Social VR Market Continues to Witness Solid Demand from Video Gaming Segment | Sales of VR Headsets Buoyant

London, May 16, 2023 (GLOBE NEWSWIRE) -- The global social VR market is on an uptrend and as suggested by a new study of Fairfield Market Research, will gain from gaming application to a large extent. Yet to be reaching their highest point, both AR and VR technologies will soon witness exhaustive social adoption in the years to come, says research. The market growth continues to expedite as more companies from technology domain focus on delivering immersive VR experiences.

Microsoft has recently shut down its social VR platform as a part of its global layoff decision. While the AR&VR division of the company has taken the backseat as of now, the company continues to eye its larger, long-term target, i.e., of the Metaverse. The world of augmented and virtual reality, especially VR is witnessing a lot as the technology holds potential to bring the communicators closer into shared spaces. The overall social VR experience has immense ability to elevate the levels of interaction, engagement, and human social experiences. This drives the demand for social VR platforms on a global level.

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Insights into Segmental Analysis

The consistently growing number of gaming, music, and movie studios based on VR technology remains the key driving force behind market expansion, and the preliminary research indicates ample business opportunity the lies in the architectural and planning industry that is majorly involved in modern urban designs, and architectural plans. This further receives a complementary impetus from an expanding HMD installation base. Social VR has also been gaining stronger ground in gaming and entertainment in line with the incessantly increasing availability of various VR entertainment alternatives. Although the application potential of social VR platform has reached much beyond gaming, the gaming devices remain the primary use case,” remarks the analyst.

Based on the primary market analysis, the video gaming segment records the dominance share of the social VR market. By component, sales of hardware remain dominant and VR headsets will continue to sell at the fastest pace on the back growing commercial application.

Insights into Regional Analysis

The largest and most lucrative consumer region in the global social VR market space is Asia Pacific. The region’s significant distributor in VR hardware and HMD segments, China leads the pack and will most likely remain at the forefront over the years to come. Japan has also emerged attractive in the light of 5G commercialization since 2019. There has been ascending demand for high-speed VR solutions across the enterprise world for enhancing corporate communications.

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Key Companies in Global Social VR Market

Google LLC, Facebook Technologies, LLC, Zillow, VRChat Inc., Bigscreen, Inc., HTC Corporation

Although the next-gen technologies like AI, and AR&VR have been around for quite a while now, it is only recently that their accessibility and significance has risen at an exponential pace. Moreover, with more marketers augmenting their spending on AR&VR social strategies, it is more likely that the market will be upbeat over the years to come,” says an analyst at Fairfield Market Research.

Key Elements Included In The Study: Global Social VR Market

  • Social VR Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.


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