Virtual Reality Market Overview
The global Virtual Reality (VR) market, valued at US$ 29.49 billion in 2023, is expected to grow by 15.5% annually, reaching an estimated US$ 80.88 billion by 2030. Virtual reality is set to transform industries worldwide, with applications spanning from gaming and healthcare to automotive and education.
Key developments in VR technology are pushing boundaries and reshaping business models. As head-mounted displays (HMDs) become more affordable and accessible, VR adoption is expected to surge. By 2025, VR headsets are projected to cost as low as $200, making this technology more available to both businesses and consumers. With applications in gaming, healthcare, and even the automobile industry, VR’s potential seems limitless.
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Mergers & Acquisitions Driving Market Consolidation
In recent years, the VR market has seen significant mergers and acquisitions, as industry giants look to consolidate their positions and expand technological capabilities. In 2024, notable acquisitions include:
Meta’s Acquisition of Oculus: Meta continues to dominate the VR market with its strategic acquisition of Oculus, focusing on expanding its AR/VR ecosystem. The launch of the Meta Quest Pro in 2022 solidified its leadership position.
Apple’s Vision Pro: Apple made waves in the VR market by launching its premium Vision Pro device, which promises to redefine the mixed-reality experience. This move is expected to accelerate the competition, especially in gaming and enterprise applications.
Sony’s Push with PlayStation VR2: Sony’s PS VR2 is a strong contender in the gaming space, with immersive experiences that set it apart from competitors. The company’s focus on VR gaming strengthens its market share and encourages more developers to create VR content.
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Regional Developments and Key Players
The global VR market has diverse growth patterns, with key players and industries advancing across different regions. Let’s break down the key developments from notable countries and regions:
1. Vietnam and Thailand:
Vietnam and Thailand have shown increasing interest in VR technology for educational and entertainment purposes. The government’s focus on digital transformation and innovation is paving the way for local startups to adopt VR solutions. Companies like Viettel Group and FPT Software are exploring VR technologies for training and product development.
2. Singapore:
Singapore has established itself as a hub for advanced technologies, with VR playing a key role in sectors like healthcare and urban planning. Companies like ST Electronics are exploring VR in training simulations for the defense and security sectors. Singapore’s strong governmental support for AI and immersive technologies has made it a hotbed for innovation.
3. Japan:
In Japan, VR is gaining traction in gaming, healthcare, and education. Sony continues to dominate with its PlayStation VR2, while Japanese startups are expanding VR applications in therapy and remote work environments. Japan’s advancements in 5G networks are also accelerating the deployment of VR content.
4. South Korea:
South Korea is investing heavily in VR technologies for entertainment, gaming, and public safety. Samsung Electronics has played a significant role in VR hardware development, with products like the Samsung Odyssey VR headset. The nation’s 5G rollout is expected to fuel the expansion of VR in areas such as live events and sports broadcasting.
5. Europe:
Europe is witnessing rapid growth in VR adoption across gaming, automotive, and healthcare industries. Countries like Germany, the UK, and France are leading the charge, with companies such as Oculus, HTC, and Sony expanding their VR offerings. The automotive sector, particularly in Germany, is using VR for training and design. Additionally, the UK’s National Health Service (NHS) is testing VR in pain management and rehabilitation.
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Virtual Reality Market Segmentation
by Device
Head-mounted Display (HMD)
Gesture-tracking Device (GTD)
Projectors & Display Wall (PDW)
At the end of the forecast period, the head-mounted display (HMD) device segment is anticipated to lead the market, having held the biggest revenue share by device in 2023. Demand for virtual reality headsets is being driven by their growing importance in both personal and professional applications. The market is expanding due to the variety and adaptability of HMDs, including self-contained, tethered, and hybrid models.
by Technology
Semi & Fully Immersive
Non-immersive
With a compound annual growth rate (CAGR) of in 2023, the semi- and fully immersive technology segment led the market and is anticipated to continue to do so at the conclusion of the forecast period. The continuous increase in demand for VR HMDs is the reason for the segment’s expansion. Semi- and fully immersive technologies imitate the architecture of real-world environments on a digital platform. It requires the use of complex simulations, powerful PCs, and high-resolution monitors. Students who would not be able to practice cognitive and motor abilities in an educational or therapeutic setting can do so with virtual reality technology.
by Component
Hardware
Software
by Application
Aerospace & Defense
Consumer
Commercial
Enterprise
Healthcare
Others
Virtual Reality Market Key Players
1. Meta
2. Sony
3. Apple
4. HTC
5. Valve
6. Oculus
7. Samsung
8. Google
9. Magic Leap
10. Pico Interactive
11. Viveport
12. Matterport
13. Spatial
14. AltspaceVR
15. vSpatial
16. The Wild
17. Engage
18. Virbela
19. Mozilla Hubs
20. Sketchfab
21. Within
22. WeVR
23. Surreal
24. Baobab Studios
25. Jaunt
26. RYOT
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Key questions answered in the Virtual Reality Market are:
- What is Virtual Reality?
- What is the growth rate of the Virtual Reality Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Virtual Reality Market?
- What segments are covered in the Virtual Reality Market?
- Which are the factors expected to drive the Virtual Reality Market growth?
- What is the CAGR at which the Virtual Reality market will grow during the forecast period?
Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- PESTLE Analysis
- PORTER’s analysis
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