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Virtual Reality (VR) Market Forecast to Reach $38 Billion by 2029: Analysis by Technology, Offering, Device Type, Application, Region, and Company with Case Studies
Global Virtual Reality Market
Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- 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 billion by 2029; it is expected to register a CAGR of 19.1% during the forecast period. 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.
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.
The North America segment is likely to grow at the second highest CAGR during the forecast period
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.
Research Coverage
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.
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.
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 |
Premium Insights
Continuous Technological Advancements in Various Sectors and Growing Penetration of Metaverse to Drive Market
Display & Projectors Segment to Record Highest CAGR During Forecast Period
Healthcare Segment to Register Highest CAGR During Forecast Period
Commercial Segment to Record Highest CAGR During Forecast Period
Gesture-Tracking Devices Segment to Witness Highest CAGR During Forecast Period
Asia-Pacific to Hold Largest Market Share in 2029
China to Record Highest CAGR During Forecast Period
Market Dynamics
Drivers
Growing Penetration of Metaverse
Rapid Adoption of Digital Technologies in Healthcare and Gaming & Entertainment Sectors
Potential for Transformative Change Across Numerous Industries
Significant Adoption of HMDs
Emergence of Virtual Classrooms Offering Immersive and Engaging Learning Experiences
Restraints
Latency Issues and High Energy Consumption
Health Issues Caused by Excessive Use of VR Devices
Opportunities
Emerging Applications of VR in Telemedicine
Continuous Developments in 5G Technology
Growth of Global Travel & Tourism Industry
Challenges
Creating VR Systems with User-Friendly Interface
Display Latency and Limited Field of View
Pricing Analysis
Average Selling Price Trend for Top Players, by Head-Mounted Display
Average Selling Price Trend, by Region
Technology Analysis
Key Technologies
Motion Tracking
Haptic Technology
Complementary Technology
Cloud Computing
Adjacent Technologies
Artificial Intelligence (AI)
5G and High-Speed Networking
Case Study Analysis
European Manufacturing Company Transformed Manufacturing Training with Innowise's Virtual Reality App
Tsinghua University Partnered with Barco to Create Virtual Simulation Disaster Emergency Response Laboratory
Nestle Purina Achieved Efficiency and Gained Productivity with Quest VR
Tata Steel Limited Partnered with Steel Sim VR and Varjo to Improve Safety and Reduce Costs Associated with Traditional Training Methods
Companies Featured
Sony
Samsung Electronics Co. Ltd.
Microsoft
Meta
HTC Corporation
Barco
Pico Immersive Pte. Ltd.
Cyberglove Systems Inc.
Unity Technologies
Penumbra, Inc.
DPV
Ultraleap
Fove Inc.
Quytech
Hqsoftware
Innowise
XRHealth Il Ltd.
Vection Technologies
Mindmaze
Firsthand Technology
Worldviz, Inc.
Virtuix
Vighnesh Inc.
Merge Labs, Inc.
SpaceV
For more information about this report visit https://www.researchandmarkets.com/r/4c07r9
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