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Global Virtual Reality (VR) Market to reach USD 418.74 billion by the end of 2030

Global Virtual Reality (VR) 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, 2023-2030

Product Code: ICTNGT-20766987
Publish Date: 20-10-2023
Page: 200

Global Virtual Reality (VR) Market is valued at approximately USD 59.96 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 27.5% over the forecast period 2023-2030. Virtual Reality (VR) is a computer-generated simulation or recreation of a three-dimensional world that is designed for interaction and exploration. A head-mounted display (HMD) that shows the virtual environment, collectively with other sensory equipment such as motion trackers and hand controllers, is often worn by the user when engaging in VR. The Virtual Reality market is continuously evolving, with advancements in technology, improved hardware, and expanded content offerings. The surging adoption of HMDs in different industries, rising investments in the VR sector, rapid digitization, and increasing use of virtual reality (VR) in instructional training, coupled with a growing emphasis on enhanced user experiences are the most prominent factors that are propelling the market demand across the globe.

Moreover, the rising trend of live virtual entertainment is exhibiting a positive influence on the market expansion. The concept of live virtual entertainment is expanding as people are inclined towards watching live performances and events from the comfort of their own homes using technology. The demand for live events, such as sports games or music concerts, is significantly increasing as a result of the potential of technology to engage consumers in a real-world setting. For instance, in April 2022, the rock band Foo Fighters had their performance on the Meta virtual stage, presenting 180-degree live-streaming footage using the Meta Quest headset. Likewise, in March 2021, a virtual event platform with real-time, personal engagement and interaction was made available by 3D-VR LiVE. Therefore, it is anticipated that the growing demand for virtual live entertainment is associated with virtual reality technologies, which is augmenting the market growth during the estimated period. Furthermore, the rapid penetration of HMDs in healthcare and architectural applications, as well as the rising adoption of VR in aerospace & defense for training and simulation presents various lucrative opportunities over the forecast years. However, the health concerns relating to low resolution and lack of movement, along with display latency and energy consumption affect the overall performance of VR devices and are hindering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Virtual Reality (VR) Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the increased adoption in enterprise applications, and rising focus on enhancing user experience. In addition, the region is home to several manufacturers and enterprises that use VR in a variety of operations as a result of the drive toward automation. Furthermore, the rising demand for portable VR devices in the Asia Pacific is anticipated to fuel the regional market development. Whereas, Europe is expected to grow at the highest CAGR over the forecast years. The extensive use of VR technology in a range of applications across a variety of industries, especially in the gaming and automotive sectors is contributing to the regional market growth. Also, the widespread use of innovative VR headsets is majorly attributed due to the presence of a huge gaming industry. The regional market has expanded rapidly as a result of the quick development and distribution of potent VR technology targeted at the gaming community in European nations.

Major market players included in this report are:
Alphabet Inc.
Barco NV
CyberGlove Systems, Inc.
Meta Platforms Inc.
HTC Corporation
Microsoft Corporation
Samsung Electronics Co., Ltd.
Sensics, Inc.
Sixense Enterprises, Inc. (Penumbra, Inc.)
Ultraleap Ltd.

Recent Developments in the Market:
Ø In January 2023, HTC Corporation introduced the Vive XR Elite, a new virtual reality and augmented reality headset. according to the company, the device has a high-resolution display for an immersive experience. This latest innovation assists company to improve its market presence and acquire huge customer base.
Ø In February 2023, Meta Platforms Inc. acquired Within Unlimited, Inc. for its VR expertise and popular virtual reality (VR) application called Supernatural. The objective of this acquisition is to expand the company’s footprints.
Ø In March 2022, Unity Software Inc. partnered with live music producer Insomniac Events to grow into the virtual environment from the physical world. Additionally, the companies focus on providing live entertainment to the prospective audience of the next generation.

