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Virtual Reality Market to Rise at 28.6% CAGR over 2024-2032; Live Entertainment to Provide VR Industry with Significant Boost

June 13, 2023 | Information & Technology

The global virtual reality market size was estimated at USD 25.11 billion in 2023. The market value is set to increase from USD 32.64 billion in 2024 to USD 244.84 billion by 2032, registering a CAGR of 28.6%. 


Fortune Business Insights™ presents this information in its latest report titled “Virtual Reality Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Device Type (Head Mounted Display (HMD), VR Simulator, VR Glasses, Treadmills & Haptic Gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, and Others), and Regional Forecast, 2024-2032”.


Virtual reality or VR has experienced rapid popularity and adoption in recent years. The technology promises a simulated user experience and is gaining traction across various end-use sectors. Areas of VR application range from virtual training and digital assistance to gaming & entertainment, design & marketing, and engineering & maintenance. Growing demand for next-generation digital applications makes VR a virtually inevitable technology of the future.


VR Became Key to Tackling Critical Challenges during COVID-19


Demand for VR products and devices suffered a hit amid COVID-19-related setbacks. Initially, this dented the global virtual reality market share to some extent. However, new applications emerged across various critical sectors, such as healthcare. Healthcare professionals widely adopted virtual reality for training, simulation, and other applications. The market saw new growth opportunities on account of these factors.  


HTC Rolls Out VIVE Immersive Glasses for Enhanced User Experience


In October 2021, HTC Corporation rolled out VIVE – a new pair of portable immersive glasses. These offer numerous features including Meditation 2.0, brain training apps, and fitness apps compatible with VIVE SYNC. The device not only lets users watch movies or TV shows on their personal VR screen, but also collaborate and socialize with friends and colleagues on VIVE Sync. 


VR Industry to Strive Thanks to Live Virtual Entertainment Boom


Since people are increasingly choosing at-home entertainment, live virtual entertainment has received a lot of attention. More individuals are utilizing VR to see live performances and events. The technology claims to recreate a live sporting event or concert environment. For instance, in April of last year, the rock band Foo Fighters used the Meta Quest headset to stream a 180-degree performance on the Meta virtual stage. Thus, virtual reality market growth will gain momentum with the rising popularity of live virtual environments.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378


Competitive Landscape


Key Players Emphasize VR Enhancements to Stay Ahead of Competition


Major market companies are creating cutting-edge new solutions for consumers. Additionally, they concentrate on enhancing their current product line to offer adaptable solutions with distinctive features. The organizations also seek to expand their product offerings through partnerships, acquisitions, and collaboration.


Notable Industry Development:



  • October 2021 – HaptX Inc. collaborated with France-based Haption, a force feedback devices producer, to work on advancing full-body haptic devices.


List of the Companies Profiled in the Market:



  • Oculus (Meta Platforms, Inc.) (U.S.)

  • Google LLC (Alphabet Inc.) (U.S.)

  • Microsoft Corporation (U.S.)

  • Sony Interactive Entertainment LLC (Japan)

  • HTC Corporation (Taiwan)

  • Samsung Electronics Co., Ltd. (South Korea)

  • Unity Software Inc. (U.S.)

  • Qualcomm Incorporated (U.S.)

  • Nvidia Corporation (U.S.)

  • HaptX Inc. (U.S.)


Further Report Findings



  • Over the course of the forecast period, North America is anticipated to hold the majority of the market share. Market expansion in the region is fueled by the considerable presence of important businesses there. In addition, a number of start-ups are entering the North American market and providing solutions tailored to particular industries.

  • Due to the rising demand for immersive technology in emerging economies, Asia Pacific exhibits rapid development throughout the course of the projected period.

  • Throughout the predicted period, Europe is anticipated to have significant growth. The area was a pioneer in using virtual solutions in the automotive sector.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 28.6% from 2024 to 2032



Unit



Value (USD billion)



Segmentation



By Component, Device Type, Industry, and Geography



By Component




  • Hardware

  • Software

  • Content



By Device Type




  • Head Mounted Devices (HMD)

  • VR Simulator

  • VR Glasses

  • Treadmills & Haptic Gloves

  • Others (Controllers, Cardboard, and others)



By Industry




  • Gaming

  • Entertainment

  • Automotive

  • Retail

  • Healthcare

  • Education

  • Aerospace & Defense

  • Manufacturing

  • Others (Real Estate, Travel & Tourism, and others)



 By Region




  • North America (By Component, By Device Type, By Industry, and By Country)





    • U.S. (By Industry)

    • Canada (By Industry)



  • Europe (By Component, By Device Type, By Industry, and By Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Scandinavia (By Industry)

    • Rest of Europe



  • Asia Pacific (By Component, By Device Type, By Industry, and By Country)


    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • Southeast Asia (By Industry)

    • Rest of Asia Pacific


  • Middle East & Africa (By Component, By Device Type, By Industry, and By Country)

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa



  • Latin America (By Component, By Device Type, By Industry, and By Country)

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of Latin America




Virtual Reality Market
  • PDF
  • 2023
  • 2019-2022
  • 140

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