NEWS PROVIDED BYTechnavio
May 28, 2024, 17:50 ET
NEW YORK, May 28, 2024 /PRNewswire/ — The global virtual reality (VR) market size is estimated to grow by USD 64.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 28.3% during the forecast period.
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| Virtual Reality (VR) Market Scope | |
| Report Coverage | Details |
| Base year | 2023 |
| Historic period | 2018 – 2022 |
| Forecast period | 2024-2028 |
| Growth momentum & CAGR | Accelerate at a CAGR of 28.3% |
| Market growth 2024-2028 | USD 64.72 billion |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 27.45 |
| Regional analysis | North America, APAC, Europe, Middle East and Africa, and South America |
| Performing market contribution | North America at 35% |
| Key countries | US, China, Japan, Germany, and UK |
| Key companies profiled | 3D Systems Corp., Advanced Micro Devices Inc., Alphabet Inc., Apple Inc., Baidu Inc., DPVR, HTC Corp., Lenovo Group Ltd., Meta Platforms Inc., Microsoft Corp., Osso VR Inc., Pico Technology Ltd., Samsung Electronics Co. Ltd., Sony Group Corp., StarVR Corp., Unity Software Inc., Valve Corp., Varjo Technologies Oy, Virtuix Inc., and FOVE Inc. |
Market Driver
The integration of AI and ML with virtual reality technology is transforming industries by offering unique experiences and new opportunities. In healthcare, AI and ML algorithms analyze medical data for accurate diagnoses and treatment plans, while virtual reality simulations enhance medical training.
In education, personalized learning systems adapt content based on students’ progress, and in gaming, intelligent NPCs and adaptive game environments create immersive experiences. In simulations and training, real-time user analysis improves training effectiveness. These advancements are driving the growth of the virtual reality market.
The Virtual Reality market is experiencing significant growth with various sectors adopting this technology. Companies are investing in VR for training purposes, creating immersive customer experiences, and enhancing productivity. The use of VR in real estate is gaining momentum, allowing potential buyers to tour properties virtually. Additionally, the healthcare sector is utilizing VR for therapy and training.
The VR market is also seeing advancements in simulation technologies and haptic feedback, making VR experiences more realistic. Furthermore, the integration of VR with other technologies like AR and AI is expected to drive further growth in this sector. Overall, the VR market is a dynamic and innovative space, offering numerous opportunities for businesses.
Market Challenges
- The global virtual reality market faces challenges due to the high cost of hardware, limiting accessibility and adoption across industries. For consumers, the substantial investment required for premium VR headsets and compatible computers acts as a barrier.
- Enterprises also struggle with the financial hurdle of outfitting workforces with VR equipment and infrastructure. The ongoing cost of ownership, including maintenance and upgrades, further adds to the financial burden for both parties. These factors may hinder the growth of the virtual reality market during the forecast period.
- The Virtual Reality market is experiencing significant growth, with various players and providers contributing to its development. However, challenges persist in this sector. Technology and heads-up displays are crucial components, requiring continuous innovation to improve user experience. Technical difficulties, such as high costs and limited compatibility, hinder widespread adoption.
- Additionally, ensuring security and privacy in VR environments is a major concern. The real estate industry sees potential in VR, but implementing virtual tours requires careful planning and investment. Overall, addressing these challenges will be key to driving the success of the VR market.
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Segment Overview
- End-user
- 1.1 Enterprise
- 1.2 Consumer
- Component
- 2.1 Hardware
- 2.2 Software
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and Africa
- 3.5 South America
1.1 Enterprise- The virtual reality market is experiencing growth due to advancements in hardware technology, leading to increased adoption of virtual reality products. New headset launches from companies like HTC Vive are driving this growth. The number of users for virtual reality content is rising in industries such as gaming, entertainment, retail, sports, travel, and healthcare.
In healthcare, virtual reality is being used for disease diagnosis and therapy. However, the rise of augmented reality technology may negatively impact the virtual reality market. The demand for remote working applications, OTT platforms, and online shopping, along with the need for faster network response times, is boosting the market’s growth.
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Research Analysis
The Virtual Reality (VR) market is experiencing exponential growth, with various industries embracing this technology for instructional training, entertainment, and simulation purposes. VR headsets and glasses are the primary devices used to immerse users in a 3D virtual world. VR gloves and bodysuits further enhance the experience by allowing for interactive and full-body engagement.
VR simulators are utilized in sectors like healthcare, pilots training, automotive, and gaming to provide realistic and immersive experiences. AI applications are also integrated into VR systems to enhance user interaction and customization. The Metaverse, a collective virtual shared space, is the future of VR, offering limitless possibilities for exploration and social interaction.
VR technology is revolutionizing industries, from gaming giants like PlayStation and Xbox to healthcare and automotive sectors. REAL Immersive System and virtual theme parks are other exciting applications of VR technology, providing users with truly immersive experiences.
Market Research Overview
The Virtual Reality (VR) market is a rapidly growing industry that utilizes technology to create immersive, interactive environments. VR headsets and glasses transform the user’s perspective, providing a three-dimensional experience. Technologies such as haptic feedback and motion tracking add to the realism. VR applications span various sectors, including education, healthcare, and entertainment.
In the education sector, VR offers interactive learning experiences. In healthcare, it’s used for training and therapy. In entertainment, VR provides immersive gaming and movie experiences. The market is driven by advancements in technology and increasing consumer demand.
The future of VR lies in its ability to create more realistic and interactive experiences. VR also offers potential in areas like remote work and virtual tourism. The market is projected to grow significantly in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Enterprise
- Consumer
- Component
- Hardware
- Software
- Geography
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio