Analysis by technology, offering, device type, application, region and company with case studies

Global virtual reality market

Dublin, May 23, 2024 (GLOBE NEWSWIRE) — “Global Virtual Reality Market by Technology (Non-immersive, Semi-immersive and Fully Immersive), Offering, Device Type (Head-Mounted Devices, Gesture Trackers, Projectors and Display Walls), Application and Region – Forecast for 2029” has been added to the report ResearchAndMarkets.com offering.

The global virtual reality market was valued at $15.9 billion in 2024 and is expected to reach $38 billion by 2029; is expected to register a CAGR of 19.1% during the forecast period. The rapid adoption of digital technologies in the healthcare and gaming and entertainment sectors is driving the growth of the virtual reality market. However, latency issues and high power consumption are hampering the development of the virtual reality market.

The head-mounted display (HMD) segment is expected to grow at the second highest CAGR during the forecast period

The head-mounted display (HMD) segment is expected to grow at the second highest CAGR of 22.5% during the forecast period. The use of head-mounted displays in gaming and entertainment is a major factor driving the development of virtual reality hardware devices. Head-mounted virtual reality displays enable gamers and entertainment enthusiasts to enter immersive, interactive virtual worlds where they can explore, interact with virtual objects and engage in incredibly realistic gameplay. This level of immersion and interactivity has revolutionized the gaming and entertainment industry, offering users experiences that go beyond traditional gaming and media consumption. As a result, head-mounted virtual reality displays are attracting significant interest and investment, leading to advances in virtual reality technology and a growing virtual reality content ecosystem.

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

The software segment is expected to grow at a second higher CAGR of 16.7% during the forecast period. This growth is attributed to VR software used in more than just games and entertainment. Industries such as healthcare, education, retail and automotive are increasingly using virtual reality for training, simulation and product design. Enables virtual reality experiences such as information overlays, interactive games, and navigation aids.

In contrast, virtual reality software creates completely digital environments in which users can explore, interact, and manipulate objects. Cloud-based VR is used to compare recorded images with a database and send relevant information to a mobile device. The mobile device further processes the image and then detects, resizes and generates 3D images. In virtual reality, cloud platform solutions include benefits such as scalable computing, available in-browser downloads, reliable real-time processes, and a secure software-as-a-service (SaaS) platform.

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

The North American market is expected to register the second highest CAGR at 19.4% during the forecast period. The wide application of VR in various sectors, especially in consumer electronics, is driving the expansion of the virtual reality market. Sectors such as aerospace and defense, healthcare, consumer goods and commercial industries are increasingly adopting virtual reality technologies to further their development. The United States boasts numerous global players offering virtual reality products and solutions, strengthening North America’s position in the global virtual reality market.

Scope of research

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 facing the market. It provides a detailed view of the market across four major regions – North America, Europe, Asia-Pacific and South Africa. The report includes supply chain analysis along with analysis of key players and their competitive analysis in the virtual reality ecosystem.

The virtual reality market is dominated by several internationally renowned players such as Meta (US), Sony (Japan), Samsung Electronics Co., Ltd. (South Korea), Microsoft (US), Unity Technologies (US), Barco ( Belgium ), Penumbra, Inc. (USA), HTC Corporation (Taiwan), PICO Immersive Pte. Ltd. (USA) and DPVR (China). The study covers in-depth competitive analysis of these key players in the Virtual Reality market, with their company profiles, latest developments, and key market strategies.

Key features

Premium insights

• Continuous technological advancements in various sectors and increasing penetration of the Metaverse to drive the market

• The display and projector segment recorded the highest CAGR during the forecast period

• The healthcare segment will witness the highest CAGR during the forecast period

• The commercial segment will witness the highest CAGR during the forecast period

• Gesture tracking devices segment that has recorded the highest CAGR during the forecast period

• Largest market share in Asia Pacific in 2029

• China will record the highest CAGR during the forecast period

Market dynamics

• Drivers

  • Growing penetration of the Metaverse

  • Rapid adoption of digital technologies in the healthcare and gaming and entertainment sectors

  • Transformation potential in many industries

  • Significant HMD adoption

  • The emergence of virtual classrooms offering immersive and immersive learning experiences

• Limitations

• Possibilities

  • New applications of VR in telemedicine

  • Continuous development of 5G technology

  • Development of the global tourism industry

• Challenges

Price analysis

• Average selling price trend for top gamers, according to head-mounted display

• Average selling price trend by region

Technology analysis

• Key technologies

  • Movement tracking

  • Touch technology

• Complementary technology

• Adjacent technologies

Case study analysis

• A European manufacturing company transformed manufacturing training with the virtual reality app Innowaise

• Tsinghua University has partnered with Barco to create a virtual disaster response laboratory

• Nestle Purina achieved efficiency and productivity with Quest VR

• Tata Steel Limited has partnered with Steel Sim VR and Varjo to improve safety and reduce costs associated with traditional training methods

Featured companies

More information about this report can be found at https://www.researchandmarkets.com/r/4c07r9

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