LONDON, June 15, 2022 (GLOBE NEWSWIRE) -- The VR market is expected to grow at a CAGR of more than 25% during 2021-2030. GlobalData expects enterprises to become the key market for VR over the next three years, outpacing the consumer segment. VR is already in use across retail, defense, airlines, oil and gas, and healthcare, primarily for training. The COVID-19 pandemic triggered a shift to remote working that has boosted the adoption of VR by enterprises for training, collaboration, data visualization, and customer experience. VR will be a key technology in the future of work, and the development of enterprise-grade metaverse platforms will further enhance its appeal.
The Virtual Reality Market Research Report offered by GlobalData identifies the key trends impacting the growth of the virtual reality theme over the next 12 to 24 months, split into four categories: technology trends, macroeconomic trends, regulatory trends, and media trends. It includes comprehensive industry analysis, including forecasts for virtual reality revenues to 2030. These forecasts are split by end-user (consumer and enterprise) and platform (hardware and software). There is also market share information for the VR headsets markets.
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Key Technology Trends Impacting the VR Market
- Metaverse
- AI
- Cloud
- 5G
- Cloud
- The future of work
The metaverse is a virtual world where users share experiences and interact in real-time within simulated scenarios. VR is a key technology for metaverse developers, thanks to its ability to place users in virtual environments where they can interact with other users and digital items. VR-related technologies such as simultaneous location and mapping (SLAM), facial recognition, and motion tracking will be vital for developing metaverse-based use cases.
For more insights on technology trends impacting the virtual reality theme, download a free report sample
Key Macroeconomic Trends Impacting the VR Market
- COVID-19
- Enterprise adoption
- The search for a killer app
COVID-19 has hit the VR market on both the supply and demand sides. The slowdown is attributable to the disruption in production stemming from the lockdown in China at the start of 2020. At the same time, consumer spending on non-essential products, including VR headsets, was negatively impacted by the economic recession. However, the demand for VR headsets has started to recover in 2021, thanks to the subsiding impact of the pandemic, the growing number of affordable VR headsets (e.g., Oculus Quest 2 and HTC Vive Flow), and the increasing adoption of VR by enterprises.
For more insights on macroeconomic trends impacting the virtual reality theme, download a free report sample
Key Regulatory Trends Impacting the VR Market
- Data privacy
- Legal challenges
For more insights on regulatory trends impacting the virtual reality theme, download a free report sample
Key Media Trends Impacting the VR Market
- Gaming
- VR advertising
- Films
For more insights on media trends impacting the virtual reality theme, download a free report sample
Leading Companies Associated with the VR Market
- ByteDance
- DPVR
- Meta
- HTC
- Microsoft
- Qualcomm
- Sony
- Unity
- Valve
- Walt Disney
To know more about leading companies associated with the virtual reality theme, download a free report sample
Virtual Reality Market Overview
| Market Size 2020 | Nearly $5 billion |
| CAGR | >25% |
| Forecast Period | 2021-2030 |
| Key Technology Trends | Metaverse, AI, Cloud, 5G, Cloud, and the Future of Work |
| Key Macroeconomic Trends | COVID-19, Enterprise adoption, and the Search for a Killer App |
| Key Regulatory Trends | Data Privacy and Legal Challenges |
| Key Media Trends | Gaming, VR Advertising, and Films |
| Leading Companies | ByteDance, DPVR, Meta, HTC, Microsoft, Qualcomm, Sony, Unity, Valve, and Walt Disney |
Virtual Reality Market Report Scope
- This report provides an overview of the virtual reality theme.
- It identifies the key trends impacting the growth of the theme over the next 12 to 24 months, split into four categories: technology trends, macroeconomic trends, regulatory trends, and media trends.
- It includes a comprehensive industry analysis, including forecasts for virtual reality revenues to 2030. These forecasts are split by end-user (consumer and enterprise) and platform (hardware and software). There is also market share information for the VR headsets markets.
- It contains details of M&A deals driven by the virtual reality theme, and a timeline highlighting milestones in the development of virtual reality.
- The detailed value chain comprises five segments: semiconductors, components, headsets, platforms, and applications and content. Leading and challenging vendors are identified across all five segments.
Reasons to Buy
This report tells you the need to know about VR, including market forecasts to 2030 and profiles of the leading companies
FAQs
What was the virtual reality market size in 2020?
The global VR market size was worth nearly $5 billion in 2020.
What is the virtual reality market growth rate?
The VR market is expected to grow at a CAGR of more than 25% during 2021-2030.
What are the key technology trends impacting the virtual reality market?
The key technology trends impacting the VR theme are metaverse, AI, cloud, 5G, and the future of work.
What are the key macroeconomic trends impacting the virtual reality market?
The key macroeconomic trends impacting the VR theme are COVID-19, enterprise adoption, and the search for a killer app.
What are the key regulatory trends impacting the virtual reality market?
The key regulatory trends impacting the VR theme are data privacy and legal challenges.
What are the key media trends impacting the virtual reality market?
The key media trends impacting the VR theme are gaming, VR advertising, and films.
Which are the leading companies associated with the virtual reality market?
The leading companies associated with the VR theme are ByteDance, DPVR, Meta, HTC, Microsoft, Qualcomm, Sony, Unity, Valve, and Walt Disney.
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