Global Virtual Reality (VR) Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Device, Technology, Component, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü 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 incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Device:
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

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Virtual Reality (VR) Market, by Region, 2020-2030 (USD Billion)
1.2.2. Virtual Reality (VR) Market, by Device, 2020-2030 (USD Billion)
1.2.3. Virtual Reality (VR) Market, by Technology, 2020-2030 (USD Billion)
1.2.4. Virtual Reality (VR) Market, by Component, 2020-2030 (USD Billion)
1.2.5. Virtual Reality (VR) Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Virtual Reality (VR) Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Virtual Reality (VR) Market Dynamics
3.1. Virtual Reality (VR) Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Surging adoption of HMDs in different industries Rising trend of live virtual entertainment
3.1.2. Market Challenges Health concerns relating to low resolution and lack of movement Display latency and energy consumption affect overall performance of VR devices
3.1.3. Market Opportunities Rapid penetration of HMDs in healthcare and architectural applications Rising adoption of VR in aerospace & defense for training and simulation
Chapter 4. Global Virtual Reality (VR) Market Industry 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. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Virtual Reality (VR) Market, by Device
5.1. Market Snapshot
5.2. Global Virtual Reality (VR) Market by Device, Performance – Potential Analysis
5.3. Global Virtual Reality (VR) Market Estimates & Forecasts by Device 2020-2030 (USD Billion)
5.4. Virtual Reality (VR) Market, Sub Segment Analysis
5.4.1. Head-Mounted Display (HMD)
5.4.2. Gesture-Tracking Device (GTD)
5.4.3. Projectors & Display Wall (PDW)
Chapter 6. Global Virtual Reality (VR) Market, by Technology
6.1. Market Snapshot
6.2. Global Virtual Reality (VR) Market by Technology, Performance – Potential Analysis
6.3. Global Virtual Reality (VR) Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
6.4. Virtual Reality (VR) Market, Sub Segment Analysis
6.4.1. Semi & Fully Immersive
6.4.2. Non-immersive
Chapter 7. Global Virtual Reality (VR) Market, by Component
7.1. Market Snapshot
7.2. Global Virtual Reality (VR) Market by Component, Performance – Potential Analysis
7.3. Global Virtual Reality (VR) Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
7.4. Virtual Reality (VR) Market, Sub Segment Analysis
7.4.1. Hardware
7.4.2. Software
Chapter 8. Virtual Reality (VR) Market, by Application
8.1. Market Snapshot
8.2. Global Virtual Reality (VR) Market by Application, Performance – Potential Analysis
8.3. Global Virtual Reality (VR) Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
8.4. Virtual Reality (VR) Market, Sub Segment Analysis
8.4.1. Aerospace & Defense
8.4.2. Consumer
8.4.3. Commercial
8.4.4. Enterprise
8.4.5. Healthcare
8.4.6. Others
Chapter 9. Global Virtual Reality (VR) Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Virtual Reality (VR) Market, Regional Market Snapshot
9.4. North America Virtual Reality (VR) Market
9.4.1. U.S. Virtual Reality (VR) Market Device breakdown estimates & forecasts, 2020-2030 Technology breakdown estimates & forecasts, 2020-2030 Component breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Virtual Reality (VR) Market
9.5. Europe Virtual Reality (VR) Market Snapshot
9.5.1. U.K. Virtual Reality (VR) Market
9.5.2. Germany Virtual Reality (VR) Market
9.5.3. France Virtual Reality (VR) Market
9.5.4. Spain Virtual Reality (VR) Market
9.5.5. Italy Virtual Reality (VR) Market
9.5.6. Rest of Europe Virtual Reality (VR) Market
9.6. Asia-Pacific Virtual Reality (VR) Market Snapshot
9.6.1. China Virtual Reality (VR) Market
9.6.2. India Virtual Reality (VR) Market
9.6.3. Japan Virtual Reality (VR) Market
9.6.4. Australia Virtual Reality (VR) Market
9.6.5. South Korea Virtual Reality (VR) Market
9.6.6. Rest of Asia Pacific Virtual Reality (VR) Market
9.7. Latin America Virtual Reality (VR) Market Snapshot
9.7.1. Brazil Virtual Reality (VR) Market
9.7.2. Mexico Virtual Reality (VR) Market
9.8. Middle East & Africa Virtual Reality (VR) Market
9.8.1. Saudi Arabia Virtual Reality (VR) Market
9.8.2. South Africa Virtual Reality (VR) Market
9.8.3. Rest of Middle East & Africa Virtual Reality (VR) Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Alphabet Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. Barco NV
10.3.3. CyberGlove Systems, Inc.
10.3.4. Meta Platforms Inc.
10.3.5. HTC Corporation
10.3.6. Microsoft Corporation
10.3.7. Samsung Electronics Co., Ltd.
10.3.8. Sensics, Inc.
10.3.9. Sixense Enterprises, Inc. (Penumbra, Inc.)
10.3.10. Ultraleap Ltd.
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. 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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Critical elements of methodology employed for all our studies include:
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.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
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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