Virtual Reality Market Report by Component (Hardware & Software), Type (Head-Mounted Displays, Gesture-Tracking Devices, Projectors & displays walls, and others), Application (Aerospace & Defense, Commercial, Consumer, Enterprise, Healthcare, and Others), Technology (Semi fully immersive, and non-immersive), Regions and Company Analysis 2024-2030

Virtual Reality Market Analysis

Virtual Reality Market value is foreseen to be around US$ 105.89 Billion by 2030. The CAGR for the market from 2024 to 2032 is 32.37%. Renub Research states that it amounted to US$ 14.87 Billion in 2023.

A simulated three-dimensional (3D) environment known as virtual reality, or VR, allows users to explore and interact with a virtual environment that closely resembles reality as experienced by their senses. Computer technology and software generate the environment, but users may also need to wear goggles, headsets, or bodysuits to interact. Users can suspend disbelief and accept a virtual reality (VR) experience as accurate, even if it is fanciful, the more fully they can submerge themselves in the setting and ignore their outside world.

Global Virtual Reality Market Size, 2024-2030 (Billion US$)

Note: The chart above shows dummy data and is only for illustration purposes. Please get in touch with us for the actual market size and trends.

Virtual Reality Market Trends

•    Use in various industries

Before the VR industry's dream of a fully immersive world where users may interact with many senses in a way that approaches reality is realized, there is still a long way to go. Nonetheless, virtual reality technology has advanced significantly in offering realistic sensory engagement. It has potential for commercial use across several industries, driving the expansion of the virtual reality market globally.

• Compared to traditional or alternative teaching approaches, a paper published in BMC Medical Education demonstrates that virtual reality technology dramatically improves nursing students' theoretical knowledge, practical abilities, skill retention, and satisfaction levels.
• In September 2023 - Virtual reality (VR) headsets are being integrated into Purdue's nursing curriculum through the NUR 42001 (Transition to Professional Nursing Practice) course, which is taught by a team that includes Ann Loomis, clinical associate professor of nursing, as part of a research collaboration led by the University of Minnesota's School of Nursing.
• Lincoln Property Company has trained employees in HVAC installations and repairs using virtual reality technology. Because VR reduces time, travel, and material costs, LPC has found the training cost-effective despite its high price tag. Beyond the figures, VR training providers like LPC and others have discovered significantly higher participant engagement than with webinars or other online training options.
• In August 2023 - NATO will test 5G capabilities in Latvia using drones and virtual reality.

•    Government Involvement

Emerging technologies like virtual reality and generative artificial intelligence will be used more frequently by state governments and federal agencies to support their work and beyond. This is driving the worldwide virtual reality market. Governments today are using virtual reality for a variety of objectives, including improving services and strengthening ties with the public.

• In December 2023 - The Karnataka government introduced a new strategy for animation, visual effects, gaming, and comics. It extended reality (AVGC-XR) and a revised policy for biotechnology at the Bengaluru Tech Summit to promote economic development in these fields.
• In October 2023 - China Daily sought a third-party contractor to develop its own metaverse and NFT platform, the Communist Party declared on its website. The statement claims the objective is to use blockchain, NFT, VR, AR, and metaverse technologies to promote Chinese culture.
• The National Highway Institute (NHI) of the Federal Highway Administration (FHWA) offers transportation training that fosters innovation to improve the educational experience.

China Virtual Reality Market

China is quickly rising to the top of the virtual reality market because of its diverse economy and real estate companies. Known for embracing new technology early, mainlanders enthusiastically accept flawed iterations of these platforms. Interestingly, China excels in mobile internet usage, and investors predict that smartphones will drive VR adoption rather than relying on computer goggles.

• According to DataReprtal, the number of internet users in China in January 2023 was 1.05 billion. At the beginning of 2023, 73.7% of people in China were using the internet.
• China's internet user base grew by 19 million (+1.9%) between 2022 and 2023, according to a Kepios analysis.
• Recognizing VR's promise in various industries, including entertainment, education, healthcare, fashion, manufacturing, and tourism, the government actively encourages the development of the virtual reality industry.
• In November 2022 - The Chinese Ministry of Industry and Information Technology released the country's first virtual reality action plan to ship over 25 million VR headsets by 2026.
• As part of the strategy, 10 public service platforms for the industry and the promotion of 100 key enterprises are to be formed by 2026.

Virtual Reality Industry News

The major international tech companies that have significantly invested in the global virtual reality market are HTC, Xiaomi, Huawei, Sony, Apple, Microsoft, Lenovo, Samsung, Meta, and Qualcomm.

