CHICAGO, May 7, 2024 /PRNewswire/ — 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% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for virtual reality device is attributed to the growing penetration of the Metaverse, Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors, Increased investments in virtual reality market, and Significant adoption of HMDs across various sectors.
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Browse in-depth TOC on “Virtual Reality Market“
150 – Tables
90 – Figures
220 – Pages
Virtual Reality Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 15.9 billion |
|
Estimated Value by 2029 |
$ 38.0 billion |
|
Growth Rate |
Poised to grow at a CAGR of 19.1% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Technology, Offering, Device Type, Application and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Creating VR systems with user-friendly interface |
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Key Market Opportunities |
Continuous developments in 5G technology |
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Key Market Drivers |
The growing penetration of the Metaverse |
By Offering: Software segment to account for the larger market share in the forecasted year.
The software segment accounted for the largest share of ~52% of the virtual reality market in 2029. Software 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. This software often includes 3D modeling, physics simulations, and rendering engines to provide immersive virtual reality experiences like gaming, simulations, training, and virtual tours. Virtual reality software is critical for delivering the content and interactions that define the user’s experience within these immersive environments. Increasing penetration of virtual reality software solutions and their compatibility with existing hardware devices are expected to grow the virtual reality market for software during the forecast period.
By Application: Consumer application to account for the largest market share in the forecasted year.
Consumer segment accounted for the largest share of ~44% of the virtual reality market in 2029. The growth in consumer segment is attributed as VR offers a level of immersion that traditional gaming can’t match. By placing you right in the center of the action, VR lets you feel like you’re truly part of the game world. Imagine dodging bullets or swinging a sword, all while feeling the virtual environment around you. Also, Museums are using VR to create captivating experiences that bring collections and exhibits to life. VR allows visitors to virtually travel through time and space, immersing themselves in historical periods or getting up close and personal with artworks in ways that wouldn’t be possible otherwise.
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Asia Pacific is expected to hold the largest share of the virtual reality market during the forecast period.
Asia Pacific held the second largest share of ~38% in the virtual reality industry in 2029. The growth of VR in the Asia Pacific region is contributed from gaming, training, and entertainment industry. The region boasts a huge and passionate gaming community, particularly in countries like China and South Korea. VR’s immersive experiences perfectly cater to this audience, offering a whole new level of engagement. Also, Many Asia Pacific countries are investing heavily in education, recognizing the importance of building a skilled workforce. This investment includes adopting new technologies like VR to enhance learning experiences.
Key Players
The key companies that offer virtual reality companies include Meta (US), Sony (Japan), Samsung Electronics Co., Ltd. (South Korea), Microsoft (US), Unity Technologies (US).
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