SAN FRANCISCO† July 7, 2022 /PRNewswire/ — the global virtual reality market size is expected to reach: USD 87.0 billion by 2030, according to the latest report from Grand View Research, Inc. The market is expected to grow at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, especially in entertainment and gaming, has led to significant market growth. Moreover, the advent of 5G technology has positively impacted the adoption of virtual technology.
Key industry insights and findings from the report:
- The market is expected to be driven by advancements in smartphone hardware and advanced virtual reality-enabled headsets during the forecast period.
- The HMD Devices segment accounted for the largest share of revenue at over 60.0% in 2021.
- The semi- and fully immersive technology segment accounted for the largest revenue share in 2021, which is expected to increase further over the forecast period. This can be attributed to the technology’s ability to bring a realistic dimension to a simulated domain.
- Asia-Pacific accounting for the largest share of revenue at over 40.0% in 2021 and is expected to dominate the market over the forecast period.
Read the 300-page market research report for more latest insights,”Virtual Reality Market Size, Share and Trend Analysis Report by Technology (Semi- & Full Immersive, Non-immersive), by Device (HMD, GTD, PDW), by Component (Hardware, Software), by Application, by Region and Segment Forecasts, 2022 – 2030published by GrandView Research.
Virtual reality market growth and trends
Emerging demand for virtual training in sectors such as education, aerospace and defense, automotive and healthcare is driving the market. For example, in October 2021, Accenture has ordered 60,000 Oculus headsets to simplify the onboarding process and train new hires. The company sees VR as an engaging and productive technology that provides a time-saving solution for training.
With the deployment of VR technology, the e-commerce industry has enabled shoppers to virtually try on new clothes and accessories. This supports buyers in making the right purchase choices. In addition, the temporary closure of educational institutions to curb the spread of the coronavirus has forced them to hold their academic sessions on VR-based online platforms to facilitate better collaboration.
The VR technology has also enabled medical staff to instruct and support therapies through the audiovisual tool. The increasing use of automation and artificial intelligence (AI) in many industries is one of the key growth drivers of the market. North America is expected to maintain its lead over the forecast period due to the dominance of tech companies in the region. Moreover, the emergence of various start-ups related to advanced technology is expected to influence the growth of the market.
Virtual Reality Market Segmentation
Grand View Research has segmented the global virtual reality market on the basis of device, technology, component, application, and region:
Virtual Reality Market – Device Outlook (Yield, USD Million, 2018 – 2030)
- Head-mounted display (HMD)
- Gesture Tracking Device (GTD)
- Projectors & Display Wall (PDW)
Virtual Reality Market – Technology Outlook (Revenue, USD Million, 2018 – 2030)
- Semi and fully immersive
Virtual Reality Market – Component Outlook (Revenue, USD Million, 2018 – 2030)
Virtual Reality Market – Application Outlook (Revenue, USD Million, 2018 – 2030)
- Aerospace and Defense
- Commercial break
Virtual Reality Market – Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- South America
- Middle East † Africa
List of Major Players in the Virtual Reality Market
- CyberGlove Systems, Inc.
- HTC Corporation
- Sensitics, Inc.
- Sixense Enterprises, Inc. (Penumbra, Inc.)
- Ultraleap Limited
Check out more related studies published by Grand View Research:
- Augmented Reality & Virtual Reality in the healthcare market † The global augmented reality & virtual reality in healthcare market is expected to reach USD 9.5 billion by 2028, according to a new report from Grand View Research, Inc. The market is expected to grow at a CAGR of 27.2% from 2021 to 2028. Increasing advancements and digital disruptions in the healthcare system, rising healthcare spending and the increasing need for efficient and innovative solutions to improve clinical and operational outcomes are contributing to the growth of the market.
- Virtual reality headset market † The global virtual reality headset market size is expected to reach USD 55.69 billion by 2028, at an estimated CAGR of 28.2% from 2021 to 2028, according to a new report from Grand View Research, Inc. The continued advancement in virtual reality (VR) technology and the rapid penetration of smartphones are expected to drive the market growth.
- Virtual reality in the gaming market † The global virtual reality in gaming market size is expected to reach USD 92.31 billion by 2027, growing at a CAGR of 30.2% over the forecast period, according to a new report from Grand View Research, Inc. Increasing demand for technologically advanced electronic games among millennials is expected to drive market growth from 2020 to 2027.
Browse Grand View Research’s Next Generation Technology research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides both syndicated and custom research reports and advisory services. Signed up California and the head office is located in San Francisco, the company includes more than 425 analysts and consultants, who add more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and measure the opportunities ahead.
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