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Fortune Business Insights

Fortune Business Insights

According to Fortune Business Insights, the global virtual reality market size is projected to reach USD 227.34 billion in 2029, at a CAGR of 45.2% during forecast period; Increasing Application of Virtual Technology Across Numerous Sectors to Boost Growth

Pune, India, June 01, 2022 (GLOBE NEWSWIRE) -- The global virtual reality market size was valued at USD 11.64 billion in 2021. The market is projected to grow from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, exhibiting a CAGR of 45.2% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled “Virtual Reality Market Forecast, 2022-2029.”

Key Industry Development:

March 2022: Nvidia Corporation declared merger with more cloud service suppliers for high-quality VR streaming. With cloud-based streaming, the users can have admission to virtual, augmented, and extended reality from any position.

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Report Scope Segmentation

Report Coverage

Details

Forecast Period

2022 to 2029

Forecast Period 2022 to 2029 CAGR

45.2%

2029 Value Projection

USD 227.34 Billion

Base Year

2020

Virtual Reality Market Size in 2021

USD 11.64 Billion

Historical Data for

2018 to 2020

No. of Pages

140

Segments covered

Component, Device Type, Industry and Geography

Virtual Reality Market Growth Drivers

Growing Live Virtual Entertainment to Drive Market Growth

Requirement of High Power to Hamper Market Growth

Infinite Applications of VR Across Industries during Pandemic to Bolster Market Growth

The manufacturing and production factories of components, devices, equipment, and other hardware products have been brutally affected owing to the coronavirus outbreak globally. The temporary shutdown of industries, restricted number of in-house staff, closed country borders, and more have considerably obstructed the supply of components and the delivery of final products. Thus, in the beginning of 2020, owing to the restricted stock of virtual reality product and service, the market perceived small dip in its year-on-year trend and this has affected the overall global market.

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

Drivers and Restraints:

Rising Live Virtual Entertainment to Bolster Virtual Reality Market Growth

The notion of live virtual entertainment is budding globally. At present, people are choosing home entertainment by embracing the technology to access the live events or shows. As the technology provides an immersive and real-world environment to the users, its demand for live music concerts, live events or sports is surging substantially. The concept of live virtual entertainment is budding across the world.

However, the technology calls for robust hardware components and great computing power for the appropriate operation of devices. Nevertheless, the majority of present desktop accessories are not aligned with applications.

Segments:

Rising Investments in Advanced Hardware Offerings to Fuel Virtual Reality Market Growth

Based on component, the market is categorized into hardware, software, and content.

The hardware segment is predicted to dominate the global market share during the forecast period. The prime players are hugely capitalizing in the launch and invention of hardware.

Ability to Provide Immersive Environment to Drive Head Mounted Display Demand

Based on device type, the market is categorized into Head Mounted Display (HMD), VR simulator, VR glasses, treadmills haptic gloves, and others.

HMD is estimated to lead the market, as it provides the most immersive environment.

Growing Investments on Advanced Training Tools to Boost Virtual Systems in Automotive Industry

Based on industry, the Virtual Reality Market is segmented into gaming, entertainment, automotive, retail, healthcare, education, aerospace defense, manufacturing, and others. The gaming and entertainment segments are anticipated to lead the market during the forecast period.

The global market scope is classified across five regions, North America, Europe, Asia Pacific, the Middle East Africa, and Latin America.

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Report Coverage:

The report offers a detailed study of the virtual reality market share and a keen examination of the major segments. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for virtual reality in the near future.

Regional Insights:

North America to Dominate Backed by Presence of Prime Players

North America is estimated to dominate and hold the largest virtual reality market share. The substantial existence of prime players in the U.S. is navigating the market growth in the region. Also, numerous start-ups are entering the U.S. market and offering industry-centric solutions.

Asia Pacific demonstrates speedy growth during the forecast period owing to the rising demand for immersive technologies in developing nations. China is anticipated to attain maximum market share, as it is one of the chief distributors of head mounted virtual reality devices and other hardware.

Europe is estimated to display considerable growth during the forecast period. The region is the preliminary adopter of virtual solutions in the automotive industry.

List of Key Players Mentioned in the Report:

  • 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.)

Quick Buy - Virtual Reality Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101378

Major Table of Contents:

  • Global Virtual Reality Market Size Estimates and Forecasts, By Segments, 2018-2029

    • Key Findings

    • By Component (USD)

      • Hardware

      • Software

      • Content

    • By Device Type (USD)

      • Head-Mounted Devices (HMD)

      • VR Simulator

      • VR Glasses

      • Treadmills Haptic

      • Others (Controllers, Cardboard, etc.)

    • By Industry (USD)

      • Gaming

      • Entertainment

      • Automotive

      • Retail

      • Healthcare

      • Education

      • Aerospace defense

      • Manufacturing

      • Others (Real Estate, Travel Tourism, etc.)

    • By Region (USD)

      • North America

      • Latin America

      • Europe

      • Middle East Africa

      • Asia Pacific

  • North America Virtual Reality Market Size Estimates and Forecasts, By Segments, 2018-2029

    • Key Findings

    • By Component (USD)

      • Hardware

      • Software

      • Content

    • By Device Type (USD)

      • Head Mounted Devices (HMD)

      • VR Simulator

      • VR Glasses

      • Treadmills Haptic

      • Others (Controllers, Cardboard, etc.)

    • By Industry (USD)

      • Gaming

      • Entertainment

      • Automotive

      • Retail

      • Healthcare

      • Education

      • Aerospace defense

      • Manufacturing

      • Others (Real Estate, Travel Tourism, etc.)

    • By Country (USD)

      • United States

      • Canada

  • Europe Virtual Reality Market Size Estimates and Forecasts, By Segments, 2018-2029

    • Key Findings

    • By Component (USD)

      • Hardware

      • Software

      • Content

    • By Device Type (USD)

      • Head-Mounted Devices (HMD)

      • VR Simulator

      • VR Glasses

      • Treadmills Haptic

      • Others (Controllers, Cardboard, etc.)

    • By Industry (USD)

      • Gaming

      • Entertainment

      • Automotive

      • Retail

      • Healthcare

      • Education

      • Aerospace defense

      • Manufacturing

      • Others (Real Estate, Travel Tourism, etc.)

    • By Country (USD)

      • United Kingdom

      • Germany

      • France

      • Scandinavia

      • Rest of Europe

TOC Continued…!

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