Regions Covered | Global |
Companies Featured
- Sony
- Samsung Electronics Co. Ltd.
- Microsoft
- Meta
- Htc Corporation
- Barco
- Pico Immersive Pte.Ltd.
- Cyberglove Systems Inc.
- Unity Technologies
- Penumbra, Inc.
- Dpvr
- Ultraleap
- Fove Inc
- Quytech
- Hqsoftware
- Innowise
- Xrhealth Il Ltd.
- Vection Technologies
- Mindmaze
- Firsthand Technology
- Worldviz, Inc.
- Virtuix
- Vighnesh Inc.
- Merge Labs, Inc.
- Spacevr
For more information about this report visit https://www.researchandmarkets.com/r/h9pmx0
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