Virtual Reality Market projected to reach USD 235 Billion by 2030, growing at a CAGR of 27.1% during the forecast period of 2023-2030 – says MarketDigits in its latest study

The Global Virtual Reality Market was valued USD 34.4 Billion in 2023 and projected to reach USD 235 Billion by 2030, growing at a CAGR of 27.1% during the forecast period of 2023-2030

Richmond, Jan. 29, 2024 (GLOBE NEWSWIRE) — According to a research report “Virtual Reality Market, by Device (Head mounted display, Gesture tracking device, Projectors and display), Technology (Semi-immersive, Fully-immersive, Non-immersive), Components (Software, Hardware), Application ( Education, Judiciary ,Films, Games, Medical science, Architectural designs , sports), Distribution Channel (Hypermarkets and Supermarkets, Conventional Store, Online, Subscription Model, Others) and Region – Global Forecast to 2030.

Global Virtual Reality Market Report Scope:

Report Details
Market size value in 2023 USD 34.4 Billion
Market size value in 2030 USD 235 Billion
CAGR (2023-2030) 27.1%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Device, Technology, Distribution Channel, Application and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Apple
 
  • Applied VR
Sample of Companies Covered
  • Bigscreen
 
  • Dreamscape
 
  • Framestore

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TOC Covers in Depth & Breath on Virtual Reality Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

The Virtual reality market occupies a pivotal role in the contemporary IT industry, offering realizing Telesensation through it, a virtual world is created that viewers can enter and walk through and where they can handle virtual objects. The virtual world allows us a stereoscopic view from front or side, depending on our viewpoint, just as in the real world. The ability to enter and walk through the virtual world and handle virtual objects using hand gestures makes VR interactive, and this is one of its most important features..

The Virtual reality market benefits the IT industry by providing VR for human beings with a virtual environment where we can interact with a computer just as we do in the real world, that is, by talking with a virtual human in a spoken language, by writing a letter, or by drawing a picture. We can grasp a virtual object by hand gesture and bring it to another place. In a human-friendly virtual environment, we can interact with a computer without any difficulties or barriers. When a virtual landscape is generated by VR technology, we can go there just as if it were a real landscape. Providing not only a 3D image of the landscape but also sound and smell helps us enjoy the scenery.

Major Vendors in the Global Virtual Reality Market:

  • Apple
  • Applied VR
  • Bigscreen
  • Dreamscape
  • Framestore
  • Immersivetouch
  • Livelike
  • Matterport
  • Meow wolf
  • Meta
  • Microsoft
  • Qualcomm
  • Samsung electronics
  • Sandbox-vr
  • Subvrsive
  • Talespin
  • Transfr
  • Unity
  • Vicarious surgical
  • Virtuix omni
  • Wevr
  • Worldviz.

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Increasing technology in entertainment

Constantly decreasing prices and constantly growing power of hardware has finally brought VR to the masses – it has found application in the entertainment. In last years W-Industry has successfully brought to the market networked multi-player game systems Beside these complicated installations, the market for home entertainment is rapidly expanding. Video game vendors like SEGA and Nintendo sell simple VR games, and there is also an increasing variety of low-cost PC-based VR devices. Prominent examples include the Inside trak (a simplified PC version of the Polhemus Fastrak), i-glasses (a low cost see-through HMD) or Mattel Power Glove. Virtual reality recently went to Hollywood – Facial Waldo™ and VActor systems developed by Sim Graphics allow to “sample any emotion on an actor’s face and instantaneously transfer it onto the face of any cartoon character” .

Market Dynamics

Drivers:

  • To treat Phobia
  • Increase explore to life like emergency situation
  • Reduce psychological distress
  • Increase in live virtual entertainment

Opportunities:

  • Technological Advancements
  • Health and Wellness Trends
  • E-commerce Growth
  • Increasing demand for VR in aerospace & defense

Advancements in Architectural visualization

Technological advancements in food processing play a crucial role in propelling the growth of the global RTE food market. The management of megabytes or even gigabytes of information is no easy task. In order to make the full use of it, special visualization techniques were developed. Their goal is to make the data perceptible and easily accessible for humans. Desktop computers equipped with visualization packages and simple interface devices are far from being an optimal solution for data presentation and manipulation. Virtual reality promises a more intuitive way of interaction. The first attempts to apply VR as a visualization tool were architectural walkthrough systems. The pioneering works in this field were done with the new system generations developed constantly. Many other research groups created impressive applications as well .The feeling of presence and the sense of space in a virtual building, which cannot be reached even by the most realistic still pictures or animations. One can watch it and perceive it under different lighting conditions just like real facilities. One can even walk through non-existent houses.

North America dominates the market for Virtual-reality.

North America stands out as the dominating region in the global Virtual Reality market, with the United States leading in consumption and market share. The region’s dominance can be attributed to the change in digitalization, augmented and mixed reality become popular in driving stimulators, growing demand in gaming and entertainment and also increased deployment in aerospace & defence. The U.S. market particularly benefits from a diverse consumer base with a penchant for quick and convenient reality options.

Asia-Pacific, and specifically India, is emerging as a key player with substantial growth potential in the Virtual Reality market. India’s market is driven by a rising urban population, increasing disposable incomes, and a shift towards Westernized habits. The convenience factor aligns well with the fast-paced urban life in countries like India, making virtual-realitys increasingly popular. Additionally, government initiatives promoting the VR technology processing sector and improvements in distribution channels contribute to the market’s growth.

Another noteworthy region is the Middle East and Africa, where the demand for convenient VR technology solutions is on the rise due to changing lifestyles and an expanding working-class population. South Africa, in particular, showcases promise as a market with high growth potential, driven by urbanization and a growing awareness of convenient VR technology options.

The Mass media Segments is anticipated to hold the Largest Market for development of VR

In the global Virtual Reality market, the Mass media has been a great advocate and perhaps a great hindrance to the development of VR over the years. In 1980s and 1990s the news media’s prognostication on the potential of VR built up the expectations of the technology so high as to be impossible to achieve under the technology then or any technology to date. Entertainment media reinforced these concepts with futuristic imagery many generations beyond contemporary capabilities .But Nowadays, As the time is changing the mass media is starting to support VR as in the epidemic of COVID-19. VR has been of great help for students, employee, researchers, etc. It is evolving with immersive experiences becoming more prevalent. VR offer unique storytelling opportunities, enhancing user engagement across news, entertainment, and interactive content. As technology advances, expect continued growth in this innovation intersection of media and virtual reality.

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