Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Virtual Reality Market Outlook

The global virtual reality market reached a value of USD 42.35 billion in 2023 and is expected to grow at a CAGR of about 33% in the forecast period of 2024-2032.

Global Virtual Reality Market

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North America and Asia Pacific to Dominate the Global Virtual Reality Market

North America, Europe, and Asia Pacific are likely to dominate the global industry in the forecast period. United States is expected to be the dominate the North American market. This is because of the remarkable activity of major key players in the nation. The United States government has also been investing in virtual reality and has started to adopt this technology across fields like military.

Asia Pacific is also one of the leaders of virtual reality market. This is because of the technological developments in the developing economies. 5G connectivity is also increasingly being adopted in nations like Japan and China. Japanese government initiatives have also been favourable to virtual reality industry such as technological grants and funds to VR companies. Europe is also expected to witness significant growth in the coming years because of the technological advancements in the region. The United Kingdom government is also looking for virtual reality projects like virtual farmer market. Latin America and Africa will also register industry growth because of the increasing penetration of gaming and entertainment activities.

Virtual Reality: Market Segmentation

Virtual reality refers to an artificial 3-dimensional visual environment that is created through computer simulation. The user is also allowed to interact with the interface through sensory equipment like gloves, glasses, and headsets. This technology is used in gaming and entertainment industry for better customer experience. The virtual reality is also finding its use in diverse sectors such as medical, education, and corporate training.

Global Virtual Reality Market By Device

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The components of virtual reality industry are classified as:

  • Hardware
  • Software
  • Content

The hardware component is further segmented into sensors and semiconductor components, among others.

By technology, the virtual reality is categorised into:

  • Non-immersive
  • Semi and Fully Immersive

On the basis of device, the industry is segmented into the following:

  • Gesture-Tracking Device (GTD)
  • Projectors and Display Wall (PDW)
  • Head Mounted Display (HMD)
  • Others

Based on the end use, the virtual reality is classified into:

  • Education
  • Gaming
  • Media and Entertainment
  • Healthcare
  • Military and Defence
  • Real Estate
  • Others

The regional markets for virtual reality can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Virtual Reality Market By Region

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Virtual Reality Market to be Driven by the End Use Industries

The coronavirus pandemic had led to decline in physical interactions and rapid growth of digital and virtual reality industry. The different industries are looking for virtual reality platforms for their working interface. Education and academia have increasingly adopted the virtual reality because of the closing down of educational institutions. Corporate and other trainings are also performed through virtual reality which is providing impetus to industry growth. Gaming and entertainment industry have been recognised the virtual reality potential earlier as the consumers base is swiftly increasing. Healthcare industry and military sectors are also recognising the virtual reality and investing for this technology. The arrival of 5G with faster information transfer will also propel the virtual reality market in the coming years.

Key Industry Players in the Global Virtual Reality Market

The report gives a detailed analysis of the following key players in the virtual reality market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Google LLC
  • Sony Corporation
  • HTC Corporation
  • Samsung Electronics Co., Ltd
  • Facebook Technologies, LLC
  • Microsoft Corporation
  • Vuzix Corporation
  • EON Reality, Inc
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Technology
  • Device
  • End Use
  • Region
Breakup by Component
  • Hardware
  • Software
  • Content
Breakup by Technology
  • Non-immersive
  • Semi and Fully Immersive
Breakup by Device
  • Gesture-Tracking Device (GTD)
  • Projectors and Display Wall (PDW)
  • Head Mounted Display (HMD)
  • Others
Breakup by End Use
  • Education 
  • Gaming
  • Media and Entertainment
  • Healthcare
  • Military and Defence
  • Real Estate
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Google LLC
  • Sony Corporation
  • HTC Corporatio
  • Samsung Electronics Co., Ltd
  • Facebook Technologies, LLC
  • Microsoft Corporation
  • Vuzix Corporation
  • EON Reality, Inc.
  • Others
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Virtual Reality Market Report Snapshots

Virtual Reality Market Size

Virtual Reality Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global virtual reality market attained a value of nearly USD 42.35 billion.

The market is projected to grow at a CAGR of 33% between 2024 and 2032.

The major drivers of the market include the  arrival of 5G network, increasing investment in virtual reality, technological developments, and government initiatives.

The rapid growth of digital and virtual reality industry due to coronavirus pandemic and increasing gaming and entertainment industry are  the key industry trends propelling the growth of the market.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Hardware, software, and content are the major components in the virtual reality market. The hardware component is further segmented into sensors and semiconductor components, among others.

By technology, the virtual reality is categorised into non-immersive, and semi and fully immersive.

On the basis of device, the industry is segmented into gesture-tracking device (GTD), projectors and display wall (PDW), and head mounted display (HMD), among others.

The end-uses include education, gaming, media and entertainment, healthcare, military and defence, and real estate, among others.

The major players in the industry are Google LLC, Sony Corporation, HTC Corporation, Samsung Electronics Co., Ltd., Facebook Technologies, LLC, Microsoft Corporation, Vuzix Corporation, and EON Reality Inc., among others.

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