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Global Virtual Reality Market to reach USD 66.78 billion by the end of 2029

Global Virtual Reality Market Size study&Forecast, by Device (Head-Mounted Display (HMD), Gesture-Tracking Device (GTD), Projectors & Display Wall (PDW)) by Technology (Semi & Fully Immersive, Non-Immersive), by Component (Hardware, Software), by Application (Aerospace & Defense, Consumer, Commercial, Enterprise, Healthcare, Others) and Regional Analysis, 2022-2029

Product Code: ICTNGT-54496353
Publish Date: 20-03-2023
Page: 200

Global Virtual Reality Market is valued at approximately USD 21.83 billion in 2021and is anticipated to grow with a healthy growth rate of more than 15.0% over the forecast period 2022-2029. Virtual Reality is a virtual environment created for consumers to provide them witha computerized three-dimensional environment in the real world. Virtual reality is prevailing in several industries such as medical, security, military and weather forecasting. Usersfeel immersed in their surroundings due to the use of VR gadgets such as headsets, helmets, and bodysuits. VR creates a 3D environment with sight, touch, hearing, and smell. Additionally, the growing use of VR technology in several applications and the positive impact of COVID-19 on virtual business events has led to a huge rise in Virtual Reality Market.

The emerging use of Virtual Reality (VR) in several applications including defense, aerospace, and entertainment among others is driving the market demand. The increasing demand for virtual tourism that is experiencing travel with mobility implications is expected to grow by over 24 billion U.S. dollars by 2027. This tourism is initiated with the use of reality technologies, boosting the demand for VR. Further, the growing real-estate industries are adopting VR technologies to give virtual tours. For instance, in February 2021 Zillow a real-estate company introduced virtual tour“Zillow 3D Home Tour” for its consumers. The uncertain COVID-19 situation led to a healthy impact on virtual reality technology as the market for global meetings, incentives, conferences, and exhibitions (MICE) shifted to the digital experience. According to Statista, in 2020 the market size of MICE grew up to USD 1 Trillion. The gaming and e-sport industry was also boosted due to the pandemic, creating a demand for VR. Moreover, increasing investments by companies for continuous advancements and formulations lead to the growth of the VR market. However, harmful effects on health due to excessive use of Virtual Reality stifle market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Virtual Reality Marketstudy includes Asia Pacific, North America, Europe, Latin America, and Rest of the World.Asia-Pacific dominated the market of virtual reality technology with a revenue share of 40% in 2021. Investments in VR technology by the government and various key company players boosted the demand. The adoption of VR among consumers arerising with the rising awareness about the technology. Europe is anticipated to be the fastest-growing region with a CAGR of 16.6%. This is due to the increasing adoption of VR technology in various applications across several industries. This region has the largest gaming population which drives the demand forVR gadgets.