•    Sony

In December 2023 - In India, Sony eventually released the PlayStation VR 2 series.
In April 2023 - Sony Electronics will add the ELF-SR2 to its line of spatial reality displays. The larger 4K variant, measuring 27 inches, offers incredibly lifelike, three-dimensional content without the need for special glasses or virtual reality headsets. The enhanced high-speed vision sensor, image quality-improving technologies, and installation flexibility are highlights of the new offering.

•    Apple

In February 2024 - The first "spatial computer" from Apple, the Vision Pro, combines the physical and virtual realms. With its powerful new CPU, 3D capture technologies, and ultra-high-resolution displays, it promises to deliver immersive experiences. “Spatial computer" with eye tracking, a 3D camera, and a 3D display. Visually, it is similar to having life-size FaceTime chats, floating apps, and reliving memories—all in three dimensions!

•    Microsoft

In November 2023 - Copilot, which blends the strength of generative AI with mixed reality to help frontline staff execute complicated tasks and resolve issues faster with less disruption to business flow, was unveiled at Microsoft Ignite 2023 in Microsoft Dynamics 365 Guides.
In November 2023- Immersion 3D Teams meetings will become a reality thanks to Microsoft. Teams will integrate Microsoft Mesh in January, enabling colleagues to convene virtually without needing VR equipment.

•    Lenovo

In September 2023 - To improve the fan experience, Lenovo and Formula 1 have joined to create a virtual reality (VR) mini-game that fans can only play at specific F1 events using the new ThinkReality VRX all-in-one headgear.
In May 2023- Lenovo revealed that a few areas would soon be able to purchase its ThinkReality VRX virtual reality headset. Lenovo's newest VR headset, intended for business users, is powered by an Android 12 operating system and a Snapdragon XR2+ Gen 1 processor.

•    Samsung

In January 2024 - Qualcomm will release a new processor for augmented and virtual reality (VR and AR). Samsung plans to develop VR and AR experiences using the newest Qualcomm chips. With the release of the latest processor, Samsung can more effectively compete with companies like Apple and Meta, which both released VR headsets in 2023.
In December 2023 - Samsung will release The ISOCELL Vizion 63D and ISOCELL Vizion 931, two new sensors meant to improve AR (Augmented Reality), VR (Virtual Reality), and smartphone experiences. Each sensor addresses a different set of difficulties in obtaining depth information and offers special possibilities for improved virtual and augmented experiences.
In November 2023 - Samsung's Premium VR equipment will be available in late 2024.

•    Meta

In November 2023 - To reenter a market where Facebook and Instagram are still forbidden, Meta Platforms partnered with Tencent Holdings to sell a new, affordable virtual reality (VR) gear in China.
In September 2023 - Teachers Now Have More Ways to Motivate Students Thanks to Metaverse Technologies. A new collaboration involving 15 US universities that use immersive technology for instruction is being announced. Additionally, they introduced specific educational shelves in the Meta Quest store.

•    Qualcomm

In November 2023 - In Q1 2024, Qualcomm aims to release its next-generation XR (Extended Reality) smartphone chip.
In September 2023 - Qualcomm introduced two new platforms for spatial computing, the Snapdragon XR2 Gen 2 and Snapdragon AR1 Gen 1. The company claims these platforms will drive the next wave of smart glasses, mixed reality (MR), and virtual reality (VR) technology.

•    HTC

In January 2023 - It is HTC's chance to present the Vive XR Elite, the company's next top consumer headset, at CES 2023.

•    Huawei

In December 2023 - Huawei stated that it was working on a high-end virtual reality (VR) headset that would compete with Apple's Vision Pro and would be released by the end of 2024. The company's previous sub-brand, Honor, is also developing a VR system.

Global Virtual Reality Share, By Application (Percentage)

Note: The chart above shows dummy data and is only for illustration purposes. Please get in touch with us for the actual market size and trends.

Component – Market breakup from 2 Viewpoints

1.    Hardware
2.    Software

Type – Market breakup from 4 Viewpoints

1.    Head-Mounted Displays
2.    Gesture-Tracking Devices
3.    Projectors & displays walls
4.    Others

Application – Market breakup from 6 Viewpoints

1.    Aerospace & Defense
2.    Commercial
3.    Consumer
4.    Enterprise
5.    Healthcare
6.    Others

Country – Market breakup from 22 Country Virtual Reality Industry

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    Germany
2.2    Belgium
2.3    France
2.4    United Kingdom
2.5    Turkey
2.6    Italy
2.7    Spain
2.8    Switzerland
2.9    Netherlands

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    Australia

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East and Africa

5.1    Saudi Arabia
5.2    Israel
5.3    South Africa

6.    Rest of the World

All Companies have been covered from 3 Viewpoints

•    Overview
•    Recent Development
•    Revenue

Company

1.    Sony
2.    Apple
3.    Microsoft
4.    Lenovo
5.    Samsung
6.    Meta
7.    Qualcomm

Report Details: