Global Virtual Reality Market to Reach USD 186.78 Billion by 2031 | CAGR of 28.7%
Category : IT And Telecommunications | Published Date : Nov 2024 | Type : Press Release
Virtual Reality Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Virtual Reality Market was valued at USD 24.77 Billion in 2023 and is projected to reach USD 186.78 Billion by 2031, growing at a CAGR of 28.7% from 2024 to 2031. Virtual reality (VR) is a near-eye display technology that creates immersive simulations, allowing users to experience and interact with a 360-degree digital environment. VR is applied across industries, including gaming, healthcare, education, and more, providing enhanced experiential learning, increased engagement, and safe training environments.
The report comprises the Virtual Reality Market Share, Size & Industry Analysis, By Technology (Fully Immersive & Semi-Immersive, Non-Immersive, Augmented & Collaborative VR), Device (Head-Mounted Display (HMD), Gesture-Tracking Device (GTD), Projectors & Display Walls (PDW)), Component (Hardware, Software), Application (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Virtual Reality Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Advancements in VR hardware and software are driving market expansion, while 5G networks offer significant growth opportunities.
Segmental Analysis :
Based on technology, the market is segmented into fully immersive & semi-immersive, non-immersive, augmented, and collaborative VR.
- Fully immersive VR dominated the market in 2023, recognized for its extensive applications in healthcare, education, and gaming, providing enhanced engagement and cognitive benefits.
- Semi-immersive VR is projected to grow at a significant CAGR, blending virtual and real environments, and is suitable for educational and training purposes.
Based on the device, the market includes head-mounted displays (HMD), gesture-tracking devices (GTD), and projectors & display walls (PDW).
- Head-mounted displays (HMD) held the largest share in 2023, driven by advancements in display quality and increased digitalization.
- Gesture-tracking devices (GTD) are anticipated to register the fastest CAGR, with features like 3D object manipulation and real-time motion capture, enhancing interactivity in virtual environments.
Based on components, the market is categorized into hardware and software.
- Hardware accounted for the largest revenue share in 2023, driven by improvements in VR headsets, sensors, and the adoption of 5G.
- Software is expected to witness the fastest growth, spurred by cloud-based VR applications and advancements in VR design tools.
Based on application, the market spans gaming, entertainment, automotive, retail, healthcare, education, aerospace & defense, manufacturing, and others.
- Gaming led the market in 2023, with high demand for immersive experiences and VR integration in popular gaming platforms.
- Healthcare is expected to grow at the highest CAGR, driven by telemedicine, medical imaging, and surgical training applications.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- Asia-Pacific led the market in 2023, with strong growth in sectors like training and education, supported by 5G implementation and technological advancements in countries like Japan and China.
- Europe is projected to grow significantly, driven by increased VR adoption in gaming and automotive industries.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 186.78 Billion |
| CAGR (2024-2031) | 28.7% |
| By Technology | Fully Immersive & Semi-Immersive, Non-Immersive, Augmented, Collaborative VR |
| By Device | Head-Mounted Display (HMD), Gesture-Tracking Device (GTD), Projectors & Display Walls (PDW) |
| By Component | Hardware, Software |
| By Application | Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Virtual Reality Industry:
- Microsoft Corporation (United States)
- HTC Corporation (Taiwan)
- Samsung Electronics Co., Ltd. (South Korea)
- Apple Inc. (United States)
- Meta Platforms, Inc. (United States)
- Google LLC (United States)
- Sony Corporation (Japan)
- Lenovo Group Limited (China)
- Unity Technologies Inc. (United States)
- NVIDIA Corporation (United States)
Recent Industry Developments :
- In April 2024, Metaverse911 inaugurated the Metaverse Experience Centre (MEC) in India, promoting AR and VR for immersive technology applications.
- In June 2023, Apple launched the Apple Vision Pro, a spatial computer with an infinite canvas, delivering an enhanced VR experience across work, entertainment, and gaming.