Major market player included in this report are:
Belgium American Radio Corporation (BARCO)
CyberGlove Systems, Inc.
High Tech Computer Corporation (HTC) Corporation
Microsoft Corporation
Samsung India Electronics Pvt. Ltd.
Oculus VR Inc.
Sixense Enterprises, Inc. (Penumbra, Inc.)
Ultraleap Limited
NextVR Inc.
Recent Developments in the Market:
 In June 2020, Meta announces its acquisition of Ready at Dawn a VR games developer in order to develop games for Oculus Studios. This agreement is done to create excellent VR content for gamers as an independent studio.
 In May 2020, Apple Inc. announces its acquisition ofNextVR Inc. to develop better VR Technologies for the sports and entertainment industries.
Global Virtual Reality Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Device, Technology, Component, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporatespotential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Device offerings of key players. The detailed segments and sub-segment of the market are explained below:
Head-Mounted Display (HMD)
Gesture-Tracking Device (GTD)
Projectors & Display Wall (PDW)
By Technology:
Semi & Fully Immersive
By Component:
By Application:
Aerospace & Defense
By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Virtual Reality Market, by Region, 2019-2029 (USD Billion)
1.2.2. Virtual Reality Market, by Device,2019-2029 (USD Billion)
1.2.3. Virtual Reality Market, by Technology, 2019-2029 (USD Billion)
1.2.4. Virtual Reality Market, by Component, 2019-2029 (USD Billion)
1.2.5. Virtual Reality Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Virtual Reality Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Virtual Reality Market Dynamics
3.1. Virtual Reality Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Growing use of VR in several applications. Positive Impact of COVID-19.
3.1.2. Market Challenges Harmful effects on health due to excessive use of VR.
3.1.3. Market Opportunities Advancements in Formulation. Increasing Investments by Companies.
Chapter 4. Global Virtual Reality MarketIndustry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Virtual Reality Market, by Device
6.1. Market Snapshot
6.2. Global Virtual Reality Market by Device, Performance – Potential Analysis
6.3. Global Virtual Reality Market Estimates & Forecasts by Device2019-2029 (USD Billion)
6.4. Virtual Reality Market, Sub Segment Analysis
6.4.1. Head-Mounted Display (HMD)
6.4.2. Gesture-Tracking Device (GTD)
6.4.3. Projectors & Display Wall (PDW)
Chapter 7. Global Virtual Reality Market, by Technology
7.1. Market Snapshot
7.2. Global Virtual Reality Market by Technology, Performance – Potential Analysis
7.3. Global Virtual Reality Market Estimates & Forecasts by Technology2019-2029 (USD Billion)
7.4. Virtual Reality Market, Sub Segment Analysis
7.4.1. Semi & Fully Immersive
7.4.2. Non-Immersive
Chapter 8. Global Virtual Reality Market, byComponent
8.1. Market Snapshot
8.2. Global Virtual Reality Market by Component, Performance – Potential Analysis
8.3. Global Virtual Reality Market Estimates & Forecasts by Component2019-2029 (USD Billion)
8.4. Virtual Reality Market, Sub Segment Analysis
8.4.1. Hardware
8.4.2. Software
Chapter 9. Global Virtual Reality Market, by Application
9.1. Market Snapshot
9.2. Global Virtual Reality Market by Application, Performance – Potential Analysis
9.3. Global Virtual Reality Market Estimates & Forecasts by Application2019-2029 (USD Billion)
9.4. Virtual Reality Market, Sub Segment Analysis
9.4.1. Aerospace & Defense
9.4.2. Consumer
9.4.3. Commercial
9.4.4. Enterprise
9.4.5. Healthcare
9.4.6. Others
Chapter 10. Global Virtual Reality Market, Regional Analysis
10.1. Virtual Reality Market, Regional Market Snapshot
10.2. North America Virtual Reality Market
10.2.1. U.S.Virtual Reality Market Devicebreakdown estimates & forecasts, 2019-2029 Technology breakdown estimates & forecasts, 2019-2029 Component breakdown estimates & forecasts, 2019-2029 Applicationbreakdown estimates & forecasts, 2019-2029
10.2.2. CanadaVirtual Reality Market
10.3. Europe Virtual Reality Market Snapshot
10.3.1. U.K. Virtual Reality Market
10.3.2. Germany Virtual Reality Market
10.3.3. France Virtual Reality Market
10.3.4. Spain Virtual Reality Market
10.3.5. Italy Virtual Reality Market
10.3.6. Rest of EuropeVirtual Reality Market
10.4. Asia-PacificVirtual Reality Market Snapshot
10.4.1. China Virtual Reality Market
10.4.2. India Virtual Reality Market
10.4.3. JapanVirtual Reality Market
10.4.4. Australia Virtual Reality Market
10.4.5. South Korea Virtual Reality Market
10.4.6. Rest of Asia PacificVirtual Reality Market
10.5. Latin America Virtual Reality Market Snapshot
10.5.1. Brazil Virtual Reality Market
10.5.2. MexicoVirtual Reality Market
10.6. Rest of The World Virtual Reality Market

Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1. Belgium American Radio Corporation (BARCO) Key Information Overview Financial (Subject to Data Availability) ProductSummary Recent Developments
11.2.2. CyberGlove Systems, Inc.
11.2.3. Meta
11.2.4. High Tech Computer Corporation (HTC) Corporation
11.2.5. Microsoft Corporation
11.2.6. Samsung India Electronics Pvt. Ltd.
11.2.7. Oculus VR Inc.
11.2.8. Sixense Enterprises, Inc. (Penumbra, Inc.)
11.2.9. Ultraleap Limited
11.2.10. NextVR Inc.
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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