The global virtual reality market size is expected to reach USD 435.36 billion by 2030, growing at a CAGR of 27.5% from 2023 to 2030, according to Research and Markets.
The increasing adoption of user immersion technology in industries, such as education, industrial training, and healthcare, among others, is expected to drive market growth. In addition, internet penetration in the form of high-speed 5G networks has positively impacted the adoption of Virtual Reality (VR) technology due to fast and low-latency internet connections.
The growing demand for training and research across industries, such as education, aerospace & defense, and automotive, is also driving the growth of the market. For instance, in October 2022, Meta Platforms, Inc. launched the Meta Quest Pro VR headset with the Snapdragon Qualcomm XR2+ chipset.
According to the company, the headset is targeted toward professionals and creators looking for high-end VR headsets. VR technology has enabled e-commerce companies to let users shop virtually. This technology creates an interactive environment and helps improve the overall shopping experience for users.
The demand for virtual reality in the education sector is also growing as teachers can conduct interactive academic sessions on VR-based online platforms to facilitate better collaboration. North America is anticipated to hold a significant share in the market by 2030 owing to the dominance of technology companies in the region.
Technology penetration in the region and the availability of new VR products are expected to boost the region’s growth further. Moreover, the emergence of various start-ups related to virtual reality (VR) is expected to help create growth opportunities for the market.
Virtual Reality Market Report Highlights
- The Gesture Tracking Device (GTD) segment is expected to grow at the highest CAGR of 29.9% over the forecast period due to the trend of gesture tracing for enhanced immersion
- The semi & fully immersive technology segment held the largest revenue share of 82.7% in 2022 due to the realistic experience provided by the technology that closely simulates real-world scenarios
- The software component segment is expected to grow at the highest CAGR of 29.7% from 2023 to 2030 due to the growing demand for VR applications in gaming and entertainment
- Asia Pacific accounted for the largest revenue share of over 39% in 2022 due to the presence of leading VR equipment manufacturers and encouraging initiatives by the governments for the use of advanced technologies
Research and Markets