Virtual Reality (VR) Market Forecast to Reach $38 Billion by 2029: Analysis by Technology, Offering, Device Type, Application, Region, and Company with Case Studies


Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Global Virtual Reality Market by Technology (Non-immersive, Semi & Fully Immersive), Offering, Device Type (Head-mounted Devices, Gesture Tracking Devices, Projectors & Display Walls), Application and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global virtual reality market was valued at USD 15.9 billion in 2024 and is projected to reach USD 38 billion by 2029; it is expected to register a CAGR of 19.1% during the forecast period. Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors is driving the growth of the virtual reality market. Whereas Latency issues and high energy consumption is restraining the growth of the virtual reality market.



The Head-mounted Display (HMD's) segment is expected to grow at the second highest CAGR during the forecast period

The Head-mounted Display (HMD's) segment is expected to grow at a second highest CAGR of 22.5% during the forecast period. The use of head-mounted displays in gaming and entertainment is a major driver for the growth of virtual reality hardware devices. Virtual reality head-mounted displays enable gamers and entertainment enthusiasts to step into immersive, interactive virtual worlds where they can explore, interact with virtual objects, and engage in gameplay that feels incredibly realistic. This level of immersion and interactivity has revolutionized the gaming and entertainment industries, offering users experiences that go beyond traditional gaming or media consumption. As a result, virtual reality head-mounted displays have garnered significant interest and investment, leading to advancements in virtual reality technology and a growing ecosystem of virtual reality content.

The software segment is likely to grow at the second higher CAGR during the forecast period

The software segment is expected to grow at second higher CAGR of 16.7% during the forecast period. The growth is attributed to VR software finding applications beyond just gaming and entertainment. Industries like healthcare, education, retail, and automotive are increasingly utilizing VR for training, simulations, and product design. It enables virtual reality experiences such as informative overlays, interactive games, and navigation aids.

In contrast, virtual reality software creates entirely digital environments where users can explore, interact, and manipulate objects. VR based on cloud computing is used to compare the captured images with the database and send back relevant information to the mobile device. The mobile device further processes the image, and then detects, resizes, and generates 3D images. In VR, cloud platform solutions include benefits such as scalable processing, accessible browser downloads, reliable real-time processes, and secure Software as a Service (SaaS) platform.

The North America segment is likely to grow at the second highest CAGR during the forecast period

The market in North America is expected to witness the second highest CAGR of 19.4% during the forecast period. VR's extensive usage across various sectors, particularly in consumer electronics, propels the virtual reality market's expansion. Sectors like aerospace & defense, healthcare, consumer goods, and commercial industries are increasingly adopting virtual reality technologies for further advancements. The US boasts numerous global players offering virtual reality products and solutions, solidifying North America's prominence in the global virtual reality market.

Research Coverage

The report segments the virtual reality market and forecasts its size by technology, offering, device type, application, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions - North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the virtual reality ecosystem.

The virtual reality market is dominated by a few globally established players such as Meta (US), Sony (Japan), Samsung Electronics Co., Ltd. (South Korea), Microsoft (US), Unity Technologies (US), Barco (Belgium), Penumbra, Inc. (US), HTC Corporation (Taiwan), PICO Immersive Pte. Ltd. (US), and DPVR (China). The study includes an in-depth competitive analysis of these key players in the virtual reality market, with their company profiles, recent developments, and key market strategies.

Key Attributes

Report AttributeDetails
No. of Pages224
Forecast Period2024-2029
Estimated Market Value (USD) in 2024$15.9 Billion
Forecasted Market Value (USD) by 2029$38 Billion
Compound Annual Growth Rate19.1%
Regions CoveredGlobal

Premium Insights

  • Continuous Technological Advancements in Various Sectors and Growing Penetration of Metaverse to Drive Market
  • Display & Projectors Segment to Record Highest CAGR During Forecast Period
  • Healthcare Segment to Register Highest CAGR During Forecast Period
  • Commercial Segment to Record Highest CAGR During Forecast Period
  • Gesture-Tracking Devices Segment to Witness Highest CAGR During Forecast Period
  • Asia-Pacific to Hold Largest Market Share in 2029
  • China to Record Highest CAGR During Forecast Period

Market Dynamics

  • Drivers
    • Growing Penetration of Metaverse
    • Rapid Adoption of Digital Technologies in Healthcare and Gaming & Entertainment Sectors
    • Potential for Transformative Change Across Numerous Industries
    • Significant Adoption of HMDs
    • Emergence of Virtual Classrooms Offering Immersive and Engaging Learning Experiences
  • Restraints
    • Latency Issues and High Energy Consumption
    • Health Issues Caused by Excessive Use of VR Devices
  • Opportunities
    • Emerging Applications of VR in Telemedicine
    • Continuous Developments in 5G Technology
    • Growth of Global Travel & Tourism Industry
  • Challenges
    • Creating VR Systems with User-Friendly Interface
    • Display Latency and Limited Field of View

Pricing Analysis

  • Average Selling Price Trend for Top Players, by Head-Mounted Display
  • Average Selling Price Trend, by Region

Technology Analysis

  • Key Technologies
    • Motion Tracking
    • Haptic Technology
  • Complementary Technology
    • Cloud Computing
  • Adjacent Technologies
    • Artificial Intelligence (AI)
    • 5G and High-Speed Networking

Case Study Analysis

  • European Manufacturing Company Transformed Manufacturing Training with Innowise's Virtual Reality App
  • Tsinghua University Partnered with Barco to Create Virtual Simulation Disaster Emergency Response Laboratory
  • Nestle Purina Achieved Efficiency and Gained Productivity with Quest VR
  • Tata Steel Limited Partnered with Steel Sim VR and Varjo to Improve Safety and Reduce Costs Associated with Traditional Training Methods

Companies Featured

  • Sony
  • Samsung Electronics Co. Ltd.
  • Microsoft
  • Meta
  • HTC Corporation
  • Barco
  • Pico Immersive Pte. Ltd.
  • Cyberglove Systems Inc.
  • Unity Technologies
  • Penumbra, Inc.
  • DPV
  • Ultraleap
  • Fove Inc.
  • Quytech
  • Hqsoftware
  • Innowise
  • XRHealth Il Ltd.
  • Vection Technologies
  • Mindmaze
  • Firsthand Technology
  • Worldviz, Inc.
  • Virtuix
  • Vighnesh Inc.
  • Merge Labs, Inc.
  • SpaceV

For more information about this report visit https://www.researchandmarkets.com/r/4c07r9

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Global Virtual Reality Market

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